The Securities and Exchange Board of India (SEBI) on August 07, 2023, issued a Press Release regarding Industry Standards Forum to facilitate ease of implementation of regulations: Industry Associations take next steps
The following has been stated namely: -
• This has a reference to the SEBI, in July 2023 where 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 has been proposed
• It states that The above-mentioned concept and the proposal to start with a pilot have received very positive feedback. The Industry associations have conveyed that they would like to take up more than one pilot and the following, inter alia, have emerged as priority areas to start with the following namely: -
(i) Rumour Verification requirements
(ii) Disclosure requirements under Regulations 30 and 30A of LODR Regulations
(iii) BRSR Core / ESG assurance requirements
(iv) Structured Digital Database requirements under PIT Regulations Associations have indicated a timeline of three to our months to design the standards r effective implementation of requirements in the above areas.
• The standards would be designed at a level of detail to demonstrate compliance with the said regulations and circulars.
• The three industry associations, ASSOCHAM, CII, and FICCI have nominated their representatives for the pilots and agreed on the broad architecture of the Forum and are in the process of selecting a Chairperson for the same.
[Press Release 16/2023]
