The Securities and Exchange Board of India (SEBI) has notified the amendment to the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2022.
As per the notification issued on 23rd November 2022, after Chapter II and before Chapter III, the following Chapter IIA shall be inserted to include rules regarding the initial public offer on the main board through the pre-filing of the draft offer document.
For the purpose of this chapter, a pre-filed draft offer document shall mean a draft offer document filed with the Board under this Chapter.
“In lieu of an initial public offer of specified securities on the Main Board under Chapter-II of these regulations, the issuer may make an initial public offer of specified securities in accordance with the provisions of this Chapter. Except for anything contrary provided in this Chapter, the provisions of Chapter-II shall mutatis mutandis apply in relation to the initial public offer made under the provisions of this Chapter: Provided that regulation 8 and regulation 15 of these regulations shall apply at the stage of filing of the updated draft red herring prospectus-I,” the notification said.
The notification further provided that prior to making an initial public offer, the issuer may file three copies of the draft offer document with the Board, in accordance with Schedule IV, along with fees as specified in Schedule III, through the lead manager(s).
“The issuer shall also file the pre-filed draft offer document with the stock exchange(s) where the specified securities are proposed to be listed and submit to the stock exchange(s); the Permanent Account Number, bank account number, and passport number of its promoters where they are individuals and the Permanent Account Number, bank account number, company registration number or equivalent and the address of the Registrar of Companies with which the promoter is registered; where the promoter is a body corporate,” the notification said.
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