TMI BlogGuidelines for returning of draft offer document and its resubmissionX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a longer processing time. 3. In order to ensure completeness of the offer document for investors and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tegories Legal Framework Circulars . Yours faithfully, Yogita Jadhav General Manager Corporation Finance Department +91 22 2644 9583 Email - yogitag@sebi.gov.in 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 accordance with the following guidelines - 1.1. Disclosures made in the draft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 with the clarifications / explanations sought on the draft offer document; or ii. Corrective measures on account of regulatory interpretation. 1.3. The information required to be incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the updated offer document shall continue to apply as is applicable to issuer for updation in offer document. 2.2. There shall be no refund of the filing fees on account of non-submission of draft offer document by the issuer after return. 2.3. The issuer, within two days of resubmission of draft offer document with the Board, shall make a public announcement in the mode and manner as prescribed under ICDR Regulations, as applicable, and the issuer shall also include a disclosure that it is a resubmitted document. 2.4. Issuer shall make written intimation to its sectoral regulator, if any, informing about the return and resubmission of the draft offer document, as applicable. The Issuer and the Lead Manager(s) shall ensure th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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