Posted 1/28/2024, 4:40:36 AM
SEBI Extends Deadlines for Companies to Confirm/Deny Rumours, Introduces New Employee Stock Sale Framework
- SEBI extends deadline for top companies to confirm/deny market rumours to June 1, 2024 (top 100) and December 1, 2024 (top 250)
- Previously the deadlines were February 1, 2024 and August 1, 2024 respectively
- SEBI cites industry standards still being finalized and need for amendments to regulations as reasons for extended timeline
- New framework introduced for offer for sale (OFS) of shares to employees through stock exchanges
- Promoters can sell shares to employees within 2 weeks of OFS transaction under new framework