Piramal Pharma updates disclosure code for price sensitive information

Piramal Pharma Limited (PPL) has updated its code of practices and procedures for fair disclosure of unpublished price sensitive information (UPSI), effective September 9, 2025. This amendment incorporates the latest revisions to the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("SEBI PIT Regulations"), aimed at strengthening the framework for disclosing material information. The updated code outlines detailed procedures for handling UPSI, including its identification, dissemination, and restrictions on trading by insiders.

The revised code clarifies what constitutes UPSI, expanding the definition to include events such as changes in key managerial personnel, changes in ratings (excluding ESG), proposed fundraising, and agreements impacting company management or control. It also explicitly includes fraud or defaults by the company, its promoters, or key managerial personnel, and regulatory actions within India or abroad, as UPSI. PPL will maintain a structured digital database of recipients of UPSI, including their PAN or other identifiers.

The company has also specified guidelines for the chief investor relations officer (CIRO) to ensure prompt and uniform public disclosure of UPSI, particularly to avoid selective dissemination. The CIRO will oversee interactions with research analysts and manage responses to news reports, ensuring fair and timely communication. The amendments underscore PPL's commitment to maintaining regulatory compliance and promoting transparency in its market communications.