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Capital markets regulator Securities Exchange Board of India vide circular SEBI/HO/CFD/SSEP/CIR/P/2022/14 revised the format of abridged prospectus. This change was made to simplify and ensure greater clarity and consistency in the disclosure in the front page of the offer document. This circular was issued to all recognized stock exchanges, recognized depositories, issuer companies, merchant bankers and brokers, registrars to an issue.
Table of Contents
It refers to a memorandum with salient features of a prospectus as may be specified by Securities Exchange Board of India by drafting regulations on this behalf. A prospectus is a document through which the company communicates and invites public to invest into it or buy their securities. A prospectus contains information on the financial position of the company, the objects of public offer, names of the signatories to the memorandum etc.
As per the companies act, every application form for the purchase of a company’s securities should be accompanied by this kind of prospectus.
According to the revised format, a company needs to disclose the following:
SEBI remarked in its circular that with a view to simplify, provide greater clarity and consistency in the disclosures across documents and also to provide additional yet critical information in the said prospectus, the disclosure format has been revised.
This circular shall be applicable for all issues with immediate effect, said SEBI. SEBI expects this move to usher in greater clarity and transparency as critical information will be available on the front page of the offer document.
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