India's stock market regulator, the Securities and Exchange Board of India, has extended the timeline for verification of market rumours by listed companies.
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 Sept. 30.
For the top 100 listed entities by market capitalisation, the date of implementation of the rule is now Feb. 1, 2024 and for the top 250 listed entities by market capitalisation, the date is Aug. 1, 2024.
The earlier dates were Oct. 1, 2023 and April 1, 2024, respectively.
SEBI had introduced these changes earlier this year, as it said it is "essential to avoid establishment of a false market sentiment or impact on the securities of the entity."
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