APPOINTMENT OF LEAD MANAGERS, OTHER INTERMEDIARIES AND COMPLIANCE OFFICERSecurities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018
APPOINTMENT OF LEAD MANAGERS, OTHER INTERMEDIARIES AND COMPLIANCE OFFICERSecurities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018
Underwriting requirement mandates full offer coverage; lead managers must take a minimum stake and ensure disclosure. Initial public offers must be fully underwritten; lead managers must underwrite a specified minimum portion, appoint registered merchant bankers or stock ... Summary
Underwriting requirement mandates full offer coverage; lead managers must take a minimum stake and ensure disclosure.
Initial public offers must be fully underwritten; lead managers must underwrite a specified minimum portion, appoint registered merchant bankers or stock brokers as underwriters in consultation with the issuer, and may contract with nominated investors for subscription in case of under-subscription. Lead managers must file an undertaking one day before opening confirming full underwriting and listing each underwriter, nominated investor and sub-underwriter with their commitments. Lead managers must cover any shortfall if others fail, non-lead underwriters may only subscribe to fulfill agreements, and all underwriting arrangements must be disclosed in the offer document.
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