TaxTMI 
TaxTMI 
TaxTMI 
Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements
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....cument (ISD) and dissemination of issue advertisements 1. In order to facilitate consumption of data by stakeholders such as researchers, policy makers, market analysts, and market participants, in respect of public issues, further issues, buyback, offers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("SEBI SAST Regulations") and SEBI (Delisting of Equity Shares) ....
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....pen market); iv. open offer under SEBI SAST Regulations; v. voluntary delisting of equity shares where exit opportunity is required under SEBI Delisting Regulations. 3. ISD shall be filed in two stages: i. In the first stage, ISD will be filed containing pre-issue / offer fields. ii. In the second stage, ISD will be filed containing post-issue / offer fields after allotment/offer is compl....
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.... shares where exit opportunity is required. 5. The prescribed formats also provide timeline for submission of the details and also casts responsibility on the entity responsible for the submission (hereinafter referred to as "Submitting Entity"). 6. Stock Exchanges shall develop a utility in order to facilitate the filing of the ISD by Submitting Entity. The Submitting Entity may file the detail....
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....sary steps to ensure compliance with this circular. 9. Implementation in phases: i. In the first phase, the roll-out shall be of ISD for public issues of specified securities, for offer documents filed on or after March 01, 2023. ii. In the second phase, ISD for further issues shall be implemented from April 03, 2023. iii. In the third phase, ISD for open offer, buy-back and voluntary delis....