SEBI Proposes Formation of an ‘Industry Standards Forum’ to Facilitate Ease of Implementation of Regulations

Press Release No. 16/2023, Dated: 07.08.2023

In line with SEBI’s commitment to facilitate capital formation in the economy and ease of doing business, SEBI has proposed the formation of an Industry Standards Forum, to be formed by Industry Associations and chaired by an Industry leader under the aegis of the Stock Exchanges.

The industry associations have conveyed that they would like to take up more than one pilot and the following have emerged as priority areas to start with:

(a) Rumour Verification requirements

(b) Disclosure requirements under Regulations 30 and 30A of LODR Regulations

(c) BRSR Core/ESG assurance requirements

(d) Structured Digital Database requirements under PIT Regulations

The Forum would formulate standards for the implementation of specific regulations & circulars. Further, the industry associations have indicated a timeline of three to four months to design standards for the effective implementation of regulations.

Further, the standards would be designed at a level of detail to demonstrate compliance with the said regulations and circulars.

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