SEBI introduces ‘Issue Summary Document’ to capture data at stock exchanges during IPOs, FPOs, and buybacks

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.

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