Avoid selective disclosures in COVID-19 era, SEBI tells firms

Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi has highlighted the need for adequate level of disclosures, risk assessment, sound digital infrastructure and high standards of data p

Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi has highlighted the need for adequate level of disclosures, risk assessment, sound digital infrastructure and high standards of data protection as well as cybersecurity during the COVID-19 era. Addressing a the 14th Corporate Governance summit organised by the Confederation of Indian Industry (CII) virtually, Mr. Tyagi said SEBI had issued an advisory providing an illustrative list of information that should be disclosed about relating to the impact of the COVID-19 crisis. Companies must avoid selective disclosures while revealing disclosing material information, he said. “Since the onset of the COVID-19 pandemic, with its attendant uncertainties and accompanied restrictions, corporate boards across the world are facing complex new problems to tackle with,” he said. “Corporate governance discussions are increasingly being held on areas such as dealing with uncertainties, crisis management and sustainability,” he added.