SEBI Board Meeting – Progressive move by SEBI in line with international markets and enhanced disclosure based regime Arka Mookerjee, Partner, JSA

“The introduction of pre-filing of an offer document is a well-established procedure in several mature international jurisdictions, it is a move in the right direction by the regulator aimed at preserving the confidentiality of nuanced business and financial information from competitors until an issuer is certain of a launch, this will go a long way in preventing price speculation which currently happens way before the certainty of an IPO. It will however be interesting to take a view on the content of the roadshow presentations and the procedures around that keeping in mind the current publicity regulations. Disclosure of KPIs and WACA is a continued emphasis by the regulator on the disclosure-based regimes for minority shareholder protection. KPIs are an important and effective move however past price information should be limited to any fundraising by the Issuer and sale by its Promoter and every inter-se price transfer data may not be relevant and could lead to excess data. Unlisted INVITES were increasingly being treated as a mode of internal restructuring and acquisition instead of genuine fundraising in the infrastructure space which was the original intent of the SEBI INVIT Regulations. It is a welcome move to discontinue unlisted units and bring the products under the listed regime”. Arka Mookerjee, Partner, JSA (leading national law firm in India)