The regulations prescribed by SEBI require stock exchanges and syndicate members to disclose bidding data on the stock exchange website and bidding terminals of syndicate members respectively for public information. The data is required to be updated by stock exchanges on an hourly basis. However, public communication, including advertisement material, relating to issue of specified securities or units are required to contain only such information as contained in the draft offer document/offer document. With regard to offer for sale (‘OFS’) transactions on the stock exchange platform, the seller is not required to disclose any information regarding the listed company. However, by virtue of being a listed company, certain information regarding the company is available on the websites of the stock exchanges and therefore available to the public. Through its informal guidance dated October 28, 2020 to Citigroup Global Markets India Private Limited, SEBI stated that the book running lead managers (‘BRLMs’) will not share the bidding data (standalone and aggregate) with investors during the bidding period. SEBI has also stated that the BRLMs will not share information (other than the bidding data) available in the public domain, including information on the websites of the stock exchanges and the issuers in an initial public offer, rights issue, further public offer, qualified institutions placement and OFS of specified securities and units as and when requested by investors. SEBI has clarified that BRLM may direct investors to the channels wherefrom publicly available information can be accessed.