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 requiring simultaneous submission of disclosures across all exchanges where they are listed. This measure addresses observed time lags in disclosures, particularly for financial results and price sensitive information, which create information asymmetry in the market.

Key Points

  • Listed entities must submit disclosures simultaneously with all exchanges where they are listed
  • Time lags in disclosures across multiple exchanges create information asymmetry
  • Particular concern noted for financial results and price sensitive information disclosures
  • Advisory issued as good governance measure in investor interest
  • Applies to all entities listed on multiple exchanges

Regulatory Changes

No new regulatory requirements introduced. This is an advisory reinforcing existing simultaneous disclosure expectations under SEBI and exchange guidelines.

Compliance Requirements

  • Multi-listed entities must ensure simultaneous submission of all disclosures across exchanges
  • Particular attention required for financial results disclosures
  • Enhanced coordination needed for price sensitive information announcements
  • Entities should review internal processes to eliminate disclosure time lags

Important Dates

  • Notice Date: August 7, 2025
  • Effective immediately as advisory guidance

Impact Assessment

This advisory aims to improve market efficiency by eliminating information asymmetry caused by staggered disclosures. Multi-listed entities will need to strengthen their disclosure processes and coordination mechanisms to ensure simultaneous submissions across all listing exchanges.

Impact Justification

Advisory nature guidance affecting all multi-listed entities to improve market transparency