New Delhi, Sept. 23 -- Corporate disclosures made under the market regulator's rules will not directly create any legal obligation or liabilities for listed firms, the Securities and Exchange Board of India informed the Bombay High Court responding to petitions by Kirloskar group companies.

These companies have challenged the constitutional validity of Regulation 30A of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Under this, disclosure of private agreements by promoters, directors, and other stakeholders are required even if an entity is not a direct party if such agreements can impact a company's management, control, or impose any restriction or liability.

"Though listed entities, under ("SEBI LODR Re...