CIRCULAR, CIR/CFD/DIL/2/2013,
dated January 3, 2013
To
The
Stock Exchanges
1.
It has been brought to our notice that certain listed companies have been
giving monthly disclosure of their sales/turnover/production figures to their
respective trade bodies/industry associations and the same is not disclosed to
the stock exchanges.
2.
The listed companies are guided by Clause 36 of the Listing Agreement of the
stock exchanges which, inter-alia, states that:
“The
Issuer will intimate to the Stock Exchanges, where the company is listed
immediately of events such as strikes, lock outs, closure on account of power
cuts, etc. and all events which will have a bearing on the performance /
operations of the company as well as price sensitive information both at the
time of occurrence of the event and subsequently after the cessation of the
event in order to enable the security holders and the public to appraise the
position of the Issuer and to avoid the establishment of a false market in its
securities. In addition, the Issuer will furnish to Exchange on request such
information concerning the Issuer as the Exchange may reasonably require”.
3.
It is therefore, reiterated that all the events or material information which
will have a bearing on the performance / operations of the company as well as
price sensitive information shall be first disseminated to the stock exchanges
as required under Clause 36 of the Listing Agreement.
4.
Stock exchanges are advised to take into account the requirements of this
Circular and to bring the same to the notice of the listed companies.
5.
This Circular is issued in exercise of the powers conferred under Section 11
read with Section 11A of the Securities and Exchange Board of India Act, 1992.
6.
This Circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework” and “Issues and Listing”.
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