SEBI Amends NCS Norms, Reduces Draft Offer Document Review Period to 5 Days
- Blog|News|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 20 September, 2024
Latest from Taxmann
Notification No. No. SEBI/LAD-NRO/GN/2024/205; Dated: 17.09.2024
SEBI has notified the SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024. An amendment has been made to Regulation 27 relating to ‘filing of draft offer document’. As per the amended norms, the draft offer document filed with the stock exchange must now be made public by posting it on the website of the stock exchange to seek public comments for a period of 5 working days from the date of filing. Earlier, the period was 7 working days.
A proviso has been added to Regulation 27(2), which states that issuers whose specified securities are listed on a recognised stock exchange having nationwide trading terminals must post the draft offer document filed with stock exchanges for one day immediately after the date of filing the draft offer document with stock exchanges.
Further, a public issue of debt securities or non-convertible redeemable preference shares must now be kept open for a minimum of 2 working days and a maximum of 10 working days.
In case of a revision in the price band or yield, the issuer must extend the bidding (issue) period disclosed in the offer document for a minimum period of 1 working day.
Click Here To Read The Full Notification
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
