SEBI Continues to Review and Enhance Disclosure Norms

SEBI Reviewing Disclosure Framework for Listed Companies

The Securities and Exchange Board of India (SEBI) is continuously reviewing its disclosure framework for listed companies, with mechanisms in place to assess market developments and take action where necessary. According to Whole-Time Member Kamlesh Varshney, the regulator is strengthening norms under the listing obligations and disclosure requirements (LODR) framework.

SEBI maintains a close watch on evolving market situations to ensure adequate disclosures by companies. The regulator scrutinizes market phenomena and takes action accordingly to ensure companies are transparent in their disclosures. This comes amidst heightened scrutiny of corporate governance practices at listed entities, particularly following recent developments at InterGlobe Aviation.

In December 2025, proxy advisory firm Stakeholders Empowerment Services (SES) criticized the airline's board over its handling of the Flight Duty Time Limitations (FDTL) crisis. The crisis, triggered by revised pilot duty norms, led to widespread flight cancellations, delays, and operational disruptions. SES questioned whether the board had anticipated the impact of the new norms, whether contingency planning was in place, and whether timely and adequate disclosures were made.

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SES also flagged gaps in board oversight, particularly on risk assessment and crisis preparedness, and questioned whether independent directors had exercised sufficient diligence in reviewing management actions during the period.