{"id":8041,"date":"2021-08-30T09:03:03","date_gmt":"2021-08-30T09:03:03","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=8041"},"modified":"2021-08-30T13:22:08","modified_gmt":"2021-08-30T13:22:08","slug":"file-an-offer-document-with-sebi","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/file-an-offer-document-with-sebi\/","title":{"rendered":"How Can You File An Offer Document with SEBI?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">An\nOffer Document is a document that includes all the pertinent company details,\ninitiatives, financial information, problem types, promoters, etc., and it is\nused by the issuer to invite subscriptions to the issue and to help an investor\nto make their investment decision. In the matter of a public issue, the Offer\nDocument is called a <strong><em>Prospectus<\/em><\/strong>, and in the case of a\nrights issue; it is called a <strong><em>Letter of Offer<\/em><\/strong>. In this blog, we\nwill discuss the Offer Document and the process to file an Offer Document with\nSEBI.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a4b08deb89\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a4b08deb89\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/file-an-offer-document-with-sebi\/#An_Overview_of_Draft_Document_with_SEBI\" title=\"An Overview of Draft Document with SEBI\">An Overview of Draft Document with SEBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/file-an-offer-document-with-sebi\/#Process_to_File_an_Offer_Document_with_SEBI\" title=\"Process to\nFile an Offer Document with SEBI\">Process to\nFile an Offer Document with SEBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/file-an-offer-document-with-sebi\/#Submission_of_Draft_Final_Offer_Document_with_SEBI\" title=\"Submission of\nDraft &amp; Final Offer Document with SEBI\">Submission of\nDraft &amp; Final Offer Document with SEBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/file-an-offer-document-with-sebi\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"An_Overview_of_Draft_Document_with_SEBI\"><\/span>An Overview of Draft Document with SEBI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\nis the first document submitted for consent by SEBI entities and stock\nexchanges. After inspection, it communicates its feedback to the Company, which\nthe Company is anticipated to mix into the Offer Document. Processing a drafted\nOffer Document with SEBI generally requires a time of thirty days or one month.\n<strong><em>SEBI\n(Securities and Exchange Board of India) <\/em><\/strong>will put the drafted document\non their website. It is also put this document on the website of registered\nstock exchanges where it is planned to list certain securities &amp; to comment\nin public on the associated merchant bankers with the issue for a period of at\nleast twenty-one days. Further, the issuer should make an announcement in one\nEnglish national newspaper, one Hindi newspaper, and one regional language\nnewspaper at a place where its registered office is located on the filing date\nof the drafted offer document with SEBI or the next day, revealing publicly the\nfact of filing the drafted document and inviting the public to give their\nstatements to SEBI.<\/p>\n\n\n\n<p>Companies\nseeking to raise up to Rs. 750 crores can now send their drafted document to\nthe <strong><em>SEBI\nMarket Regulator Regional Offices<\/em><\/strong>. <\/p>\n\n\n\n<p>In\na notification announced by SEBI, it was confirmed that the drafted documents\nshould be filed with the appropriate regional office of the SEBI under the\njurisdiction of which the registered office of the issuing Company falls,\nconcerning issues of a size up to Rs. 750 crores. Moreover, the SEBI announced\nthat for all regions, entities might file their drafted documents at the\nheadquarters of SEBI for issuer more than Rs. 750 crores in size.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_File_an_Offer_Document_with_SEBI\"><\/span>Process to\nFile an Offer Document with SEBI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>To\nfile an Offer Document with SEBI following the steps given below:<\/em><\/strong><\/p>\n\n\n\n<ol><li>To provide operations in the search for comments on drafted offer paper, drafted agreement schemes, and drafted offer letters pursuant to the <strong><em>SEBI (ICDR) Regulations, 2019, SEBI (LODR) Regulations, 2015, SEBI (Substantial Acquisition of Shares &amp; Takeovers) Regulations, 2011, and SEBI (Buyback of Securities) Regulations, 1998<\/em><\/strong> and the different circulars issued thereunder, SEBI has executed a digital system for filing relating to right issues, <strong><a href=\"https:\/\/swaritadvisors.com\/public-issues\" class=\"text-primary\">public issues<\/a><\/strong> &amp; insurance issues, schemes of arrangement, institutional placement programme, buybacks &amp; takeovers.<\/li><li>All Merchant Bankers who are needed to file an Offer Document with SEBI in compliance with the Regulations&#8217; provisions mentioned above shall file the same online at the <strong><em>SEBI Intermediary Portal<\/em><\/strong> at, i.e., <a href=\"https:\/\/siportal.sebi.gov.in\/\" class=\"text-primary\">https:\/\/siportal.sebi.gov.in\/<\/a>.<\/li><li>Known stock exchanges filing an Offer Document with SEBI under the SEBI (LODR) Regulations, 2015 the drafted arrangement scheme and appropriate documents in physical form shall simultaneously file the same via online Intermediary Portal of SEBI.<\/li><\/ol>\n\n\n\n<p><strong><em>To\nget started on the portal following are the steps that should be followed:<\/em><\/strong><\/p>\n\n\n\n<p>Step\n1: Self-registration<\/p>\n\n\n\n<p>Step\n2: Check Status<\/p>\n\n\n\n<p>Step\n3: Login ID Creation <\/p>\n\n\n\n<p>Step\n4: Log in to SEBI Portal<\/p>\n\n\n\n<p><strong><em>Payment\nMethods<\/em><\/strong><\/p>\n\n\n\n<p>Applicants can pay the applications, and it is a part of self-registration. For the payment of fees, the following are two different methods of payment.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/08\/Payment-Methods.png\" alt=\"Payment Methods\" class=\"wp-image-8058\" width=\"499\" height=\"269\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/08\/Payment-Methods.png 998w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/08\/Payment-Methods-300x162.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/08\/Payment-Methods-768x414.png 768w\" sizes=\"(max-width: 499px) 100vw, 499px\" \/><\/figure><\/div>\n\n\n\n<p><strong><em>Offline\nMode<\/em><\/strong>: Demand Draft (DD)<\/p>\n\n\n\n<p><strong><em>Online\nMode<\/em><\/strong>: Debit Card, Internet Banking, IMP.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submission_of_Draft_Final_Offer_Document_with_SEBI\"><\/span>Submission of\nDraft &amp; Final Offer Document with SEBI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nare steps for the submission of draft and final Offer Document with SEBI:<\/p>\n\n\n\n<p><strong><em>Step\n1:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Offering documents up to Rs. 20\ncrores shall be sent to the regional office of SEBI by the merchant banker\nunder whose jurisdiction the issuer company is licensed.<\/li><li>The jurisdiction of the\nregional offices or headquarters of SEBI shall be in compliance with <strong><em>Schedule\nXXII<\/em><\/strong>.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n2: <\/em><\/strong><\/p>\n\n\n\n<ul><li>The draft document submitted with the Board shall be made public in compliance with <strong><em>Clause 5.6 of Chapter V<\/em><\/strong> of the guidelines.<\/li><li>The Merchant Banker makes available to ten Board ten copies of the document and twenty-five copies of the Stock Exchanges where it is proposed to list the issue.<\/li><li>The Stock Exchange or Lead Merchant Bankers shall make copies of the draft document available to the public.<\/li><li>Such a fine fee may be paid by the LMB (Lead Merchant Banker) and the Stock Exchange for supplying a copy of the draft Offer Document.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n3: <\/em><\/strong><\/p>\n\n\n\n<ul><li>According to the format\nspecified in <strong><em>Schedule XXIII<\/em><\/strong>, the Lead Merchant Banker shall also submit to\nBoard the draft document on a computer disk.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n4: <\/em><\/strong><\/p>\n\n\n\n<ul><li>Lead Merchant Bankers (LMB) shall apply to the dealing offices of the Board at least 2 copies of the final Offer Document within three days of the Offer Document filing with Stock Exchange or ROCs (Registrar of Companies).<\/li><li>LMB shall, within three days filling the document with Stock Exchange or ROCs, send one copy of the final document to the Primary Market Department, SEBI, Head Office.<\/li><li>The LMB send the document to the Primary Market Department, SEBI Head Office within three days of filing the final letter of offer with the ROCs or Stock Exchange concerned, a computer disk containing the final prospectus or letter of offer as described in <strong><em>Schedule XXIII<\/em><\/strong>. The lead manager will send to SEBI along with the disk an undertaking certifying that the disk content is in the format of HTML and are identical as the case may be, to the printed version of the letter of offer filed with Stock Exchange or ROCs along with the disk.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n5:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Whenever offer documents are\nfiled with any office or department of the Board, the following information\n\u201ccertified to be correct\u201d shall be issued by the LMB in the forwarding letters:<\/li><li>Date of registration or renewal\nregistration;<\/li><li>Registration Number;<\/li><li>Expiration date of registration;<\/li><li>If submitted for renewal,\nsubmission date;<\/li><li>Any correspondence by the Board\nthat prevents the actions of a LMB;<\/li><li>Any inquiry that the Board\nconducts;<\/li><li>Time of registration fee\npayment or renewal fees payment;<\/li><li>Whether any group, promoter, director\nor associate of the issuer company is associated and incorporated with SEBI. If\nSEBI registers one\/more of these individuals or companies, their respective\nregistration numbers. Reasons for non-renewal if registration has expired. SEBI\nconducts every inquiry&#8217;s details at any time. The penalty charged by SEBI (penalty\ncomprises warning letter, suspension or cancellation or prohibition orders)\nunpaid payments, if any, payable by such companies to SEBI.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n6: <\/em><\/strong><\/p>\n\n\n\n<ul><li>The Offer Documents which are\nnot followed by the information mentioned in <strong><em>Clause 16.1.5 <\/em><\/strong>may be\nrefused.<\/li><\/ul>\n\n\n\n<p><strong><em>Step\n7:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Equivalent detail shall be\ncollected from other mediators by LMBs to make sure that they comply with these\nnecessities and are entitled to associate with the issue concerned. <\/li><li>In their letters, the mediators\noften suggest that they have received definite knowledge from other mediators.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the end, SEBI (ICDR) Regulations, 2018 require each issuer to file a draft Offer Document with SEBI through a Merchant Banker, being an unlisted entity willing to make an initial public offer and a listed entity ready to make a right issue for a value more than Rs. 10 crores or a public offer. On behalf of the issuer, the Merchant Bank corresponds to SEBI. Concerning Regulations, within thirty days, SEBI can submit comments on a draft Offer Document filed with it.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/blockchain-technology-for-depositories\/\">Blockchain Technology for Depositories \u2013 SEBI\u2019s New Guidelines<\/a><\/mark><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Offer Document is a document that includes all the pertinent company details, initiatives, financial information, problem types, promoters, etc., and it is used by the issuer to invite subscriptions to the issue and to help an investor to make their investment decision. In the matter of a public issue, the Offer Document is called [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":8042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[64],"tags":[831],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8041"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=8041"}],"version-history":[{"count":13,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8041\/revisions"}],"predecessor-version":[{"id":8060,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8041\/revisions\/8060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/8042"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=8041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=8041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=8041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}