Sebi Begins Review of LODR Framework; Major Corporate Disclosure Revamp Likely
The Securities and Exchange Board of India (Sebi) has begun work on a review of the Listing Obligations and Disclosure Requirements (LODR), its chairperson Tuhin Kanta Pandey said, setting the stage for what could be one of the regulator’s most significant clean-ups of corporate disclosure rules in recent years.
Speaking at the Confederation of Indian Industries (CII) Financing Summit 2025, Pandey said the revamp is at a preparatory stage and that a consultation paper will be released “soon.” He did not provide a specific timeline.
“That’s a big regulation, and the process has begun. We will have lots of consultation and put out a consultation paper,” he said, adding that the scale of the exercise means “it will take some time.”
The Sebi LODR Regulations, 2015, mandate listed companies to maintain corporate governance standards and make timely, transparent disclosures to the public and shareholders.
“Sebi might not completely change the LODR regulations, as they have already been changed many times since 2015. If they are going back to the drawing board, they need not be reactive in changing regulations,”
“They may need to reach out to companies, have a consultation process, and state out the mischief they have observed, which needs amendments, and whether it can be implemented without any major amendment or by way of a circular,”
A senior executive from a leading consulting firm said:
“Sebi might be revisiting LODR, as high volumes of IPOs can lead to deterioration in the quality of disclosures.”
India has seen a surge in listings, with companies raising over ₹2 trillion in equity capital this fiscal, the Sebi chief said.
Sebi’s move signals a broader push to simplify and streamline its regulatory architecture. Pandey said Sebi’s aim is not to expand the rulebook but to modernize it.
“Our agenda is not about adding more rules. It is about shaping a smarter rulebook—simpler to understand, proportionate to the risks it seeks to address, and supportive of innovation,”
Sebi is also reviewing the settlement regulations, with a consultation paper expected soon.
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