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Besides, the issuer or merchant bankers concerned should include a Quick Response (QR) code so that the prospectus can be accessed on scanning the code.
The format has been revised to further simplify and provide greater clarity and consistency in the disclosures across various documents, the Securities and Exchange Board of India (Sebi) said in a circular.
The new format will be applicable for all public issues opening on or after October 1, 2023. Under the rules, no form of application for the purchase of securities of a company will be issued unless such a form is accompanied by an abridged prospectus. As per the revised format, an issuer will have to disclose the name as a type of instrument, base size, face value, the option to retain over-subscription, details of coupon, issue opening, and closing date, rating of the instrument, and name of the exchange where it will be listed on the front page of the abridged prospectus (DRHP or RHP). Also, the issuer is required to disclose details of the promoter, experience and educational qualifications, board of directors, business overview, risk factors, objects of the issue, and issue procedure.
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