The Securities and Exchange Board of India (SEBI) on October 30, 2024, issued the notification regarding the Consultation paper on modifying the requirement of uploading initial draft Scheme Information Documents (SIDs) on SEBI website.
The following has been stated namely: -
• The objective of this consultation paper is to reduce the number of days from 21 working days to 5 working days for which the draft Scheme Information Documents (SIDs) submitted by Asset Management Companies (AMCs) are to be made available on SEBI website.
• The Proposal Framework are as follows: -
o Uploading of SID on SEBI website at the initial draft filing stage may be done away with. Instead SIDs on which SEBI observations have been issued may be uploaded on the website.
o The said SIDs may be made available on SEBI website for at least 5 working days prior to launch of the scheme for public comments.
o On closure of the above mentioned period, AMC may file final offer documents (final SID and final KIM) which shall be at least two working days prior to the launch of the scheme.
• The Public comments are invited on the following: -
o Can the ‘Proposed Framework’ of uploading the Scheme Information Documents (SIDs) after the issuance of SEBI observation rather than at the initial draft filing stage, be considered as a suitable alternative to the existing provisions
o Is the proposed time frame of at least 5 working days for seeking public comments before the launch of the scheme an ample time for obtaining public comments?
o Is there a need for any other conditions and/or safeguards in relation to the proposed framework? If yes, please indicate the same and provide supporting rationale for your response.
o The draft circular in respect of the above proposal is enclosed with the consultation paper and comments on the same may be provided.
The comments are to be submitted by November 20, 2024 at https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes in the format recommended in the notification.
