 "Sebi")
Sebi on Friday said that manual filing of disclosures by companies, promoter group members, directors and designated persons will no longer be mandatory in case the companies are in compliance with system driven disclosures framework.
Under SDD (System Driven Disclosures) framework, relevant disclosures are disseminated by the stock exchanges based on aggregation of data from the depositories without human intervention.
On Friday, Sebi said exchanges and depositories have implemented the SDD in accordance with its circular issued in September 2020.
"It is, therefore, clarified that for listed companies who have complied with requirements of the circular dated September 9, 2020, the manual filing of disclosures as required under Regulation 7(2) (a) & (b) of PIT Regulations is no longer mandatory," Sebi said in a circular.
The norms mentioned by the regulator pertain to the requirement wherein promoters, designated person and directors of a listed company had an obligation to disclose the number of securities acquired or disposed of within two trading days of a transaction. This was subject to the condition that the value of the securities traded aggregated to more than Rs 10 lakh.
This was applicable whether there was one transaction or a series of transactions over any calendar quarter.
The board of Sebi, at its meeting on August 6 approved amending the takeover regulations in view of the implementation of the SDD.
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