The Securities and Exchange Board of India has extended the deadline for listed companies to verify market rumors.
The implementation of the mandate to have companies confirm or deny any rumour concerning them in the mainstream media has now been pushed to a later date, the regulator said in a circular dated Jan. 25.
The top 100 companies by market capitalisation will have to clarify market rumors from June 1, the markets regulator said. The earlier deadline was Feb. 1.
The deadline for the top 250 companies to verify market rumors has been extended to Dec. 1, SEBI said. The earlier deadline for the top 250 companies was set for Aug. 1.
SEBI introduced these changes to avoid the establishment of false market sentiment or impact on the securities of the entity.
The initially proposed deadline for the top 100 and 250 companies was Oct. 1, 2023, and April 1, 2024, respectively.
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