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of <h1>Issuers raising over 100 crore rupees must have credit rating agencies monitor proceeds, except banks and insurers.</h1> If the issue size exceeds one hundred crore rupees, excluding the offer for sale by selling shareholders, the issuer must arrange for the proceeds' use to be monitored by a credit rating agency registered with SEBI. This requirement does not apply to banks, public financial institutions, or insurance companies. The monitoring agency must submit quarterly reports to the issuer until all proceeds are utilized. The issuer's board and management must comment on these reports. Within forty-five days of each quarter's end, the issuer must publicly disseminate the report on its website and submit it to the relevant stock exchanges.
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