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of <h1>SEBI Regulation 40: Underwriting Agreements Required for IPOs, Specifics Differ for Book Building Process vs. Non-Book Building.</h1> Regulation 40 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, addresses underwriting in initial public offerings (IPOs). For IPOs not using the book building process, issuers must enter into underwriting agreements with registered merchant bankers or stock brokers before filing the prospectus, specifying the maximum securities they will subscribe to at a price not less than the issue price. In book building IPOs, lead managers and syndicate members must underwrite the issue, ensuring at least 75% of the net offer for qualified institutional buyers is not underwritten. Underwriting agreements must be disclosed in the prospectus, and lead managers must fulfill obligations if syndicate members fail. Minimum underwriting obligations are mandated by SEBI regulations.
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