Section 30 in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
30. Disclosure of events or information.
(1)Every listed entity shall make disclosures of any events or information which, in the opinion of the board of directors of the listed company, is material.(2)Events specified in Para A of Part A of Schedule III are deemed to be material events and listed entity shall make disclosure of such events.(3)The listed entity shall make disclosure of events specified in Para B of Part A of Schedule III, based on application of the guidelines for materiality, as specified in sub-regulation (4).(4)(i)The listed entity shall consider the following criteria for determination of materiality of events/ information:(a)the omission of an event or information, which is likely to result in discontinuity or alteration of event or information already available publicly; or(b)the omission of an event or information is likely to result in significant market reaction if the said omission came to light at a later date;(c)In case where the criteria specified in sub-clauses (a) and (b) are not applicable, an event/information may be treated as being material if in the opinion of the board of directors of listed entity, the event / information is considered material.(ii)The listed entity shall frame a policy for determination of materiality, based on criteria specified in this sub-regulation, duly approved by its board of directors, which shall be disclosed on its website.(5)The board of directors of the listed entity shall authorize one or more Key Managerial Personnel for the purpose of determining materiality of an event or information and for the purpose of making disclosures to stock exchange(s) under this regulation and the contact details of such personnel shall be also disclosed to the stock exchange(s) and as well as on the listed entity's website.(6)The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information:Provided that in case the disclosure is made after twenty four hours of occurrence of the event or information, the listed entity shall, along with such disclosures provide explanation for delay:Provided further that disclosure with respect to events specified in sub-para4 of Para A of Part A of Schedule III shall be made within thirty minutes of the conclusion of the board meeting.(7)The listed entity shall, with respect to disclosures referred to in this regulation, make disclosures updating material developments on a regular basis, till such time the event is resolved/closed, with relevant explanations.(8)The listed entity shall disclose on its website all such events or information which has been disclosed to stock exchange(s) under this regulation , and such disclosures shall be hosted on the website of the listed entity for a minimum period of five years and thereafter as per the archival policy of the listed entity, as disclosed on its website.(9)The listed entity shall disclose all events or information with respect to subsidiaries which are material for the listed entity.(10)The listed entity shall provide specific and adequate reply to all queries raised by stock exchange(s) with respect to any events or information:Provided that the stock exchange(s) shall disseminate information and clarification as soon as reasonably practicable.(11)The listed entity may on its own initiative also, confirm or deny any reported event or information to stock exchange(s).(12)In case where an event occurs or an information is available with the listed entity, which has not been indicated in Para A or B of Part A of Schedule III, but which may have material effect on it, the listed entity is required to make adequate disclosures in regard thereof.
