SBI Cards and Payment Services Limited has announced the revision of its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI). This update, considered and approved by the Board of Directors on September 21, 2026, aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015. The revised code aims to ensure uniform and universal dissemination of UPSI, preventing selective disclosure and maintaining market integrity. The company has also provided detailed guidelines on what constitutes UPSI and the responsibilities of its Chief Investor Relations Officer.
SBI Cards Revises Fair Disclosure Policy
SBI Cards and Payment Services Limited has officially revised its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI). This strategic update was a key agenda item during the Board of Directors’ meeting held on September 21, 2026. The revisions are made in accordance with the Securities and Exchange Board of India (SEBI) (Prohibition of Insider Trading) Regulations, 2015, and are designed to enhance transparency and fairness in the dissemination of material information.
Key Policy Amendments and Dissemination
The updated code details comprehensive procedures for identifying and disclosing UPSI. The company emphasizes that all unpublished price sensitive information will be handled on a ‘need to know’ basis and will be disclosed promptly to ensure that information becomes generally available, thereby preventing market manipulation. The revised policy outlines specific categories of information considered as UPSI, ranging from financial results and dividend declarations to changes in key managerial personnel and significant agreements.
The dissemination of UPSI will be uniform and universal, with due care taken to avoid selective disclosure. In instances where UPSI is inadvertently disclosed, prompt steps will be taken to make it generally available. The company has also reaffirmed the role of its Chief Financial Officer as the Chief Investor Relations Officer (CIRO), responsible for overseeing the dissemination of UPSI and responding to market rumors.
Structured Digital Database for Insider Information
Furthermore, the policy mandates the maintenance of a Structured Digital Database (SDD) to record details of all unpublished price sensitive information shared internally or externally. This includes the nature of the information, names of individuals who shared it, and recipients, along with their identifiers. The SDD is crucial for ensuring traceability and compliance with insider trading regulations.
Legitimate Purposes for Information Sharing
The policy also clarifies the definition of ‘Legitimate Purposes’ for sharing UPSI, emphasizing that such sharing must be in the ordinary course of business and not intended to evade regulatory prohibitions. The assessment of a ‘legitimate purpose’ considers factors like ordinary business course, best interests of the company, and discharge of legal obligations. This ensures that while information sharing is facilitated, it remains within the strict confines of the regulations.
Source: BSE
