{"id":301273,"date":"2023-09-12T13:30:50","date_gmt":"2023-09-12T08:00:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=301273"},"modified":"2023-09-12T13:08:49","modified_gmt":"2023-09-12T07:38:49","slug":"sebi-notified-new-format-of-abridged-prospectus-for-issue-of-ncs-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/12\/sebi-notified-new-format-of-abridged-prospectus-for-issue-of-ncs-legal-news\/","title":{"rendered":"SEBI notifies new format of Abridged Prospectus for Public Issue of Non-Convertible Debt Securities and\/or Non-convertible Redeemable Preference Shares"},"content":{"rendered":"
\n

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.<\/p>\n

Applicability:<\/p>\n

    \n
  1. \n

    all public issues opening on or after 1-10-2023.<\/p>\n<\/li>\n

  2. \n

    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’).<\/p>\n<\/li>\n<\/ol>\n

    Key Points:<\/p>\n

      \n
    1. \n

      Object-<\/span> to further simplify, provide greater clarity and consistency in the disclosures across various documents and to provide additional but critical information.<\/p>\n<\/li>\n

    2. \n

      Duties of Issuer\/ Merchant Bankers:<\/p>\n

        \n
      • \n

        To ensure that the disclosures in the Abridged Prospectus are adequate, accurate and do not contain any misleading or misstatement.<\/p>\n<\/li>\n

      • \n

        To ensure that the qualitative statements in the Abridged Prospectus should be substantiated with quantitative factors.<\/p>\n<\/li>\n

      • \n

        To ensure that qualitative statement will be made which cannot be substantiated with quantitative factors.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        Chapter II (Application form and Abridged Prospectus) of the Master Circular dated 10-8-2021<\/span> 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.<\/p>\n<\/li>\n

      • \n

        Annexure I of the Prospectus contains the following:<\/p>\n

          \n
        • \n

          Name and logo of the issuer<\/p>\n<\/li>\n

        • \n

          Brief description of the issue<\/p>\n<\/li>\n

        • \n

          General risks<\/p>\n<\/li>\n

        • \n

          Issuer’s Absolute Responsibility<\/p>\n<\/li>\n

        • \n

          Credit Rating<\/p>\n<\/li>\n

        • \n

          Listing<\/p>\n<\/li>\n

        • \n

          Promoters of the Issuer<\/p>\n<\/li>\n

        • \n

          Board of Directors<\/p>\n<\/li>\n

        • \n

          Business overview<\/p>\n<\/li>\n

        • \n

          Risk factors<\/p>\n<\/li>\n

        • \n

          Summary of Outstanding litigations, claims and regulatory action<\/p>\n<\/li>\n

        • \n

          Material Development<\/p>\n<\/li>\n

        • \n

          Declaration by the Issuer<\/p>\n<\/li>\n

        • \n

          Financial Highlights<\/p>\n<\/li>\n

        • \n

          Objects of the Issue<\/p>\n<\/li>\n

        • \n

          Issue Procedure<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

          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 <\/p>\n","protected":false},"author":67515,"featured_media":295620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[60931,52872,50594,60932,2563],"class_list":["post-301273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-abridged-prospectus","tag-ncs","tag-non-convertible-securities","tag-preferenceshares","tag-SEBI"],"yoast_head":"\nNew Format of Abridged Prospectus for issue of Non-Convertible Debt Securities | SCC Blog<\/title>\n<meta name=\"description\" content=\"SEBI notified new format of Abridged Prospectus for public issues of Non-convertible Redeemable Preference Shares 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The Regulation merges SEBI (Issue & Listing of Debt Securities) Regulations, 2008 (ILDS Regulations) and SEBI (Issue & Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations).\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283582,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/10\/sebi-clarified-on-issuance-and-listing-of-perpetual-debt-instruments-perpetual-non-cumulative-preference-shares-and-similar-instruments-under-chapter-v-of-sebi-issue-and-listing-of-non-convertible-sec\/","url_meta":{"origin":301273,"position":2},"title":"SEBI issues list of securities which need to comply with provisions of Chapter of NCS Regulations, 2021","author":"Editor","date":"February 10, 2023","format":false,"excerpt":"On 8-2-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) clarified on the issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (\u2018NCS\u2019). 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Further, the company and its present and past directors are prohibited from issuing prospectus or any offer document or issue advertisement\u2026","rel":"","context":"In "Tribunals\/Commissions\/Regulatory Bodies"","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270917,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/30\/sebi-issues-operational-circular-for-listing-obligations-and-disclosure-requirements-or-non-convertible-securities-securitized-debt-instruments-and-commercial-paper\/","url_meta":{"origin":301273,"position":4},"title":"SEBI issues Operational Circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and Commercial Paper","author":"Editor","date":"July 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 29-07-2022, the Securities and Exchange Board of India(\u2018SEBI') issued an operational circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and\/or Commercial Paper for effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":276311,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/10\/29\/sebi-circular-reductionindenomination-debtsecurities-nonconvertible-redeemable-preferenceshares-securitiesandexchangeboardofindia-legal-news-update-research\/","url_meta":{"origin":301273,"position":5},"title":"SEBI issues circular reducing denomination of debt securities and non- convertible redeemable preference shares to Rs. 1 Lakh","author":"Editor","date":"October 29, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 28-10-2022, the Securities and Exchange Board of India (\u2018SEBI\u2019) has issued a circular on reduction in denomination for debt securities and non- convertible redeemable preference shares to protect the interest of investors in securities and to promote the development of, and to regulate the securities market. 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