Guidelines for returning of draft offer document and its resubmission

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.... that the offer documents as filed by the issuers and lead manager(s) are compliant with Schedule VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"), which specifies information for disclosure in the draft offer document or the draft letter of offer and the offer document or the letter of offer, as applicable. 2. It has been observed that at times, draft offer documents / draft letter of offer filed with the Board for public issue / rights issue of securities (hereinafter "draft offer document") are found lacking in compliance with respect to instructions provided under Schedule VI of ICDR Regulations. Such documents require revisions/changes and thus lead to....

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....0. A copy of this circular is available on SEBI website at www.sebi.gov.in under the categories "Legal Framework →Circulars". Yours faithfully, Yogita Jadhav General Manager Corporation Finance Department +91 22 2644 9583 Email - [email protected] Annexure A Guidelines for returning of draft offer document and its resubmission 1. Return of Draft Offer Document: The draft offer document / draft letter of offer filed with the Board for public issue / rights issue (hereinafter "draft offer document") of securities shall be scrutinized based on the broad guidelines specified as under and accordingly, the draft offer document shall be returned to the Issuer and the Lead Manager(s) for resubmission in accordan....

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....(s) therein; d) Repetition of disclosures in different sections of the document which may increase the size of the document but does not improve the quality or efficacy of information, unless the context requires otherwise; and e) Inconsistency in the numbers/ data/ facts provided in different sections of the offer document or between the draft offer document and subsequent submission(s) made in response to clarifications sought. iv. The risk factors are appropriately worded in simple, clear and unambiguous language to bring out clearly the risk to the investor, without undermining the same. 1.2. The draft offer document requires: i. Substantial revision or addenda on key disclosures, in accordance wit....