SEBI introduces ‘Issue Summary Document’ to capture data at stock exchanges during IPOs, FPOs, and buybacks
- Blog|News|Company Law|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 17 February, 2023
Latest from Taxmann
Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2023/29, Dated 15.02.2023
In order to facilitate consumption of data by stakeholders in respect of public issues, further issues, buyback, etc., the SEBI has decided to make available relevant information/data points at the Stock Exchanges and Depositories in a structured manner. Accordingly, after consultation with the stakeholders, an Issue Summary Document (ISD) has been designed.
SEBI has decided to introduce the ISD in XBRL format for the following –
(a) public issue of specified securities (initial public offer / further public offer);
(b) further issues {preferential issue, qualified institutions placement (QIP), rights issue, issue of American Depository Receipts (ADR), Global Depository Receipts (GDR) and Foreign Currency Convertible Bonds (FCCBs);
(c) buy-back of equity shares (through tender offer or from the open market);
(d) open offer under SEBI SAST Regulations
(e) voluntary delisting of equity shares where exit opportunity is required under SEBI Delisting Regulations.
As per the circular, ISDs shall be filed in two stages. In the first stage, ISD will be filed with pre-issue/offer fields and in the second stage, ISD will be filed with post-issue/offer fields after allotment is completed for respective ISD.
SEBI has issued prescribed formats for ISD which are provided with the circular itself. The prescribed formats provide timeline for submission of the details and also casts responsibility on the entity responsible for the submission.
Stock Exchanges are further directed to develop a utility in order to facilitate the filing of ISD by submitting entities. In the first phase, the roll-out shall be of ISD for public issues of specified securities, for offer documents filed on or after March 01, 2023. In the second phase, ISD for further issues shall be implemented from April 03, 2023 and in the third phase, ISD for open offer, buy-back and voluntary delisting shall be implemented from May 02, 2023.
Besides, lead managers are required to disseminate all advertisements in connection with a public issue in PDF format on the website of the stock exchange from March 1, 2023.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
