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Schedule VI9 Schedule VI of the ICDR Regulations: Disclosures in the Offer Document, Abridged Prospectus and Abridged Letter of Offer of the Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) prescribes the information that needs to be disclosed in the draft/final offer document or letter of offer.

SEBI observed that, at times, the draft offer documents/draft letter of offer filed for public issue/rights issue of securities are not compliant with the instructions provided under Schedule VI of the ICDR Regulations. As a result, such documents require revisions/changes and thus, lead to a longer processing time.

In this regard, recently SEBI issued the ‘Guidelines for returning of draft offer document and its resubmission’ (the circular).

As per the circular, the draft offer documents submitted to SEBI would be scrutinised in accordance with the broad guidelines prescribed in the circular. The documents which are not compliant with the circular and Schedule VI of the ICDR Regulations would be returned to the issuer.

The guidelines for returning of the draft offer document and its resubmission to SEBI are provided in Annexure A of the circular.

Effective Date: The circular came into force with effect from 6 February 2024.

To access the text of the circular, please click here

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