This discussion paper issued by SEBI seeks to review the continuous disclosure regime for listed companies in India and provide appropriate regulatory framework to assist listed entities to understand and comply with their disclosure obligations under Equity Listing Agreement / Regulations (proposed).

To clarify that the proposed review on disclosures proposes to achieve intent more than form, it has been decided to provide guidance on list of events which may be material and/or price sensitive, guidance on determination of materiality thresholds, guidance on information which may be considered as price sensitive and also indicative list of information which may be disclosed on occurrence of events / information that are /is material and/or price sensitive in order to comply with the intent.

Based on the responses, the current principles on disclosures have been restructured to provide clarity and detail wherever required. It is proposed to encompass these provisions in three documents as follows:

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 Annexure A containing the substantive portion of Proposed Clause 36 to be incorporated in Listing Agreement/draft SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2014 (hereinafter referred to as the draft Listing Regulations).

Annexure B containing the guidelines for materiality, price sensitive information and occurrence of events/information

Annexure C containing the indicative list of information which may be disclosed in case of occurrence of events which are material and/or information which is price sensitive.

The discussion paper is open for public comments till 12 September 2014.

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