Reg 30(11) market rumour verification
Confirmation, denial or clarification of a reported event once the exchange framework registers material price movement in the scrip.
24 hours
Counted from material price movement in the scrip, as specified by the stock exchanges
- SEBI
- SEBI events and governance
- Not specified
- 2026-09-01
The entity has 24 hours from the trigger of material price movement to confirm, deny or clarify the reported event. The trigger is material price movement as framed by the stock exchanges, not the mere fact that media reported something. The duty runs on the top 100 listed entities by market capitalisation from 1 June 2024 and on the top 250 from 1 December 2024.
Two things about this row are commonly stated wrongly. The trigger is material price movement, not media reporting, and it has been since 17 May 2024. And the duty is tiered by market capitalisation rather than universal: top 100 from 1 June 2024, top 250 from 1 December 2024.
Deadlines counted from an event
Within 24 hours of the trigger of material price movement, confirm, deny or clarify the reported event or information. The trigger was substituted from mere media reporting to material price movement with effect from 17 May 2024. Where the confirmation, denial or clarification lands inside that window, the second proviso lets the entity claim the unaffected-price benefit in the manner set out in Annexure 19AA of the master circular.
The rule
Within 24 hours of the trigger of material price movement, confirm, deny or clarify the reported event or information. The trigger was substituted from mere media reporting to material price movement with effect from 17 May 2024. Where the confirmation, denial or clarification lands inside that window, the second proviso lets the entity claim the unaffected-price benefit in the manner set out in Annexure 19AA of the master circular.
Who must comply
- The top 100 listed entities by market capitalisation, from 1 June 2024
- The next 150 entities, taking the set to the top 250 by market capitalisation, from 1 December 2024
- Promoters, directors, key managerial personnel and senior management, who must under Reg 30(11A) respond to the entity's queries so the entity can verify the rumour
- An entity outside the top 250 by market capitalisation is not on this clock.
- Media reporting on its own does not start the clock. Without material price movement in the scrip there is nothing to verify under Reg 30(11).
Statutory basis
Before you file
- Confirm whether the entity is inside the top 250 by market capitalisation for the current period.
- Read the material price movement framework published by each exchange where the securities are listed.
- Set up a media and price monitoring process that reaches the compliance officer the same day.
- Tell promoters, directors, key managerial personnel and senior management that Reg 30(11A) obliges them to answer the entity's queries.
- Keep the Annexure 19AA working papers for any unaffected-price claim.
How to file
- Record the date and time the material price movement trigger occurred.
- Ask the persons named in Reg 30(11A) for the facts.
- Decide whether to confirm, deny or clarify the reported event.
- Prepare the response in the Industry Standards format for Reg 30.
- Submit the response to each exchange within 24 hours of the trigger.
- Publish the response on the entity's website.
- Claim the unaffected-price benefit in the Annexure 19AA manner if the entity relies on it.
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
Relaxation from SEBI Master Circular for Minimum Public Shareholding Non-Compliance
Master Circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper
Common questions
Does a newspaper report start the 24-hour clock?
No. Since 17 May 2024 the trigger is material price movement in the scrip as specified by the exchanges. A report that moves no price does not put the entity on the clock, though the entity still has to watch for the movement.
Which entities does this bind?
The top 100 by market capitalisation from 1 June 2024, and the top 250 from 1 December 2024. Below that the regulation does not apply.
What is the unaffected price benefit?
Where the entity confirms, denies or clarifies inside the 24 hours, the second proviso to Reg 30(11) lets it exclude the rumour-driven price move when it computes the price for a transaction. The mechanics sit in Annexure 19AA of the master circular.
What percentage counts as material price movement?
The exchanges publish the numeric bands on their own websites, and we have not verified a current NSE or BSE figure, so no percentage is stated here. Read the framework on the exchange where the scrip is listed.