Description
BSE advises listed entities to submit financial results and price sensitive information simultaneously across all exchanges to prevent information asymmetry.
Summary
BSE has issued an advisory to all listed entities emphasizing the need for simultaneous disclosure submission across all exchanges where they are listed. The exchange has observed time lags in disclosures, particularly for financial results and price sensitive information, which creates information asymmetry in the market.
Key Points
- Listed entities must submit disclosures simultaneously with all exchanges where they are listed
- Time lag in disclosures between exchanges leads to information asymmetry
- Advisory specifically targets financial results and price sensitive information disclosures
- Measure aimed at good governance and investor protection
- Applies to all entities listed on multiple exchanges
Regulatory Changes
This is an advisory rather than a new regulatory requirement, reinforcing existing obligations for simultaneous disclosure across multiple exchanges.
Compliance Requirements
- Listed entities on multiple exchanges must ensure simultaneous submission of disclosures
- Particular attention required for financial results disclosures
- Price sensitive information must be disclosed simultaneously across all listing exchanges
- Compliance with existing SEBI and exchange timelines remains mandatory
Important Dates
- Notice Date: August 7, 2025
- Effective immediately as advisory guidance
Impact Assessment
This advisory reinforces market integrity by addressing information asymmetry concerns. While not introducing new requirements, it emphasizes the importance of simultaneous disclosure practices that should already be followed by multi-exchange listed entities. The measure supports fair market access to information across all trading platforms.
Impact Justification
Important governance measure affecting all multi-exchange listed entities but represents existing best practice rather than new regulatory requirement