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The Securities Exchange Board of India (Sebi) said, Draft Red Herring Prospectus (DRHP), Red Herring Prospectus (RHP) and Price Band Advertisement Disclosures for Main Board Public Issues should be in audio visual (AV) format for ease of understanding. The circular said that the audio visual content should also carry an announcement urging investors not to rely on any other document, material or information provided by the financiers in relation to the public issue on the internet, online websites, social media platforms, micro blogging platforms.
The circular was issued by SEBI on Friday, May 24. The circular further states that the content should be in both English and Hindi languages. The duration of the audio visual should be at least ten minutes. Also, this audio visual should be uploaded on the website of the issuer and the website of the Association of Investment Bankers of India (AIBI) within five working days of filing the DRHP with the regulator.
The circular issued by SEBI also gives information on how such content should be created. Which will be implemented on a voluntary basis on or after July 1, 2024 and after that this rule will have to be implemented mandatorily from October 1, 2024.
