A stock you have held for two years falls 9% on a Wednesday with no result due and nothing on the business channels. That evening you open the announcements page for the scrip on the NSE website and find three filings from the last five weeks that you never saw: a change of chief financial officer, an intimation that a subsidiary has been served an order by a state pollution board, and a corrigendum to a postal ballot notice. None of them was reported anywhere. All three were public the day they were filed, on a page that is free, requires no login, and is where the company is legally obliged to speak first.
Every housing society has a board by the lift where the committee must put up notices — the water tanker contract, the resignation of the treasurer, the notice of a case filed by a former contractor. Residents complain that they were never told. The notices were up for a fortnight. Nobody stops walking past.
The exchange announcements page is that board, and the obligation to post on it is statutory rather than courteous. The information asymmetry between a holder who reads it weekly and one who waits for the news is almost entirely a difference in habit, not in access.
What has to be filed, and how quickly
Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations is the provision that creates the feed. It requires a listed entity to disclose every material event to the exchanges, and Schedule III to the regulations sets out what counts. The design is in two halves, and understanding the split is most of the skill.
| Category | How materiality is decided | Examples |
|---|---|---|
| Deemed material — Schedule III, Part A, Para A | No judgement is permitted. These events are material by definition and must be disclosed whatever the company thinks of their significance | Acquisitions and disposals, a scheme of arrangement, resignation of the auditor, a change in key managerial personnel, an order passed by a regulatory or judicial authority, a fraud or default |
| Material on application of a test — Para B | The company applies the materiality criteria in its board-approved policy, which must include the quantitative thresholds set in Regulation 30(4) | A new commercial contract, the loss of a customer, a capacity expansion, a disruption at a plant, a change in a rating outlook not otherwise covered |
The clock, which is the part most readers underuse
- Decisions of the board must reach the exchange within thirty minutes of the meeting concluding. This is why results, dividends, fund-raising and senior appointments arrive in a cluster on the evening of a board meeting, often while the market is closed.
- Events emanating from within the company — a plant fire, a resignation, a default — carry a twelve-hour deadline, because the company knew as it happened.
- Events not emanating from within the company — an order served on it, a rating action, a decision by a counterparty — carry twenty-four hours. The longer window exists because the company is not the source of the event and may learn of it only when it is served or notified.
- Anything filed late must carry an explanation for the delay. That explanation is itself information, and a company that files a habitual explanation is telling you something about its systems.
Reading a year of it, in order
The single filing is rarely the point. What repays an hour is downloading the whole year of announcements for one company and reading them in date order, because a feed read chronologically turns into a narrative that no annual report is written to give you. The report is a summary composed after the fact by people with an interest in how it reads. The feed is a sequence recorded as it happened, under a deadline.
Where the feed sits relative to price-sensitive information
Unpublished price sensitive information stops being unpublished at the moment it is filed on the exchange platform in a manner that makes it generally available. That is the legal function of the feed and the reason it is fast: it is not primarily a service to investors, it is the mechanism by which an insider’s knowledge becomes everybody’s. The practical consequence for you is unglamorous and useful — by the time an item is in the feed, nobody trading on it is doing anything improper, and the advantage available is only the advantage of having read it.
A company discloses on Friday evening that its chief financial officer has resigned, effective immediately, with a letter that gives no reason. The filing was made within twelve hours. What has it actually told you?
Society ke board pe committee ko notice lagana hi padta hai — treasurer ka istifa, contractor ka case, sab. Log baad mein kehte hain "humein toh bataya hi nahi". Notice pandrah din laga tha; koi ruka hi nahi. Exchange ka announcement page wahi board hai — CFO ka jaana, plant pe aaya order, presentation mein chupke se khiski hui date. Saal bhar ki filings tareekh ke hisaab se padho, kahani apne aap ban jaati hai.
- Regulation 30 splits material events into those deemed material and those tested against published thresholds.
- Board decisions carry a thirty-minute deadline; internal events twelve hours; external events twenty-four.
- A company must publish its own materiality policy — read it once to see where it has drawn the line.
- Read twelve months of a feed in date order; the sequence is the information, not the individual filing.
- Corrigenda and replies to exchange queries are the two most-skipped and most revealing filing types.
Mark it done to track your progress through the curriculum.
Common questions
Short, direct answers to what people ask about this topic.
- what is regulation 30 in sebi lodr
- Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations is the provision that compels a listed company to disclose every material event to the stock exchanges. Schedule III to the regulations sets out what counts: Part A, Para A lists events that are deemed material and admit no judgement, while Para B events are tested against the quantitative thresholds in the company’s own board-approved materiality policy. It is the rule that creates the corporate announcements feed you can read free on the NSE and BSE websites.
- how much time does a company get to disclose a board meeting outcome
- Thirty minutes from the conclusion of the board meeting. Events emanating from within the company — a plant fire, a resignation, a default — carry a twelve-hour deadline, and events not emanating from within, such as an order served on the company or a rating action, carry twenty-four hours. Anything filed late must carry an explanation for the delay, and that explanation is itself information about the company’s systems.
- events a listed company must disclose without applying any materiality test are listed in
- Part A, Para A of Schedule III to the SEBI LODR Regulations. These events are deemed material by definition — acquisitions and disposals, a scheme of arrangement, resignation of the auditor, a change in key managerial personnel, an order passed by a regulatory or judicial authority, a fraud or default — and the company is not permitted to decide for itself that they are insignificant. Para B events are the ones tested against the thresholds set out in the company’s published materiality policy.
- where can I read a company’s stock exchange announcements
- On the company’s page on the NSE website under Corporate Announcements, and on the BSE site under Corporate Announcements against the scrip code. Both are free, need no login, and can be filtered by date and by subject; a company listed on both exchanges files the same underlying items to each. Listed companies are also required to host their filings on their own websites for a minimum retention period.
- what does corrigendum mean in a company announcement
- A corrigendum is a corrected version of an announcement the company has already filed, which means the first version was wrong. Reading the two versions side by side tells you exactly what was changed and by how much. It sits alongside a reply to an exchange query — filed as a clarification sought by the exchange after unexplained price or volume movement — as one of the two most skimmed and most revealing filing types in the feed.