<h1>Private placement reform: streamlined prospectus disclosures, expert liability for certified statements, and stricter allotment filing controls.</h1> Recommended amendments empower SEBI (in consultation with MCA) to simplify prospectus contents, make identified experts liable for statements they prepare if relied upon by directors, and reform private placement by removing Form PAS 4, embedding essential disclosures in the application form, permitting simultaneous issues to prescribed investor classes, recording offeree particulars internally prior to invitation, requiring timely filing of return of allotment before utilisation of funds, mandating valuation reports for convertible securities to be retained and made available, and setting differentiated minimum investment thresholds.