Issue advertisement standards require truthful, non-misleading disclosures and mandatory risk factor inclusion prior to allotment.

Issue advertisements must be truthful and not misleading; any material reproduced from an offer document must be reproduced in full and include all relevant facts. Advertisements must include risk factors with equal prominence to highlights, avoid celebrities and certain television formats, and present specified three-year financial data. Public communications during the issue period must be factual, consistent with past practices or disclose the forthcoming issue and filing, and must not contain information extraneous to the filed offer document. Lead Merchant Bankers must ensure compliance, obtain issuer undertakings, approve advertisements and retain copies until allotment; research reports must be based solely on the offer document and avoid selective additional information.

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