Exchange Clarification

An exchange clarification is a query NSE or BSE sends a listed company — and the company's published reply — asking it to confirm, deny or explain a media report, or to say whether it knows of any reason for unusual movement in its share price or volume.

Exchanges run surveillance on both news and trading. When a report suggests something material, or a stock moves sharply without an announcement, they ask the company to respond, and both the query and the reply appear as filings. SEBI's LODR rules also require the largest listed companies to confirm, deny or clarify market rumours themselves.

For example, on 17 August 2026 BSE sought clarification from Reliance Industries about a media report concerning a fine imposed by the Supreme Court in its long-running gas dispute with NTPC.

Read the reply closely. "The company has no information that has not been disclosed" is common and says little; a reply that confirms talks or corrects a figure can be as important as a regular announcement.

How stocks tend to react

A denial can reverse a move built on a rumour; a confirmation can extend it. Price-movement queries with a "nothing to disclose" reply tend to leave the stock trading on whatever was driving it.

MarketPing measures this instead of guessing: every analysed announcement carries the stock's actual price reaction across 14 horizons, and the Reaction Lab aggregates how each category of announcement has historically moved stocks.

Related terms

Educational content, not investment advice. Regulations and tax rules change — verify current rules before acting.