 "Sebi")
To promote ease of doing business for issuance of non-convertible securities, Sebi on Thursday proposed removing the requirement to disclose the PAN and personal address of issuers' promoters in the offer document along with other relaxations in disclosure guidelines.
The current regulatory framework of Sebi's (Issue and Listing of Non-Convertible Securities) rules or NCS norms mandates disclosure of complete profile of promoters of the issuer in the offer document, which includes disclosure of PAN, personal address among others.
Additionally, the regulator, in its consultation paper, suggested relaxation in the requirement of providing certain business and commercial details in case of purchase or acquisition of immoveable property in the offer document.
The Securities and Exchange Board of India (Sebi) has sought comments from the public till May 30 on the proposals in its consultation paper, the regulator has proposed that details regarding branches or units of the issuer as on the date of the offer document should be provide in the form of a static QR code and web-link.
Further, details of the such branches/units may be provided to the debenture trustee and also kept available for inspection.
The current NCS regulations mandates disclosure of details of branches/units of the issuer in the offer document.
The regulator has suggested to align the period for disclosure of key operational and financial parameters in line with period for disclosure of financial information in the offer document.
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Sebi has recommended providing flexibility in the signatories for the purpose of providing attestation in the offer document.
Further, Sebi has proposed that an entity that has listed commercial paper shall provide a certificate to the stock exchange, confirming fulfilment of its payment obligations, within one working day of payment becoming due as against the current requirement of two days.
The proposals came after the Union government in the budget for FY2023-24 made an announcement to simplify, ease and reduce cost of compliance for participants in the financial sector through a consultative approach.
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