Securities and Exchange Board of India (Sebi) in its recent circular issued on February 15 mandated the filing of an issue summary document (ISD) for IPO and other issues so that investors and stakeholders will get complete company information in one place. Filling of ISD for IPO will be implemented from March 1 and for other issues from April-May.

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The market regulator clarified in its filing that ISD shall be filed in two stages: in the first stage, ISD will be filed containing pre-issue / offer fields and in the second stage, ISD will be filed containing post-issue / offer fields after allotment/offer is completed / as applicable for respective ISD.

The implementation process has also been divided into stages. 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. In the third and final phase, ISD for open offer, buy-back, and voluntary delisting shall be implemented from May 02, 2023.

Lead Managers are required to disseminate all advertisements in connection with a public issue under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) in pdf format on the website of the stock exchange(s) from March 01, 2023.

The recognized Stock Exchanges and the Depositories need to communicate to SEBI regarding the status of implementation of the provisions of this circular within 7 days of implementation and in their Monthly Developments Reports, clarified the regulator in its circular.