The Securities and Exchange Board of India (Sebi) may tighten norms related to mandatory disclosure of price-sensitive information by listed companies, amid an emerging trend of key business developments being announced outside the regulatory framework, especially to the media.
Besides expanding the existing list of 'price sensitive information', Sebi would also look at making its guidelines more specific in this regard, a senior official said.
The existing guidelines provide mostly a generic set of disclosures required to be made by the listing companies and are contained in the 'Listing Agreement' they sign with the stock exchanges.
Besides information on financial results and shareholding patterns, Clause 36 of the Agreement lists six categories of 'price sensitive information' required to be disclosed by the companies, while there is an additional category of 'any other information' having bearing on operations and share prices.