Easing rules for public offerings: SEBI scraps 1% deposit mandate for issuers.

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....SEBI has withdrawn the requirement for issuer companies to deposit 1% of the issue size with the designated stock exchange prior to a public offering, as per the amendment to the ICDR Regulations in May 2024. The Master Circular on issuance of No Objection Certificate for release of the 1% deposit stands withdrawn. Stock exchanges must frame a joint SOP for releasing previously deposited 1% amounts. The circular is applicable immediately, and exchanges must notify listed companies, update bylaws, and implement the changes. The move aims to facilitate ease of doing business for issuer companies undertaking public offerings.....