SEBI Update- Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements- 15th February, 2023

SEBI vide its Circular dated 15 th February, 2023 introduced Issue Summary Document (ISD) for public issues, further issues, buybacks, and other offers. The ISD is designed to make relevant information in regard to public issues on stock exchanges and depositories in a structured manner.

SEBI decided to introduce ISD for the following and has been designed in XBRL (Extensible Business Reporting Language) format:

public issue of specified securities (initial public offer / further public offer);

further issues {preferential issue, qualified institutions placement (QIP), rights issue, issue of American Depository Receipts (ADR), Global Depository Receipts (GDR) and Foreign Currency Convertible Bonds (FCCBs)};

buy-back of equity shares (through tender offer or from the open market);

open offer under SEBI SAST Regulations;

voluntary delisting of equity shares where exit opportunity is required under SEBI Delisting Regulations.

ISD shall be filed in two stages

In the first stage, ISD will be filed containing pre-issue / offer fields.

In the second stage, ISD will be filed containing post-issue / offer fields after allotment/offer is completed / as applicable for respective ISD.

SEBI has issued prescribed formats (Table I to Table X in Annexure A of the given Circular) and provided a timeline for submission of the details and also casts responsibility on the entity responsible for the submission. Stock exchanges have been directed to develop a utility in order to facilitate the filing of the ISD by submitting entities.

The rollout of ISD will be carried out in three stages.

In the first phase, the roll-out shall be of ISD for public issues of specified securities, for offer documents filed on or after 1 st March, 2023.

In the second phase, ISD for further issues shall be implemented from 3 rd April, 2023.

In the third phase, ISD for open offer, buy-back and voluntary delisting shall be implemented from 2 nd May, 2023.

Besides, lead managers are required to disseminate all advertisements in connection with a public issue in PDF format on the website of the stock exchange from 1 st March, 2023.

SEBI has directed stock exchanges and depositories to bring the provisions of this circular to the notice of all registered merchant bankers, listed entities, and issuers and also disseminate the same on their w