Disclosure obligations ensure offer documents are true and fair, with merchant bankers and intermediaries required to verify and exercise due diligence. Regulation 22 requires issuers to disclose all material facts in offer documents accurately and fairly; merchant bankers must verify these disclosures and ensure compliance with the Regulations and transaction-specific schedules; intermediaries must perform due diligence for assignments related to issuance, offering and distribution; issuers must treat applicants fairly and equitably; and no person may use any device, scheme or artifice to defraud in connection with such preference share issues.