The Securities Exchange Board of India has issued the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2019. The Schedule IV, which deals with filing of offer document with lead manager upon issue, is substituted with a new schedule.
The Schedule prior to amendment provided that Draft offer documents/ letters of offer/ offer documents shall be filed by the lead manager(s) of any jurisdiction if the Estimated issue size is greater than Rs. 500 crore. If it is bellow Rs. 500 crore it shall be filed with the lead manager(s)with the concerned office of the Board under the jurisdiction of which the registered office of the issuer company is located.
The Schedule is amended to read as :
“Draft offer documents/ letters of offer/ offer documents shall be filed by the lead manager(s) with the relevant office of the Board under the jurisdiction of which the registered office of the issuer company is located, based on the estimated issue size as may be specified by the Board from time to time.”
The Schedule no longer provide estimated size and corresponding jurisdictions to make filings. This increase the flexibility and discretion of Board in deciding jurisdiction.
Click here to read the Amendment.
