Webinar

SEBI has underscored its focus on a time-bound disclosures-based regime in its latest consultation paper (released here on November 12, 2022). The changes are poised to impact deal-making in public M&A. In particular, SEBI wants market rumours and media leaks to be mandatorily clarified by the top 250 listed companies; this could have widespread implications on price certainty and deal certainty, as highlighted in our previous article here.

Other changes include introducing certain objective parameters for determining what is a ‘material event’ which warrants disclosure, disclosure of events emanating from outside the listco, mandatory disclosure of regulatory notices, reducing the 24 hrs timeline for disclosures to 12 hrs, disclosure of cyber security breaches, etc. Some of these changes may result in a negative market impact even if there is no real impact on the business.

Please join us as we discuss this development in our webinar in a two-part series: the first at 4 pm IST on November 30, 2022 where we discuss SEBI’s proposals and the implications, and the second after SEBI responds to public comments and implements its proposals (to be announced after SEBI publishes its amendments).