Religare Enterprises Updates Code for Fair Disclosure of Unpublished Price Sensitive Information

Religare Enterprises Updates Code for Fair Disclosure of Unpublished Price Sensitive Information​

Religare Enterprises Limited has updated its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI), strengthening internal protocols regarding market information handling and investor communication. The comprehensive code, which has been in effect since May 15, 2015, incorporates several amendments to its structure and procedures as of August 12, 2026.

The Code establishes clear frameworks for identifying, managing access to, and publicly disseminating price sensitive information within the company. It dictates that the Managing Director (MD)/Whole-Time Director (WTD)/Chief Executive Officer (CEO) is responsible for classifying information as UPSI. While this includes information defined by regulations, the MD/WTD/CEO also has the discretion to classify other information as UPSI if disclosure is likely to have a material impact on the market prices of Religare Enterprises Limited securities.

Managing Insider Access and Confidentiality​

The Code strictly governs who may access UPSI relating to specific transactions. The MD/WTD/CEO determines authorized personnel, ensuring that information is only provided when necessary for the legitimate purposes or discharge of legal obligations.

When sharing UPSI with external parties—such as consultants, partners, or bankers—the company mandates that the recipient must also be treated as an 'insider' under the code and relevant regulations. Furthermore, a non-disclosure agreement (NDA) must be executed prior to the disclosure.

A key governance feature outlined in the updated Code is the maintenance of a digital database detailing all such instances of UPSI sharing. This database must be preserved for not less than eight years following the completion of the transaction and is subject to review by the Audit Committee on a periodic basis.

Public Disclosure Protocols​

The disclosure process mandates that all Price Sensitive Information must become public at the earliest practicable time after reasonable certainty is established. To ensure fair and uniform dissemination, information intended for general availability must first be reported to the stock exchanges where the company’s securities are listed, prior to any other forum disclosure. Once submitted to the stock exchanges, the information ceases to be classified as UPSI.

The Code also provides detailed guidance on handling instances of selective disclosure. If any UPSI is disclosed selectively, and the company cannot compel the recipient to restrict trading based on that information, the information must be promptly made generally available in accordance with the procedures defined in the Code.

Governance and Investor Communication​

In terms of investor relations (IR) governance, Religare Enterprises Limited outlines specific duties for managing external queries. All requests for information from investors or research analysts must be addressed using only information that is generally available. Similarly, responses to verification queries from regulatory authorities or stock exchanges must be prompt and non-misleading.

The Code details the process for accessing conference calls and presentation materials, stating that the Chief Investor Relations Officer (Chief IRO) must ensure all investors have access to such materials by placing dial-in information and presentations on the company’s website promptly after finalizing arrangements. The MD/WTD/CEO is responsible for nominating a financially literate employee as the Chief IRO, who will serve as the primary point of contact for analysts and investors.

RELIGARE Stock Price Movement​

Religare Enterprises Limited shares gained steadily on Wednesday, closing at ₹237.50 after the stock edged higher by 5.59%. The equity saw robust participation in the session, with a total traded volume reaching 1.14 million shares.