IFSCA Extends Validity of Financial Data in Offer Documents to 180 Days

Notification F. No. IFSCA/GN/2025/011, Dated: 13.10.2025

The International Financial Services Centres Authority (IFSCA) has amended Regulation 16 under the Listing Regulations, revising norms related to “Disclosures in Offer Document.” The changes aim to enhance transparency, investor protection, and timely completion of issue-related activities.

1. Updated Financial Disclosure Norms

Under the amended regulation, the financial information included in an offer document must not be older than 180 days from the date of filing.

This ensures that potential investors have access to current and reliable financial data when making investment decisions, aligning IFSC standards with international best practices.

2. Timeline for Allotments, Payments, and Refunds

The Authority has further mandated that all allotments, payments, and refunds pertaining to any public or rights issue must be completed within eight working days from the date of closure of the issue.

This tightening of timelines seeks to expedite post-issue processes, improve investor confidence, and reduce procedural delays in the capital-raising framework.

3. Objective of the Amendment

The amendment reinforces the IFSCA’s commitment to:

• Promoting timely and efficient market practices,
• Ensuring greater transparency in disclosures, and
• Enhancing ease of doing business in the IFSC jurisdiction.

These changes form part of the Authority’s ongoing efforts to strengthen the regulatory ecosystem for securities issuance and listing in IFSCs.

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