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Consultation Paper On “Review Of SEBI (ICDR) Regulations, 2009" - Comments Invited

May 04, 2018: SEBI has placed a Consultation Paper on “Review of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009" on the website for public comments. The full text of the Consultation Paper is available on the SEBI website.

 SEBI website >> Reports >> Reports >> Reports for Public Comments

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR Regulations”) were notified in the year 2009 vide notification dated August 26, 2009. Between 2009-till date, numerous amendments have been made to the ICDR Regulations. Different types of offerings to raise funds in the primary market have been introduced. SEBI has also issued various informal guidance/ interpretative letters regarding interpretation of various provisions of the ICDR Regulations. Further, there have been changes in market practices and regulatory environment over a period of time.

A need was thus felt to review and realign the ICDR Regulations with these developments and to ensure that they reflect the best practices adopted globally. In view of the same, the Securities and Exchange Board of India (“SEBI”) constituted the Issue of Capital & Disclosure Requirements Committee (“ICDR Committee”) under the Chairmanship of Shri Prithvi Haldea in June, 2017, to review the ICDR Regulations.

The ICDR Committee suggested certain policy changes. These suggestions were also taken to the Primary Market Advisory Committee (PMAC) of SEBI. The PMAC proposed some recommendations on the changes suggested by the ICDR Committee. After considering the recommendations, the draft of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 was finalised and now has been made public.

Considering the importance of the draft ICDR regulations, public comments are solicited on the same. SEBI will examine the proposals of PMAC after receiving the public comments on the same. Specific comments/ suggestions as per the format given below would be highly appreciated.

Consultation Paper On “Review of SEBI (ICDR) Regulations, 2009" - Comments Invited

Comments in the above format may please be mailed on or before May 25, 2018 to icdr-review@sebi.gov.in. The comments may also be sent by post to:‐

Mr. Narendra Rawat,
Deputy General Manager
Corporation Finance Department
Securities and Exchange Board of India
SEBI Bhavan, Plot No.C4‐A, ʺGʺ Block
Bandra Kurla Complex
Bandra (East), Mumbai ‐ 400051

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