Reg 51 prompt disclosure by a debt-listed entity
Disclosure of information that may affect the payment of interest or redemption, or the price of the listed non-convertible securities, within 24 hours.
24 hours
Counted from occurrence of the event, or receipt of the information, whichever applies
- SEBI
- SEBI events and governance
- Not specified
- 2026-09-01
Promptly means not later than 24 hours from the occurrence of the event or from receipt of the information, and a late disclosure has to carry an explanation for the delay. The disclosable items are listed in Part B of Schedule III. Reg 51(3) requires the disclosure to stay on the entity's website for five years.
Promptly is a defined term, not an instruction to move quickly. The Explanation to Reg 51(1) fixes it at 24 hours from the event or from receipt of the information, and a later disclosure has to explain the delay.
Deadlines counted from an event
Not later than 24 hours from the occurrence of the event or from receipt of the information, disclose to the stock exchange any information that has a bearing on the performance or operation of the entity, any price-sensitive information, or any action that will affect the payment of interest or dividend on the non-convertible securities or their redemption. The Explanation to Reg 51(1) defines promptly as within that 24 hours, and a disclosure made later has to carry an explanation for the delay.
Keep the disclosure on the entity's website for at least five years, under Reg 51(3), and then handle it under the entity's disclosed archival policy.
The rule
Not later than 24 hours from the occurrence of the event or from receipt of the information, disclose to the stock exchange any information that has a bearing on the performance or operation of the entity, any price-sensitive information, or any action that will affect the payment of interest or dividend on the non-convertible securities or their redemption. The Explanation to Reg 51(1) defines promptly as within that 24 hours, and a disclosure made later has to carry an explanation for the delay.
Keep the disclosure on the entity's website for at least five years, under Reg 51(3), and then handle it under the entity's disclosed archival policy.
Who must comply
- An entity with listed non-convertible securities
- The items listed in Part B of Schedule III
Statutory basis
Before you file
- Identify which Part B of Schedule III items the entity could face.
- Set up a channel that reaches the compliance officer the same day an event occurs.
- Record the date and time of the event or of the receipt of the information.
- Set up website hosting that keeps a disclosure for five years.
How to file
- Record the date and time of the event or of the receipt of the information.
- Assess the item against Part B of Schedule III.
- Submit the disclosure to the stock exchange within 24 hours.
- Add an explanation for the delay if the disclosure is late.
- Publish the disclosure on the entity's website and keep it there for five years.
Stock exchange electronic filing system
If you miss it
No per-day exchange fine is asserted here, because this provision is not on the fine table we have verified. SEBI adjudicates a late or missed disclosure under section 15A(b) of the SEBI Act, which reaches ₹1 lakh for each day the failure continues and is capped at ₹1 crore. Section 23E of the Securities Contracts (Regulation) Act is the other head, at not less than ₹5 lakh and up to ₹25 crore for a breach of listing conditions. Orders in this area normally land in lakhs rather than near the ceiling.
- The exchange records the default in the entity's compliance history, and a repeated default feeds SEBI's decision to adjudicate
- The disclosure still has to be made after the deadline passes, and it has to carry an explanation for the delay
- Disclosing favourable events on time while letting unfavourable ones slip is charged as a breach of Reg 4(1)(d) in its own right, alongside the specific provision
Recent changes affecting this
Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper
Common questions
What does promptly mean here?
Not later than 24 hours from the event or from receipt of the information. The Explanation to Reg 51(1) defines it, so promptly is not a matter of judgement.
How long does the disclosure stay on the website?
Five years at minimum, under Reg 51(3), and after that under the entity's disclosed archival policy.