An issuer may reserve part of an initial public offer issue size for employees, directors, and shareholders, other than controlling shareholders, of its listed group entities. Such reservations must be suitably disclosed in the offer document.

Offer documents must contain material, true, correct and adequate disclosures enabling informed investment decisions. Issuers must disclose their materiality policy where applicable and provide material information arising between filing and listing, while lead managers must conduct due diligence on disclosure materiality, veracity and adequacy. Required content includes risk factors, capital structure, issue particulars, issuer information, financial statements, material related-party transactions, litigation, approvals and other material disclosures. Audited financial information is required for the applicable period of existence and must be current, with prescribed accounting standards and IFRS reconciliation where required.

Initial public offer timing requires an issuer to make the offer within twelve months after observations are issued. For a proposed issue of USD fifty million or below, the period runs from receipt of the offer document. If the offer is not made within the applicable period, a fresh draft offer document must be filed with the Authority and recognised stock exchange(s).

For initial public offers, issuers must file a draft offer document and applicable fee through lead manager(s), who must also submit a due diligence certificate. For issues exceeding USD fifty million, the draft must be publicly hosted for seven working days for comments. Material comments and consequential proposed changes must be filed with the Authority. The issuer must implement any advised changes and file the updated offer document with the Authority and recognised stock exchange(s) before proceeding with the issue.

In-principle approval for listing of specified securities requires the issuer to apply to a recognised stock exchange. Where applications are made to more than one recognised stock exchange, the issuer must select one as the designated stock exchange. The recognised stock exchange must grant in-principle approval or reject a complete application within fifteen days of receipt.

Lead manager appointment is mandatory for an initial public offer. The issuer must appoint one or more lead managers to the issue and appoint other intermediaries in consultation with the lead manager or managers. Consultation with the lead manager is integral to selecting other intermediaries and supports the lead manager's coordinating role in the offering process.

Offer for sale in an initial public offer requires specified securities to have been held by existing holders for at least one year before filing the draft offer document. For equity shares offered after conversion, the holding period combines the period for convertible securities or depository receipts and the resulting equity shares; conversion must be completed before filing, with full disclosure of its terms.

Regulation 10 permits an issuer that has issued SR equity shares to undertake an initial public offer of its ordinary shares for listing on a recognised stock exchange. Eligibility depends on shareholder authorisation of the SR equity share issue through a resolution at a general meeting and on those shares having been held for at least three months before the draft offer document is filed.

Initial public offer eligibility for specified securities requires an issuer to meet at least one financial or market-based alternative: operating revenue, pre-tax profit, post-issue market capitalisation, or other prescribed criteria. Revenue and profit are determined from consolidated audited accounts. The thresholds are separate eligibility routes rather than cumulative requirements, and the financial year follows the issuer's home-jurisdiction laws.

Securities and other permitted financial products listed and traded on a recognised stock exchange must be denominated in a specified foreign currency. Specified foreign currency includes currencies listed in the First Schedule to the International Financial Services Centres Authority (Banking) Regulations, 2020, and any currency otherwise notified by the Authority. USD references mean equivalent amounts in the currency in which the securities are issued.

Regulation 7 requires securities and other permitted financial products listed, or proposed for listing, on a recognised stock exchange to be freely transferable and held in dematerialised form. Free transferability and dematerialised holding apply across the recognised stock exchange listing framework. Debt securities and such other financial products may also be held with an international central securities depository.

Listing eligibility requires an issuer to be incorporated or established in an IFSC, India or a foreign jurisdiction under home-jurisdiction law, to operate in accordance with its constitution, and to be legally entitled to issue the proposed securities or financial products. Public Indian companies listing equity shares must meet additional prescribed foreign-exchange and company-law eligibility requirements. Eligibility is excluded for issuers and specified associated persons barred from capital-market access or classified as wilful defaulters or fugitive economic offenders.

Issuers seeking listing must provide true, correct and adequate material information in offer documents, together with full, accurate and timely disclosure of financial results, risks and other material non-financial information. The framework requires fair and equitable treatment of all holders and obliges directors to act in the best interests of all stakeholders.

The listing framework covers initial public offers by unlisted entities and special purpose acquisition companies, follow-on public offers by listed entities, and listed-entity capital-raising through rights issues, preferential issues and qualified institutions placements. It also covers issuance and listing of depository receipts and debt securities, secondary listing of securities, and listing of commercial paper, certificates of deposit, and other financial products permitted by the Authority.

Definitions governing IFSC listings identify issuers, Listed Entities, recognised and designated stock exchanges, and the securities eligible for listing. Specified securities include equity shares and convertible securities, while debt securities cover non-convertible indebtedness instruments. The framework distinguishes IPOs, follow-on public offers, qualified institutions placements, offer documents, information memoranda and green shoe options. It also defines control, controlling shareholders, SPACs, business combinations, Foreign Jurisdictions, key managerial personnel and Superior Right equity shares, while applying external statutory meanings to undefined expressions.

Listing of specified securities, debt securities, depository receipts and other permitted financial products on recognised stock exchanges in India's International Financial Services Centres is governed by a regulatory framework established for that purpose. The framework applies to listings on recognised exchanges situated in those centres and covers the identified classes of securities and permitted financial products.

International Financial Services Centres Authority (Listing) Regulations, 2024 are made under statutory rule-making powers under the International Financial Services Centres Authority Act, 2019 and enabling securities-law provisions. Regulation 1 formally designates the Regulations by that short title and makes their legal commencement contingent on publication in the Official Gazette, thereby fixing the operative event for bringing them into force.

Regulation 9B sets maximum exposure limits for specified IIO investments in DTA, including government securities, corporate bonds, Category I and II AIFs, immovable property, infrastructure, money-market instruments, debt, and equity-related investments. Money-market instruments and debt may each reach 90%, while equity, preference shares, and convertible debentures are capped at 25%. Investments must be kept invested, and extant RBI or SEBI limits prevail.

Enforcement Directorate searches at the Greater Mohali Area Development Authority and the office of Punjab's Principal Secretary for Housing and Urban Development form part of a PMLA investigation. The enforcement action is directed at institutional and official premises connected with public development and housing administration in Punjab, involving a development authority and a senior housing-administration office.

Regulation 9A requires every IIO to invest, and continuously maintain investment of, unit-linked business funds according to the investment pattern subscribed by policyholders. At the individual segregated-fund level, unit-linked business assets are subject to exposure ceilings for a single investee entity, the IIO's own group, any other single group, and a particular industrial sector. Specified limits for passive or index-based mutual funds and exchange-traded funds apply upon the earlier prescribed trigger.