Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements
Summary
SEBI mandates the introduction of an Issue Summary Document (ISD) in XBRL format to facilitate data consumption by stakeholders regarding various capital market transactions. The ISD must be filed in two stages containing pre-issue and post-issue fields, with specific formats prescribed for different types of issues such as public offers, buybacks, and delistings. Stock Exchanges are required to develop utilities for filing and disseminate the ISD on their websites, while Lead Managers must disseminate issue advertisements in PDF format. This section details the data fields required for Initial Public Offerings, covering issuer information, issue specifics, and allocation breakdowns across BSE, NSE, and MSEI. It further outlines the Information Sharing Document requirements for preferential issues of specified securities during both in-principle approval and listing stages. The provisions mandate specific timelines for submitting this data to stock exchanges prior to granting listing or trading approvals. This section contains Table III detailing the Information Sharing Document (ISD) requirements for qualified institutions placements, covering both in-principle approval and listin
Text
In order to facilitate consumption of data by stakeholders such as researchers, policy makers, market analysts, and market participants... it has been decided to make available relevant information / data points at the Stock Exchanges and Depositories in a structured manner.
an Issue Summary Document (ISD) has been designed. It has been decided to introduce the ISD for the following, in XBRL (Extensible Business Reporting Language) format: i. public issue of specified securities; ii. further issues; iii. buy-back of equity shares; iv. open offer under SEBI SAST Regulations; v. voluntary delisting...
ISD shall be filed in two stages: i. In the first stage, ISD will be filed containing pre-issue / offer fields. ii. In the second stage, ISD will be filed containing post-issue / offer fields after allotment/offer is completed...
The formats for ISD are placed as Table I to Table X in Annexure A: i. Table I: ISD for public issue... x. Table X: ISD for voluntary delisting...
The prescribed formats also provide timeline for submission of the details and also casts responsibility on the entity responsible for the submission (hereinafter referred to as “Submitting Entity”).
Stock Exchanges shall develop a utility in order to facilitate the filing of the ISD by Submitting Entity. The Submitting Entity may file the details... to any stock exchange where the securities... are listed / proposed to be listed.
The Stock Exchange which receives the ISD shall further transmit, as soon as possible, the information to other Stock Exchanges and Depositories for dissemination.
i. Stock Exchanges and Depositories shall put in place necessary infrastructure... ii. ISD should be disseminated through websites of the Recognised Stock Exchanges... and the Depositories. iii. All entities involved... advised to take necessary steps to ensure compliance...
i. In the first phase, the roll-out shall be of ISD for public issues... on or after March 01, 2023. ii. In the second phase, ISD for further issues shall be implemented from April 03, 2023. iii. In the third phase, ISD for open offer, buy-back and voluntary delisting shall be implemented from May 02, 2023.
Further, Lead Managers are required to disseminate all advertisements in connection with a public issue... in pdf format on the website of the stock exchange(s) from March 01, 2023.
i. 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 websites; and ii. communicate to SEBI, the status of implementation... within 7 days of implementation...
Name of LM / BRLM
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.