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SEBI, vide its circular dated 15th February 2023, announced the Introduction of ISD and dissemination of issue advertisements. The circular discussed the purpose of introducing ISD, its format and dissemination on the websites of Stock Exchanges and Depositories. The present article shall discuss the aspects covered in this circular in a detailed manner to provide a better understanding of the same.
For the purpose of facilitating the consumption of data by stakeholders like researchers, policymakers, market analysts, and market participants regarding public issues, further issues, buybacks, and offers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI SAST Regulations”) and SEBI (Delisting of Equity Shares) Regulations, 2021 (“SEBI Delisting Regulations”), etc., a decision has been made for making available relevant information/data points at the Stock Exchanges and Depositories in a structured manner.
The prescribed formats also enumerate the timeline for submitting the details and also cast responsibility on the entity responsible for the submission ie the Submitting Entity”.
There is a need of developing a utility in order by for Stock Exchange(s) (SE) facilitating the filing of the ISD by Submitting the Entity. The Submitting Entity shall be filing the details, as applicable, in the format of any stock exchange where the securities of the entity regarding which the ISD is being filed are being listed/proposed to be listed.
The SE, which receives the ISD, shall further transmit, as soon as possible, the information to other Stock Exchanges and Depositories for dissemination.
Further, Lead Managers must disseminate all advertisements regarding a public issue under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) in pdf format on the website of the stock exchanges from 01.03.23
The recognized Stock Exchanges and the Depositories have been given a direction to
The Circular regarding the Introduction of ISD and dissemination of issue advertisements is issued by the board in the exercise of the powers conferred u/s 11 and Section 11A of the SEBI Act, 1992, for protecting the interests of its investors and promoting the development of and to regulating the securities market.
Also Read: SEBI Guidelines to Securities Market Intermediaries – Under the PMLA 2002
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