Crisil amends code for fair disclosure of UPSI
Crisil Limited’s Board approved the amended Code of Practices for Fair Disclosure of Unpublished Price Sensitive Information on July 21, 2026. The code, effective immediately, aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015. It designates the Chief Financial Officer as the Chief Investor Relations Officer and mandates a structured digital database for tracking UPSI.
*this image is generated using AI for illustrative purposes only.
Crisil Limited’s Board of Directors approved the amended Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) on July 21, 2026. The updated code, effective immediately, ensures compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The policy mandates the prompt public disclosure of information that could impact price discovery to ensure uniformity and prevent selective dissemination.
The amended code designates Crisil’s Chief Financial Officer as the Chief Investor Relations Officer, responsible for disseminating information and handling UPSI disclosures. The Board has mandated the maintenance of a structured digital database containing the nature of UPSI and the names of individuals or entities sharing or receiving such information. This database will be updated regularly by insiders or teams responsible for sharing UPSI for legitimate purposes.
The policy outlines specific principles for fair disclosure, including the avoidance of selective disclosure except for legitimate purposes as defined in Annexure A. It requires that information shared with analysts and research personnel must not be UPSI. Furthermore, Crisil will publish proceedings of meetings with analysts and investor relations conferences on its official website to ensure official documentation of disclosures.
The code defines UPSI to include financial results, dividends, changes in capital structure, mergers, acquisitions, and changes in key managerial personnel. It also covers events such as fraud, defaults, forensic audits, regulatory actions, and material litigation. The policy requires that any changes or modifications to the code receive Board approval and be promptly intimated to stock exchanges.
The policy will be reviewed at least once every three years. The previous version of the code was approved on November 10, 2021. The latest amendment was approved by the Board of Directors on July 21, 2026, and has been hosted on the company’s website.
| Version | Date of Approval | Effective Date | Approved by |
|---|---|---|---|
| 1 | 17th April 2015 | 1st May 2015 | Board of Directors |
| 2 | 30th March 2019 | 1st April 2019 | Board of Directors |
| 3 | 10th November 2021 | 10th November 2021 | Board of Directors |
| 4 | 21st July 2026 | 21st July 2026 | Board of Directors |
Historical Stock Returns for CRISIL
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.48% | +10.89% | +6.41% | -1.30% | -22.80% | +43.22% |
How will the immediate implementation of the amended code impact Crisil's short-term investor relations strategy?
What technological upgrades are required to maintain the new structured digital database for UPSI tracking?
How might the mandatory publication of analyst meeting proceedings affect the transparency of Crisil's communications?
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
