Sebi issues guidelines for returning draft documents

Mumbai: The Securities and Exchange Board of India(Sebi) on Tuesday came out with guidelines for returning of draft offer document and its resubmission.

The move is aimed to ensure completeness of the offer document for investors and provide clarity in the disclosures and for timely processing.

Sebi has observed that at times, draft offer documents filed with it for public and rights issue of securities are found lacking in compliance with its disclosure rules.


"Such documents require revisions/changes and thus lead to a longer processing time," Sebi said in a circular.

"Adequate disclosures by the issuer and timely processing of offer documents are important for the vibrancy of the primary market."

There would be no requirement for payment of any fees on account of resubmission of draft offer document, it said.