Offer for Sale framework: standardized eligibility, disclosure, allocation and settlement rules for exchange-based share sales. SEBI issues a comprehensive OFS framework detailing eligibility for promoters, companies and non-promoter sellers; required disclosures including floor price, offer size, allocation methodology and green shoe; defined cooling off periods by liquidity; retail reservation and discounting mechanisms; separate T day/T+1 day bidding windows; margin, deposit and risk management obligations including 100% cash margin for retail; allocation and settlement processes with reserved quotas for certain institutional categories and retail investors; default penalties and withdrawal/cancellation rules; equivalent application to listed REITs/InvITs; and rescission of prior OFS circulars.
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Provisions expressly mentioned in the judgment/order text.
Offer for Sale framework: standardized eligibility, disclosure, allocation and settlement rules for exchange-based share sales.
SEBI issues a comprehensive OFS framework detailing eligibility for promoters, companies and non-promoter sellers; required disclosures including floor price, offer size, allocation methodology and green shoe; defined cooling off periods by liquidity; retail reservation and discounting mechanisms; separate T day/T+1 day bidding windows; margin, deposit and risk management obligations including 100% cash margin for retail; allocation and settlement processes with reserved quotas for certain institutional categories and retail investors; default penalties and withdrawal/cancellation rules; equivalent application to listed REITs/InvITs; and rescission of prior OFS circulars.
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