The Securities and Exchange Board of India (SEBI) on Feb 6, 2024 has introduced guidelines for returning of draft offer documents and its resubmission of public issues.
In a circular, SEBI stated, “It has been observed that at times, draft offer documents / draft letter of offer filed with the Board for public issue / rights issue of securities (hereinafter “draft offer document”) are found lacking in compliance with respect to instructions provided under Schedule VI of ICDR Regulations. Such documents require revisions/changes and thus lead to a longer processing time.
This Circular shall come into force with immediate effect.
“The issuer, within two days of resubmission of draft offer document with the Board, shall make a public announcement in the mode and manner as prescribed under ICDR Regulations, as applicable, and the issuer shall also include a disclosure that it is a resubmitted document,” SEBI said.