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TMI BlogGUIDELINES ON ADVERTISEMENTX X X X Extracts X X X X X X X X Extracts X X X X ..... advertisement shall be considered to be misleading, if it contains - a) Statements made about the performance or activities of the company in the absence of necessary explanatory or qualifying statements, which may give an exaggerated picture of the performance or activities, than what it really is. b) An inaccurate portrayal of past performance or its portrayal in a manner which implies that past gains or income will be repeated in the future. 9.1.3 a) An advertisement shall be set forth in a clear, concise and understandable language. b) Extensive use of technical, legal terminology or complex language and the inclusion of excessive details which may distract the investor, shall be avoided. 9.1.4 An issue advertisement shall not co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lights relating to any issue shall also contain risk factors given equal importance in all respects including the print size. (b) The print size of highlights and risk factors in issue advertisements shall not be less than point 3(7) size. (c) 4(Subject to section 66 of the Companies Act, 1956, any advertisement made by an issuer namely Pre - Issue advertisement, advertisement for opening or closure of the issue, shall be in the format and contain the minimum disclosures as given in the relevant part of Schedule XX - A. (d) Any pre-issue advertisement made under clause 5.6A or advertisement made in connection with opening or closing of any issue by the issuer, which is displayed in a billboard shall not contain any information apart from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iews by its promoters, directors, duly authorized employees or representatives of the issuer company, documentaries about the issuer company or its promoters, periodical reports and press releases, issued or published in any media during the period commencing from the date of filing draft offer document with SEBI till the date of allotment of securities offered in the issue, shall comply with the following: (a) It shall be prominently displayed or announced in such public communication or publicity material that the issuer company is proposing to make a public or rights issue of securities, as the case may be and has filed a draft offer document with SEBI or has filed the Red Herring Prospectus / Prospectus with the Registrar of Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lic issue. (b) In case of a book built issue, between the date of filing the Red Herring Prospectus with the Registrar of Companies and the date of allotment of the securities offered in the issue. (c) In case of a rights issue, between the date of filing the Letter of Offer with the Designated Stock Exchange and the date of allotment of the securities offered in the rights issue.) 9.1.15 8(No product advertisement of an issuer company shall contain any reference, directly or indirectly, to the performance of the issuer company during the periods mentioned in clause 9.1.14 and clause 9.1.14A.) 9.1.16 (a) No advertisement shall be issued stating that the issue has been fully subscribed or oversubscribed during the period the issue is op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suer company obtains approval in respect of all issue advertisements and publicity materials from the Lead Merchant Banker responsible for marketing the issue and also ensure availability of copies of all issue related materials with the Lead Merchant banker at least till the allotment is completed. 9(9.2A Applicability to fast track issues) 10(9.2A.1 In case of a fast track issue, all references made in clauses 9.1 and 9.2 to "draft offer document filed with SEBI" shall be construed as having been made to "red herring prospectus (in case of a book built issue) or prospectus (in case of a fixed price issue) filed with ROC or letter of offer filed with Designated Stock Exchange', unless the context otherwise requires.) 11(9.3 Research rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain the names of Issuer company, address of its Registered Office, names of the main Lead Merchant Bankers and Registrars to the Issue. (d) It shall contain the disclosure about the face value of shares (including the statement about the issue price being "X" times of the face value)" vide circular no SEBI/CFD/DIL/DIP/13/2004/28/5 dated May 28, 2004 Prior to the above, the above sub-clause (d) of clause 9.1.12 was inserted vide SEBI Circular No. SEBI/CFD/DIL/DIP/13/2004/28/5 dated May 28, 2004. 5 Substituted clause 9.1.14, vide SEBI Circular No. SEBI/CFD/DIL/DIP/24/2006/18/10 dated October 18, 2006 for the following: "9.1.14 No corporate advertisement of issuer company shall be issued after 21 days of the filing of the offer document wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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