Industry Standards on Key Performance Indicators (“KPIs”) Disclosures in the draft Offer Document and Offer Document
Summary
SEBI has issued a circular mandating the use of industry standards for Key Performance Indicators (KPIs) disclosures in offer documents. These standards were formulated by the Industry Standards Forum comprising ASSOCHAM, CII, and FICCI under the aegis of Stock Exchanges. The requirements apply to all draft and offer documents filed on or after April 1, 2025.
Text
The Industry Standards Forum comprising representatives from ASSOCHAM, CII and FICCI has formulated industry standards for effective implementation of the requirement to disclose KPIs in the draft offer document and offer document as per the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The industry associations which are part of ISF (ASSOCHAM, FICCI, and CII) and the stock exchanges shall publish the industry standards on their websites.
The Issuer Companies and Merchant Bankers shall follow the aforesaid industry standards to ensure compliance with the requirement to disclose KPIs in the draft offer document and offer document as per the provisions of ICDR Regulations.
This circular shall be applicable for all draft offer documents / offer documents filed with SEBI / Stock Exchanges on or after April 1, 2025.
The Stock Exchanges are advised to bring the contents of this circular to the notice of all stakeholders and ensure its compliance.
This circular is issued in exercise of the powers conferred under Section 11(1) and 11A of the Securities and Exchange Board of India Act, 1992 read with regulation 299 of ICDR Regulations.
Source: SecMarx — Industry Standards on Key Performance Indicators (“KPIs”) Disclosures in the draft Offer Document and Offer Document. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.