Sebi, DGH to work on a system to announce gas finds
Sebi is working with the directorate general of hydrocarbons on a system for announcing gas discoveries by listed oil companies.
By TNN |
MUMBAI: Sebi is working with the Directorate General of Hydrocarbons (DGH) on a system for announcing gas discoveries by listed oil companies.
���It is good to have systems in place which let us know what is the right time to make an announcement, when something is premature and when it is mature,��� Sebi chairman M Damodaran told reporters on the sidelines of a CII conference on corporate governance. He said the DGH has a system to determine when to make an announcement on discoveries and it was working with Sebi on how to relate it to capital markets.
Damodaran said that there should be some standards for announcement of price sensitive information. ���DGH is working on it. It already has something in place, but how to relate it to capital market requirements, we have already started working,��� he said.
When asked whether Sebi will appeal against the SAT order in the UBS case, Damodaran said that the market regulator has enough time to appeal in the Supreme Court and that it will soon take an appropriate decision on the matter.
Last week, SAT turned down Sebi���s order banning UBS Securities from issuing P-notes for failing to comply with Sebi norms. When asked whether there is a need for a mechanism to determine the timing and veracity of notices, especially in view of the market regulator���s observation after comments by director general of hydrocarbons VK Sibal on announcements made by ONGC, Damodaran said that ���standards are required��� but refused to make any direct comment on the matter.
The Sebi chief asserted that action would be taken if it received a formal complaint about manipulation in any company. ���If we get a complaint, we will act on it,��� Damodaran said.
���It is good to have systems in place which let us know what is the right time to make an announcement, when something is premature and when it is mature,��� Sebi chairman M Damodaran told reporters on the sidelines of a CII conference on corporate governance. He said the DGH has a system to determine when to make an announcement on discoveries and it was working with Sebi on how to relate it to capital markets.
Damodaran said that there should be some standards for announcement of price sensitive information. ���DGH is working on it. It already has something in place, but how to relate it to capital market requirements, we have already started working,��� he said.
When asked whether Sebi will appeal against the SAT order in the UBS case, Damodaran said that the market regulator has enough time to appeal in the Supreme Court and that it will soon take an appropriate decision on the matter.
Last week, SAT turned down Sebi���s order banning UBS Securities from issuing P-notes for failing to comply with Sebi norms. When asked whether there is a need for a mechanism to determine the timing and veracity of notices, especially in view of the market regulator���s observation after comments by director general of hydrocarbons VK Sibal on announcements made by ONGC, Damodaran said that ���standards are required��� but refused to make any direct comment on the matter.
The Sebi chief asserted that action would be taken if it received a formal complaint about manipulation in any company. ���If we get a complaint, we will act on it,��� Damodaran said.
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