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๐ˆ๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ฅ ๐š๐๐ฏ๐ข๐ฌ๐จ๐ซ๐ข๐ž๐ฌ: ๐ˆ๐ฌ ๐’๐„๐๐ˆ ๐ฐ๐š๐ฅ๐ค๐ข๐ง๐  ๐จ๐ง ๐ญ๐ก๐ž ๐ซ๐ข๐ ๐ก๐ญ ๐ฌ๐ข๐๐ž ๐จ๐Ÿ ๐ฅ๐š๐ฐ?

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The Hindu BusinessLine has published an article highlighting SEBI’s approach towards informal advisories in the realm of initial public offerings (IPOs), raising significant concerns among stakeholders in the financial sector.

A series of informal advisories from the Securities and Exchange Board of India (SEBI) concerning initial public offeringsย has sparked debate and added uncertainty for companies, investment bankers, and law firms.
SEBI recently issued a comprehensive 31-point advisory to bankers, mandating enhanced disclosures and rigorous due diligence for companies entering the IPO market. This move underscores SEBI’s expanded definition of promoters for companies seeking IPOs.

Our founder and Managing Partner, Mr. Sumit Agrawal, a former SEBI Officer mentioned that market participants generally comply with SEBI’s guidance, even when not legally mandated, to ensure smooth IPO processes.
Agrawal emphasised the need for a consultative approach to regulatory amendments, promoting transparency and stability within the industry. “Increasing transparency and reducing discretion in SEBI’s advisories are crucial steps toward maintaining regulatory clarity,” he asserted.

Another expert Mr. Manendra Singh, Partner at Economic Laws Practice (ELP), views these advisories as interpretative aids aligning companies with market standards, though some may lack legal backing and introduce conflicts of interest among merchant bankers. He believes formalising these advisories into regulatory amendments would provide legal certainty and benefit the broader industry.

Mr. Harish Kumar, Partner at Luthra and Luthra Law Offices India, highlights concerns over inconsistency in SEBI’s directions, potentially leaving merchant bankers uncertain about required disclosures in offer documents. Harish Kumar, cautions that regulatory amendments stemming from public consultations may be time-consuming, potentially affecting industry interests.

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