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<h1>Public Issue Must Open Within 12 Months of SEBI Observations, Align with Companies Act 2013 & Regulation 44.</h1> Regulation 44 of the Securities and Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018, stipulates that a public issue must open within twelve months following the issuance of observations by SEBI under regulation 25, in compliance with the Companies Act, 2013. Furthermore, the issue should commence at least three working days after filing the red herring prospectus for a book-built issue or the prospectus for a fixed price issue with the Registrar of Companies. The term 'filing' was substituted for 'registering' as per the 2020 notification.