SEBI has specified the disclosure requirements relating to acquisition, sale and pledge of securities under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015 ,in order to bring in transparency and promote orderly conduct in the market.

In order to eliminate the possibility of inadvertent violations and permitting the exchanges to concentrate on cases which attempt to manipulate the markets or mislead investors, SEBI has vide circular number CIR/CFD/DCR/17/2015 dated December 01, 2015 introduced a new disclosure support system which would facilitate and support disclosures made by issuers/promoters and persons acting in concert.

As per the aforesaid SEBI Circular, Exchanges shall receive reports from the RTAs pertaining to SAST and PIT disclosures of Listed Companies and such disclosures shall be displayed on the website of the Exchange separately from the regular disclosures filed with the exchanges.