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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

New format of Abridged Prospectus for public issues of Non-Convertible Debt Securities and/or Non-convertible Redeemable Preference Shares

04-Sep-2023 | SEBI/HO/DDHS/PoD1/CIR/P/2023/150, 20230908-3

Securities and Exchange Board of India (SEBI) has issued a Circular regarding the new format of the Abridged Prospectus for public issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares, effective from 1st October 2023. Key points from the notification: 1. The format for disclosures in the abridged Prospectus has been revised to simplify, provide greater clarity and consistency, and include critical information. The new format is provided in Annex-I of the Circular. 2. For public issues opening on or after October 1, 2023, the Abridged Prospectus format should follow Annex-I of the Circular instead of Part B of Schedule I of the NCS Regulations. 3. A copy of the Abridged Prospectus must be made available on the issuer's website, as well as on the websites of the merchant bankers and the registrar to the issuer. A link for downloading the Abridged Prospectus should also be provided in the issue advertisement for the public issue. 4. A Quick Response (QR) code should be inserted on the last page of the Abridged Prospectus. Scanning this QR code will lead to the Prospectus. Additionally, QR codes should be inserted on the front page of documents such as the front outside cover page and advertisements, as deemed fit by the issuer entity or merchant bankers. Scanning these QR codes will lead to the prospectus or abridged prospectus, as applicable. 5. It is the responsibility of the issuer and merchant bankers to ensure that the disclosures in the Abridged Prospectus are adequate, accurate, and free from any misleading or false statements.

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