InterGlobe frames code for price sensitive info disclosure

New Delhi: IndiGo's parent InterGlobe Aviation, which debuted on the capital market earlier this month, has put in place a code to ensure fair disclosure of unpublished price sensitive information.

The company's board of directors adopted the code on November 9.

As per the code, the company's Chief Investor Relation Officer (CIO) would deal with the dissemination of information and disclosure of UPSI (Unpublished Price Sensitive Information).

In addition, President & Whole Time Director and Chief Financial Officer would be authorised spokespersons who can can communicate with investors and media in coordination with the CIO.

"The CIO shall be responsible for ensuring that the company complies with continual disclosure requirements, overseeing and coordinating disclosure to stock exchanges, analysts, shareholders and media, and educating staff on disclosure policies and procedure," it said.

Under Sebi norms, listed companies are required to formulate and publish on its official website a code of practices and procedures for fair disclosure of Unpublished Price Sensitive Information (UPSI).

Among others, the code restrains company officials from interacting with "analysts, financial market participants, investors or any media representatives unless the CIO (or his authorised representative) or any other authorised spokesperson of the company is also present during such interaction".

InterGlobe Aviation got listed on the stock market on November 10 and the shares jumped nearly 15 per cent, over the issue price of Rs 765 apiece on the opening day.

InterGlobe raised Rs 3,008.5 crore, making it the biggest in nearly three years. This was the biggest initial share sale IPO in the Indian market since Bharti Infratel's over Rs 4,000-crore public offer in December 2012.