On 4-9-2023, the Securities and Exchange Board of India (‘SEBI’) notified new format of Abridged Prospectus for public issues of Non-convertible Redeemable Preference Shares to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.


  1. all public issues opening on or after 1-10-2023.

  2. Public issues that open on or after October 1, 2023, the format of an Abridged Prospectus will be as per Annex-I of this Circular instead of Part B of Schedule I of the Non-Convertible Securities Regulations, 2021 (‘NCS Regulation’).

Key Points:

  1. Object- to further simplify, provide greater clarity and consistency in the disclosures across various documents and to provide additional but critical information.

  2. Duties of Issuer/ Merchant Bankers:

    • To ensure that the disclosures in the Abridged Prospectus are adequate, accurate and do not contain any misleading or misstatement.

    • To ensure that the qualitative statements in the Abridged Prospectus should be substantiated with quantitative factors.

    • To ensure that qualitative statement will be made which cannot be substantiated with quantitative factors.

  3. Chapter II (Application form and Abridged Prospectus) of the Master Circular dated 10-8-2021 will contain the contents of this circular relating to issue and listing of Non-convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.

  4. Annexure I of the Prospectus contains the following:

    • Name and logo of the issuer

    • Brief description of the issue

    • General risks

    • Issuer’s Absolute Responsibility

    • Credit Rating

    • Listing

    • Promoters of the Issuer

    • Board of Directors

    • Business overview

    • Risk factors

    • Summary of Outstanding litigations, claims and regulatory action

    • Material Development

    • Declaration by the Issuer

    • Financial Highlights

    • Objects of the Issue

    • Issue Procedure

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