MUMBAI: Sebi on Thursday said it would take action against pharma companies if they are found not sharing information on material events like inspections and reports by the US FDA.
“It is necessary to share material information even now. If the US FDA (Food and Drug Administration) has taken any action against them (pharmaceutical companies) and they are not disclosing it, if that comes before us, we will take action,” Sebi chairman Ajay Tyagi said.
He was replying to a specific question pertaining to pharma companies not disclosing actions by drug regulators in foreign markets like the
US FDA undertaking inspections of their facilities and passing orders.
There have allegedly been instances of such happenings not being properly disclosed to the investors.
Tyagi said such information that constitutes to be “material information” should be shared with the stock exchanges immediately by the respective companies.
