Description

BSE advises listed entities to submit disclosures simultaneously across all exchanges to prevent information asymmetry and ensure good governance.

Summary

BSE has issued an advisory to all listed entities regarding the submission of disclosures across multiple exchanges. The circular addresses the issue of time lag in disclosure submissions by entities listed on multiple exchanges, particularly for financial results and price sensitive information, which creates information asymmetry in the market.

Key Points

  • Listed entities must submit disclosures as per SEBI and exchange timelines
  • Entities listed on multiple exchanges must submit disclosures simultaneously to all exchanges
  • BSE has observed time lags in certain disclosures, particularly financial results and price sensitive information
  • Time lag in disclosures leads to information asymmetry in the market
  • This is a governance measure in the larger interest of investors

Regulatory Changes

No new regulatory requirements introduced. This is an advisory reinforcing existing obligations for simultaneous disclosure submission across multiple exchanges.

Compliance Requirements

  • All multi-exchange listed entities must ensure simultaneous submission of disclosures to all exchanges where they are listed
  • Particular attention required for financial results and price sensitive information disclosures
  • Entities must avoid any time lag between submissions to different exchanges

Important Dates

  • Circular Date: August 7, 2025
  • Effective immediately as an advisory measure

Impact Assessment

Market Impact: Medium - Improves market transparency and reduces information asymmetry by ensuring all investors across different exchanges receive information simultaneously.

Operational Impact: Medium - Listed entities with multiple exchange listings need to ensure their disclosure processes are synchronized to submit simultaneously across all platforms.

Impact Justification

Advisory affects all multi-exchange listed entities to improve market transparency and reduce information asymmetry