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sebi
1. Regulator for the securities market
in India
Established in the year 1988
Given statutory powers on 12 April
1992 through the SEBI Act, 1992.
2. DISCLOSURES AND OBLIGATIONS
OF LISTED ENTITY
• Prepared and disclosed in accordance with
applicable standards
• Refrain from misrepresentation
• Provide adequate and timely information
• Make the specified disclosures and follow its
obligations
• Channels for disseminating information shall
provide for equal, timely and cost efficient
access to relevant information by investors.
3. An issuer making public issue of debt securities shall
only issue revenue bonds.
No issuer shall make a public issue of revenue bonds
unless certain conditions are complied with
The revenue bonds shall have a minimum tenure of
three years
Appoint one or more merchant bankers registered
with the Board at least one of whom shall be a lead
merchant banker.
4. • Shall contain true, fair and material disclosures
• In case of issuer being a corporate municipal
entity the offer document shall contain the
following
1. Disclosures as specified in Companies Act, 2013
and Companies (Prospectus and Allotment of
Securities) Rules, 2014
2. Disclosures specified in Schedule I
3. Disclosures with respect to compliance with
regulation 12
4. Additional disclosures as may be specified by the
Board.
5. • No issuer shall issue an advertisement which is
misleading
• The advertisement shall be truthful, fair and
clear
• Shall not contain any matters which are
extraneous to the contents of the offer
document.
• Shall urge the investors to invest only on the
basis of information contained in the offer
document.
6. • Every application form issued by the issuer is
accompanied by a copy of the abridged
prospectus
• Shall not contain matters which are extraneous
to the contents of the prospectus
• Adequate space shall be provided in the
application form to enable the investors to fill in
various details
7. • The issuer may decide the amount of minimum
subscription & disclose the same in the offer
document:
• Provided such minimum subscription limit shall
not be less than seventy five per cent of the issue
size.
• In the event of non-receipt of minimum
subscription moneys received shall be refunded,
within twelve days from the date of the closure of
the issue.
• If there is a delay by the issuer in making the
aforesaid refund, then the issuer shall refund the
subscription amount along with interest at the
rate of ten per cent. per annum for the delayed
period.
8. An issuer desirous of making an offer of debt
securities to the public shall make an
application for listing to one or more
recognised stock exchanges:
Provided that in case of issuer being corporate
municipal entity, such an application shall be
made in terms of sub-section (1) of section 40
of the Companies Act, 2013.