IPO grading mandatory: issuers must obtain and disclose credit rating grades and rationale across offering documents and ads, and bear costs. Amendments to SEBI (DIP) Guidelines require that draft offer documents be processed only after satisfactory replies to SEBI queries, regulator comments and receipt of in principle listing approvals; mandate IPO grading by at least one SEBI registered credit rating agency with disclosure of all grades and rationale in prospectus, abridged prospectus and advertisements (cost borne by issuer); permit preferential allotments for companies listed less than six months subject to modified pricing and recomputation; tighten QIP eligibility to one year listing; and exclude pledged securities from promoters' contribution.
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Provisions expressly mentioned in the judgment/order text.
IPO grading mandatory: issuers must obtain and disclose credit rating grades and rationale across offering documents and ads, and bear costs.
Amendments to SEBI (DIP) Guidelines require that draft offer documents be processed only after satisfactory replies to SEBI queries, regulator comments and receipt of in principle listing approvals; mandate IPO grading by at least one SEBI registered credit rating agency with disclosure of all grades and rationale in prospectus, abridged prospectus and advertisements (cost borne by issuer); permit preferential allotments for companies listed less than six months subject to modified pricing and recomputation; tighten QIP eligibility to one year listing; and exclude pledged securities from promoters' contribution.
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