The Securities and Exchange Board of India (‘SEBI’), has, by way of the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2022 (‘Fourth Amendment Regulations’) notified certain changes to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (‘SEBI ICDR Regulations’), which are effective from November 23, 2022. The key changes are as follows:
i. insertion of a new Chapter IIA, which permits confidential filing of draft offer documents for initial public offerings (‘IPOs’);
ii. monitoring of utilisation of proceeds raised through preferential issues and qualified institutions placements (‘QIPs’); and
iii. comprehensive disclosures of key performance indicators (“KPIs”) and pricing related disclosures for IPOs.
A brief summary of the key provisions of the Fourth Amendment Regulations can be accessed here.