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<h1>Filing requirements for draft offer documents: lead manager due diligence, Board observations and mandatory promoter disclosures required.</h1> Regulation 123 establishes filing and documentary requirements for draft offer documents and offer documents: issuers must file drafts through lead managers with prescribed fees and also file with stock exchanges supplying promoters' identifying particulars; lead managers must deliver engagement and due diligence certificates and compliance certificates; the Board may issue observations within thirty days from specified events and issuers must update drafts highlighting changes; material changes trigger fresh filings with fees; after observations or lapse of the period lead managers must submit certifications, board resolutions and confirmations of promoters' contributions, and copies of offer documents must be filed with the Board and exchanges concurrently.