What continuous disclosure obligations do listed companies have under SEBI LODR Regulations?

Question

My company recently got listed and I want to understand what events and information we are required to disclose to stock exchanges under LODR. I would like to understand which provision governs this, what it entitles me to, and how long I have before the remedy lapses. I also want to know whether I need a lawyer for this or can do it myself.

MyVakeel Legal Desk · Accepted Answer

In India, the answer to "What continuous disclosure obligations do listed companies have under SEBI LODR Regulations?" turns on SEBI Listing Obligations and Disclosure Requirements Regulations 2015, Regulation 30, SEBI Listing Obligations and Disclosure Requirements Regulations 2015, Regulation 33 and Securities and Exchange Board of India Act 1992, Section 11. The points below set out the position and then what to do about it, in the order it should be done.

Regulation 30 of the SEBI LODR Regulations 2015 requires a listed company to disclose material events and information to stock exchanges, distinguishing between events deemed material per se, such as acquisitions and litigation above materiality thresholds, and events requiring an application of the company's materiality policy.

Disclosures under Regulation 30 must generally be made within twenty-four hours of the occurrence of the event, and for certain specified events such as decisions taken in a board meeting, within thirty minutes of the conclusion of that meeting.

Regulation 33 requires listed companies to submit quarterly and annual financial results to stock exchanges within prescribed timelines, along with limited review or audit reports as applicable.

SEBI's powers under Section 11 of the SEBI Act 1992 to protect investor interest and regulate the securities market underpin its authority to issue and enforce the LODR Regulations, including imposing penalties for delayed or inaccurate disclosures.

Non-compliance with disclosure timelines can attract monetary penalties from stock exchanges as prescribed by SEBI circulars, in addition to reputational consequences and potential enforcement action by SEBI.

What this means for you: 1) Establish an internal materiality policy and disclosure committee to assess reportable events promptly; 2) Set up an escalation process ensuring board decisions are disclosed within the mandated timelines; 3) File quarterly and annual results within the Regulation 33 deadlines with proper board or audit committee approval; 4) Consult securities law counsel on any ambiguous or borderline disclosure event.

Where the facts are disputed, what usually decides a sebi lodr disclosure requirements matter is the paper trail — dated complaints, acknowledgments and written replies under SEBI Listing Obligations and Disclosure Requirements Regulations 2015, Regulation 30. You can post the details on the MyVakeel forum for a practising advocate to review, or book a paid consultation with a Bar Council verified lawyer in corporate law.