Regulation 11 - Opening of an issue - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

Opening of an issue. 11. (1) Subject to the compliance with sub-section (4) of section 60 of the Companies Act, 1956, a public issue or rights issue may be opened: (a) within twelve months from the date of issuance of the observations by the Board under regulation 6; or (b) within three months of expiry of the period stipulated in sub-regulation (2) of regulation 6, if the Board has not issued observations: Provided that in case of a fast track issue, the issue shall open within the period stipulated in sub-section (4) of section 60 of the Companies Act, 1956. (2) In case of shelf prospectus, the first issue may be opened within three months of issuance of observations by the Board. (3) The issuer shall, before registering the red herring prospectus (in case of a book built issue) or prospectus (in case of a fixed price issue) with the Registrar of Companies or filing the letter of offer with the designated stock exchange, as the case may be, file with the Board through the lead merchant bankers, an updated offer document highlighting all changes made in the offer document. (4) Notwithstanding anything contained in this regulation, if there are changes in the offer document in relation to the matters specified in Schedule VII, the updated offer document or new draft offer document, as the case may be, shall be filed with the Board along with fees specified in Schedule IV. 1 [(5) An issue shall be opened after at least three working days from the date of registering the red herring prospectus with the Registrar of Companies.] ******** 1 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012.