The Securities and Exchange Board of India has issued SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) on September 02, 2015 to be effective from December 01, 2015. Regulation 30 of these Listing Regulations deals with disclosure of material events by the listed entity specified under Part A of Schedule III of the Listing Regulations.
Further, SEBI has issued a circular on ‘Continuous Disclosure Requirements for Listed Entities’ on September 09, 2015 indicating the details that need to be provided while disclosing above events.
Regulation 30 and the above circular states that:
a. The events specified in Para A of Part A of Schedule III of the Listing Regulations are deemed to be “Material Events” and the listed entity shall make disclosures of such events to the Stock Exchanges. (enclosed as Annexure I)
b. The events specified in Para B of Part A of Schedule III of the Listing Regulations are to be disclosed to the stock exchanges, if considered “Material” pursuant to the Company’s Policy on “Reporting to Material Events under Regulation 30 of Listing Regulations” (enclosed as Annexure II)
c. The events or information with respect to subsidiary companies, which are considered “Material” for the Company.
As per Regulation 30(8) of the Listing Regulations, the Company is required to disclose on its website all such events or information which is to be disclosed to the Stock Exchanges pursuant to this Regulation. All such disclosures shall be archived as per the Company’s Policy.
2. ARCHIVAL REQUIREMENT
The disclosures made to the stock exchanges shall be hosted on the website of the Company for a minimum period of 5 (five) years.
Thereafter, the information would be archived under the heading “Past Events/Information” and would be retained in the website for a period of two years
3. REVIEW OF THE POLICY
In case there are any regulatory changes requiring modifications to the Policy, the Policy shall be reviewed and amended with due approval from the Managing Director. However, the amended regulatory requirements will supersede the Policy till the time Policy is suitably amended.