Sebi Enhances Transparency in Public Issues with New Digital Platform

Sebi has mandated merchant bankers to digitally upload due diligence documents on a platform maintained by stock exchanges. The aim is to ensure efficient record-keeping and transparency in public issues. This process is set to become more stringent by 2025, with tighter deadlines for uploading documents.

In a move to bolster transparency and efficiency in the management of public issues, the Securities and Exchange Board of India (Sebi) announced new guidelines for merchant bankers on Thursday.

Under the new directives, merchant bankers are required to upload due diligence documents to an electronic repository maintained by stock exchanges. This repository allows for easier access and streamlined record management while ensuring the documents remain relevant, complete, and legible for Sebi's supervisory functions.

Effective January 1, 2025, documents related to draft offer filings must be uploaded within 20 days, a timeframe which will reduce to 10 days from April 1, 2025. The changes aim to enhance the efficiency of disclosure in public offerings.

(With inputs from agencies.)