SEBI Amends NCS Norms, Reduces Draft Offer Document Review Period to 5 Days
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- Last Updated on 20 September, 2024
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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
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