Reg 30 material event disclosure
Disclosure of a material event or information to the stock exchanges, on a clock that runs from 30 minutes to 72 hours depending on where the event came from.
30 minutes
Counted from close of the board meeting at which the decision was taken
- SEBI
- SEBI events and governance
- Not specified
- 2026-09-01
Reg 30(6) sets four windows, not one. A decision taken at a board meeting goes out within 30 minutes of the meeting closing. An event that emanates from within the listed entity goes out within 12 hours. An event that does not emanate from within the entity goes out within 24 hours. Certain non-tax litigation and dispute claims get 72 hours where all the relevant information is already in the structured digital database. Where Schedule III Part A states its own timeline for an event, that timeline applies instead.
Two of the four windows are recent. The three-hour carve-out on a board decision and the 72-hour window for litigation claims held in the structured digital database were both inserted with effect from 13 December 2024 by the LODR (Third Amendment) Regulations, 2024. A summary that gives only 24 hours, 12 hours and 72 hours is missing the 30-minute board-meeting rule, which is the one that bites most often.
Deadlines counted from an event
Within 30 minutes of the close of the board meeting at which the decision was taken. Where the meeting closes after normal trading hours but more than three hours before the next trading day opens, the disclosure may instead be made within three hours of the close of the meeting. This carve-out was inserted with effect from 13 December 2024.
Within 12 hours of the occurrence of the event or information, where it emanates from within the listed entity.
Within 24 hours of the occurrence of the event or information, where it does not emanate from within the listed entity.
Within 72 hours, for litigation or a dispute claim other than a tax claim under Schedule III Part A Para B sub-para 8, where all the relevant information is maintained in the structured digital database under the PIT Regulations. This proviso was inserted with effect from 13 December 2024.
The rule
Within 30 minutes of the close of the board meeting at which the decision was taken. Where the meeting closes after normal trading hours but more than three hours before the next trading day opens, the disclosure may instead be made within three hours of the close of the meeting. This carve-out was inserted with effect from 13 December 2024.
Within 12 hours of the occurrence of the event or information, where it emanates from within the listed entity.
Within 24 hours of the occurrence of the event or information, where it does not emanate from within the listed entity.
Within 72 hours, for litigation or a dispute claim other than a tax claim under Schedule III Part A Para B sub-para 8, where all the relevant information is maintained in the structured digital database under the PIT Regulations. This proviso was inserted with effect from 13 December 2024.
Who must comply
- Every entity with specified securities listed on a recognised stock exchange
- Events deemed material under Schedule III Part A Para A, disclosed without applying any materiality test
- Events under Schedule III Part A Para B, disclosed where the entity's own materiality policy or the Reg 30(4) test is met
- Reg 30(4)(i)(c) quantitative materiality test: the lower of 2 percent of turnover, 2 percent of net worth, and 5 percent of the average of the absolute value of profit or loss after tax for the last three audited consolidated financial statements. The net worth limb does not apply where net worth is negative.
- Reg 30(4)(i)(d): the board may still treat an event as material on its own opinion even where the quantitative test is not met
- Schedule III Part A Para A clause 7: a change in the directors, key managerial personnel, senior management, auditor or compliance officer is deemed material, so no materiality test applies and the Reg 30(6) tiers set the clock
- Three material events move out of this clock and into the quarterly Integrated Filing (Governance): acquisition of 5 percent or more of shares in an unlisted company, fines or penalties below the Schedule III Part A Para A(20) monetary threshold, and updates on ongoing tax litigation or disputes.
- Where Schedule III Part A states its own timeline for an event, that timeline applies instead of the Reg 30(6) windows.
- Reg 30(13): the underlying communication from a regulatory, statutory, enforcement or judicial authority need not be disclosed where that authority prohibits disclosure.
Statutory basis
- LODR Reg 30(1) to 30(9), read with Schedule III Part A, and Reg 30(6) disclosure windows
- LODR Reg 30(4)(i)(c), quantitative materiality thresholds
- SEBI (LODR) (Third Amendment) Regulations, 2024
- Industry Standards on Regulation 30 of LODR, SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25
- Master Circular for compliance with LODR by listed entities, Section VI-L
Before you file
- Get board approval for the materiality policy required by Reg 30(4)(ii).
- Calculate the three Reg 30(4)(i)(c) thresholds from the last three audited consolidated financial statements.
- Use the lower of the three thresholds as the materiality limit.
- Authorise the key managerial personnel who may make a disclosure, and tell the exchanges who they are.
- Apply the Industry Standards Note on Regulation 30 when you prepare the disclosure.
- Record whether the event emanates from within the entity, because this sets the deadline.
How to file
- Identify the event under Schedule III Part A.
- Apply the Reg 30(4) materiality test for a Para B event. Do not apply it to a Para A event.
- Select the applicable Reg 30(6) window from where the event came from.
- Prepare the disclosure in the Industry Standards format.
- Submit the disclosure to each exchange where the securities are listed.
- Add an explanation of the delay if the disclosure is late.
- Publish the disclosure on the website and keep it there for at least five years, under Reg 30(8).
- Submit further updates until the event is resolved or closed, under Reg 30(7).
Stock exchange electronic filing system
If you miss it
Reg 30 is not on the exchange fine list, so there is no per-day amount for a late material event disclosure. SEBI adjudicates it directly under section 15A(b) of the SEBI Act, which reaches ₹1 lakh for each day the failure continues, 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 land in lakhs rather than at the ceiling: SEBI penalised one listed company ₹2 lakh in February 2026 under section 15A(b) for disclosing its positive events on time while leaving debarment orders against it unreported.
- A late disclosure still has to be made, and it has to carry an explanation for the delay
- Selective disclosure, where good news goes out on the clock and bad news does not, is treated as a breach of Reg 4(1)(d) in its own right and is charged alongside Reg 30
- The three quarterly-batched events are the exception and ride the Integrated Filing (Governance) fine of ₹2,000 a day instead
Common questions
Is Reg 30 a 24-hour rule?
Only for one of the four cases. 24 hours applies to an event that does not emanate from within the entity. A board decision has 30 minutes, an event from within the entity has 12 hours, and some non-tax litigation claims held in the structured digital database have 72 hours.
What is the three-hour carve-out on a board decision?
Where the board meeting closes after normal trading hours, but more than three hours before the next trading day opens, the entity may disclose within three hours of the meeting closing instead of 30 minutes. It was added with effect from 13 December 2024.
How is materiality measured?
Reg 30(4)(i)(c) takes the lower of three figures: 2 percent of turnover, 2 percent of net worth, and 5 percent of the average of the absolute value of profit or loss after tax over the last three audited consolidated financial statements. The net worth limb drops out where net worth is negative. Under Reg 30(4)(i)(d) the board can still call an event material without meeting that test.
What happens if the disclosure is late?
The disclosure still has to be made, and it has to carry an explanation for the delay.
Are any material events reported quarterly instead?
Three. Acquisitions of 5 percent or more in an unlisted company, fines below the Para A(20) threshold, and updates on ongoing tax litigation go into Integrated Filing (Governance) once a quarter rather than on the Reg 30(6) clock.