Mahanagar Gas539957Governance policy update

Board approves amendments to Fair Disclosure Code; updated code is Version 4.0

The Board of Directors, at its meeting on November 03, 2026, approved amendments to the company's 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information'.

By ScoutQuest · Tue 3 Nov 2026, 3:05 PM IST · 3 min read

Board Meeting Date: November 03, 2026
Revised Code Version: Version 4.0 (document number FAIR DISCLOSURE CODE 2026)
Basis of Amendment: amendments in SEBI (PIT) Regulations, 2015 upto September 30, 2026

What was approved

The Board of Directors, at its meeting held on Tuesday, November 03, 2026, approved amendments to the 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' (the Fair Disclosure Code). The revised document carries the number FAIR DISCLOSURE CODE 2026, is Version 4.0, and has a date of issue of November 03, 2026. The company has also updated the code on its website.

What the change note says

The version control table describes Version 4.0 as: "Modifications pursuant to amendments in SEBI (PIT) Regulations, 2015 upto September 30, 2026". The revised code supersedes all previous versions of the policy or communication on this subject. It is authored by Atul Prabhu, Company Secretary & Compliance Officer, approved by the Board of Directors, and the custodian is the Company Secretary and Vigilance Officer.

Version history in the update

Version 1.0, approved 30.06.2015: amendments pursuant to applicability of SEBI (PIT) Regulations, 2015.
Version 2.0, approved 07.02.2020: modifications pursuant to amendments in SEBI (PIT) Regulations, 2015 dated December 31, 2018.
Version 3.0, approved 29.06.2022: modifications pursuant to amendments in SEBI (PIT) Regulations, 2015.
Version 4.0, approved 03.11.2026: modifications pursuant to amendments in SEBI (PIT) Regulations, 2015 upto September 30, 2026.

What the code deals with

The code is framed pursuant to Regulation 8(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, with the objective of preserving the confidentiality of unpublished price sensitive information (UPSI) and ensuring fairness and timeliness in its disclosure.

Key definitions carried in the code

Chief Investors Relations Officer (CIRO): the Compliance Officer and the Chief Financial Officer, or in their absence a senior officer appointed by the Managing Director to deal with dissemination of information and disclosure of UPSI.
Compliance Officer: the Company Secretary, or in their absence a senior officer authorised by the Managing Director who is financially literate and capable of discharging the duties.
Connected person: broadly, persons associated with the company who may have access to UPSI, including relatives, holding, associate and subsidiary companies, intermediaries, investment and trustee companies, asset management companies, stock exchange and clearing house officials, mutual fund trustees, directors or employees of public financial institutions, self-regulatory organisation officials, bankers, and entities in which a director, relative or banker holds more than ten per cent. of the holding or interest.
Generally available information: information about the company accessible to the public on a non-discriminatory basis, which excludes unverified events or information reported in print or electronic media.
Legitimate Purpose: sharing of UPSI in the ordinary course of business with partners, collaborators, lenders, customers, suppliers, merchant bankers, legal advisors, auditors, insolvency professionals or other advisors and consultants, provided such sharing is not to evade or circumvent the regulations.

How to read this

This is an update to the company's internal framework for handling and disclosing price-sensitive information, with the change tied to amendments in the PIT Regulations. It sits on the governance and disclosure side of the company rather than on its operations or earnings.

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