Clarification on Clause 36 of the Equity Listing Agreement

                                             CIRCULAR
CIR/CFD/DIL/2/2013                                                 January 3, 2013

To

The Stock Exchanges

Dear Sir/Madam

Sub: Clarification on Clause 36 of the Equity Listing Agreement

1.  It has been brought to our notice that certain  listed  companies have been giving
monthly disclosure of their sales/turnover/production figures to their respective trade
bodies/industry associations and the same is not disclosed to the stock exchanges.
2.  The listed companies are guided by Clause 36 of the Listing Agreement of the stock
exchanges which, inter-alia, states that:
“The Issuer will  intimate to the Stock Exchanges, where the company is listed
immediately of events such as strikes, lock outs, closure on account of power cuts,
etc. and all events which will have a bearing on the performance / operations of the
company as well as price sensitive information both at the time of occurrence of the
event and subsequently after the cessation of the event in order to enable the
security holders and the public to appraise the position of the Issuer and  to avoid
the establishment of a false market in its securities. In addition, the Issuer will
furnish to Exchange on request such information concerning the Issuer as the
Exchange may reasonably require”.
3.  It is therefore,  reiterated that  all the events or material information which will have a
bearing on the performance / operations of the company as well as price sensitive
information shall be first disseminated to the stock exchanges as required under
Clause 36 of the Listing Agreement.
4.  Stock exchanges are advised to take into account the requirements of this Circular
and to bring the same to the notice of the listed companies.
5.  This Circular is issued in  in exercise of the powers conferred under Section 11 read
with Section 11A of the Securities and Exchange Board of India Act, 1992.
6.  This Circular is  available on SEBI website at  www.sebi.gov.in  under the categories
“Legal Framework” and “Issues and Listing”.
Yours faithfully

Sunil Kadam
General Manager
+91-22-26449630
sunilk@sebi.gov.in