New Delhi Sebi on Wednesday introduced the issue summary document for filing papers pertaining to IPO and for farther issue of securities in XBRL format, a move that will help give data to stakeholders in a structured manner. This is part of the capital requests controller’s trouble to make available applicable information at the stock exchanges and magazines in a structured manner.
The rollout of the Issue Summary Document (ISD) will be done in a phased manner starting March 1, the Securities and Exchange Board of India (Sebi) said in an indirect. The controller has decided to introduce the ISD in XBRL format for original Public Offer (IPO), farther Public Offer, farther issues– preferential issue, good Institutions Placement( QIP), rights issue, issue of American Depository Bills( ADRs), Global Depository Bills( GDRs) and Foreign Currency Convertible Bonds( FCCBs), among others.
XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and fiscal data used for business reporting around the world. It provides major benefits in the medication, analysis and communication of business information. As per the indirect, the ISD should be filed in two stages. In the first stage, the ISD will be filed with pre-issue fields and in the alternate stage, the ISD will be filed with post-issue fields after allotment is completed.
Sebi has issued prescribed formats and handed a timeline for submission of the details and also casts responsibility on the reality responsible for the submission. Stock exchanges have been directed to develop a mileage in order to grease the form of the ISD by submitting realities.
In the first phase, the ISD will be rolled out for public issues of specified securities, for offer documents filed on or after March 1. In the alternate phase, the ISD for farther issues will be enforced from April 3 and in the third phase, ISD for open offer, buy- back and voluntary delisting will be enforced from May 2. Besides, lead directors are needed to circulate all announcements in connection with a public issue in PDF format on the website of the stock exchange from March 1.
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