The Securities and Exchange Board of India (SEBI) on May 24, 2024, issued the notification regarding the Audiovisual (AV) presentation of disclosures made in Public Issue Offer Documents.
The following has been stated namely: -
• The salient disclosures made in the Draft Red Herring Prospectus (DRHP), Red Herring Prospects (RHP), and Price Band Advertisement for public issues shall be made available in Audio Visual format (AV) for ease of understanding the features of public issues. Such AV shall be prepared and placed in the public domain for all main board public issues.
• The contents of the AV shall be as per the following guidelines namely: -
o AV shall contain the following disclosure to investors namely: -
“Investors are advised not to rely on any other document, content or information provided in respect to the public issue on the internet/online websites/social media platforms/micro-blogging platforms by finfluencers.
Investors are advised to rely only on the information contained in the Offer document and Price Band Advertisement for making investment decisions.”
o The content of the AV must be factual, non-repetitive, non-promotional, and shall not be misleading in any manner.
• The AV shall be uploaded on the website of the Issuer and Association of Investment Bankers of India (AIBI) within 5 working days of the filing of DRHP with SEBI
• The provisions of this circular shall be made applicable to all DRHP filed with SEBI: -
o On or after July 01, 2024, on a Voluntary basis
o October 01, 2024, onwards on a Mandatory basis
[Notification No. SEBI/HO/CFD/CFD-TPD-1/P/CIR/2024/55]
