Intimation under Regulation 8(2) of SEBI PIT Regulations: Fair Disclosure Code placed on record
SFC Environmental Technologies has told NSE and BSE that it has adopted a Code of Practices for Fair Disclosure of Unpublished Price Sensitive Information, framed under SEBI's insider trading regulations.
By ScoutQuest · · 2 min read
- Policy Effective Date
- November 28, 2024
- Update Regulation
- Regulation 8(2) of SEBI PIT Regulations
- Code Framework
- framed under Regulation 8(1) of the same regulations
A policy-level disclosure
SFC Environmental Technologies has shared with NSE (symbol SFCTECH) and BSE (code 545009) an intimation under Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Attached to the intimation is the company's Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information, which the code states is framed under Regulation 8(1) of the same regulations.
The intimation is signed by Shweta Deshpande, Company Secretary and Compliance Officer. The code states a policy effective date of November 28, 2024.
What the code sets out
- Timely disclosure: unpublished price sensitive information is to be disclosed to the stock exchanges and disseminated promptly on a continuous basis once credible and concrete information comes into being, so that it becomes generally available.
- Uniform sharing: information is to be disseminated uniformly and universally to all stakeholders through the exchanges and by posting it on the company's website, with best efforts to avoid selective disclosure.
- Rumour and news checks: procedures for responding to queries on news reports and to requests from regulatory authorities to verify market rumours, with replies signed by the Compliance Officer or Managing Director, or in their absence the CEO or CFO.
- Analysts and institutional investors: only public information is to be given to them; if any unpublished price sensitive information is shared, it is to be made public at the earliest.
- Need-to-know handling: such information is to be handled on a need-to-know basis, subject to Chinese walls.
Who is covered
The code defines Designated Persons to include directors, and such employees and connected persons (including representatives of auditors, accountancy firms, law firms, analysts and consultants) as identified by the Compliance Officer in consultation with the Board. It names the promoters as Mr. Sandeep Sudhakar Asolkar, Mr. Saketchandrasingh Pratapsingh Dhandoriya and Mrs. Priya Sandeep Asolkar.
Sharing with outsiders
Annexure A of the code lays down operating guidelines for deciding a 'legitimate purpose' before such information is shared with existing or proposed partners, collaborators, lenders, distributors, customers, suppliers, merchant bankers, legal advisors, insolvency professionals, consultants or the promoter. A request must record the assignment, the nature of the information and the rationale, along with details of recipients such as name, correspondence address, email, PAN, Aadhaar number where PAN is unavailable, and contact numbers. A due notice is to be served before sharing, and in exceptional circumstances a non-disclosure agreement may be required, carrying indemnity and punitive damages obligations.
What it means for a retail investor
- This is a governance and process update. It describes the framework the company will follow for handling and publishing price-sensitive information.
- The practical takeaway is the stated commitment to put out price-sensitive information through the stock exchanges and the company website so that all investors receive it together rather than selectively.
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