MUMBAI: The Securities and Exchange Board of India (Sebi) on Monday said industry bodies will formulate standards in the next three-four months to facilitate ease of implementation of rules concerning rumour verification as well as Environment, Social, Governance (ESG) assurance requirements.
Other areas to be focussed by industry bodies are structured digital database requirements under insider trading rules and disclosure norms, Sebi said in a statement on Monday.
To facilitate capital formation in the economy and ease of doing business, Sebi, in July, proposed the formation of an Industry Standards Forum, to be formed by industry associations and chaired by an industry leader under the aegis of stock exchanges.
It was proposed that the forum will formulate standards for the implementation of regulations and circulars based on feedback from industry and stakeholders, in consultation with Sebi. Sebi said the proposal to start with a pilot has received positive feedback. 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, Sebi said.
The industry bodies have indicated a timeline of three-four months to design standards for the effective implementation of requirements in these areas.