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<h1>SEBI Expands System-Driven Disclosures to Include Non-Promoters, Directors, and Employees Effective August 1, 2018.</h1> The circular issued by SEBI on May 28, 2018, outlines the implementation of the next phase of system-driven disclosures in the securities market. Initially introduced in December 2015, the system's first phase covered disclosures related to promoters under the SAST and PIT Regulations. The new phase expands to include disclosures by non-promoters and company directors/employees. CEOs and two levels below are considered employees for disclosure purposes. The system will run parallel to existing requirements, with necessary arrangements for disclosure dissemination effective August 1, 2018. The procedure for implementation is detailed in Annexure-A, and existing requirements remain in force.