Jul 28, 2023

Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

SEBI has, by way of a Notification dated May 23, 2023, notified certain amendments to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, in relation to the following:

i.    Entering into underwriting arrangements for an initial public offering and a further public offer, prior to filing of the red herring prospectus, to cover under subscription in the initial public offer;

ii.   Allotment of shares pursuant to bonus issues to be only in dematerialised form;

iii.  Inclusion of “pension funds sponsored by entities which are associate of the lead manager”, to participate in the anchor investor category in a public issue; and

iv.   Inclusion of the following requirements with respect to an offer document:

  • providing access to the material contracts and material documents for inspection through online means apart from inspection at the registered office;
  • providing a complete industry report as one of the material documents for inspection; and
  • hosting a draft red herring prospectus on the website of an issuer company.




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