Merchant Bankers/Issuers Advised to File Abridged Prospectus in XBRL Format

Introduction: The National Stock Exchange of India (NSE) has released a recent circular, reference no. NSE/CML/2023/63 dated August 31, 2023, emphasizing a new provision for filing the Abridged Prospectus. This article delves into the details of this new mandate.

Background: Earlier this year, the Exchange introduced the filing of the Issue Summary Document (ISD) and the dissemination of issue advertisements following the Securities and Exchange Board of India (SEBI) Circular dated February 15, 2023. This information was initially relayed to market intermediaries through the Exchange’s notice dated February 16, 2023.

New Provision: The NSE has now established a provision that requires the filing of the Abridged Prospectus in the XBRL (eXtensible Business Reporting Language) format. This structured format aims to make data consumption easier for stakeholders, including researchers, policymakers, market analysts, and other participants, specifically concerning Public Issues.

Requirements for Merchant Bankers/Issuers:

1. The Abridged Prospectus of the Issue should be formatted as prescribed under SEBI Circular No. SEBI/HO/CFD/SSEP/CIR/P/2022/14 dated February 04, 2022.
2. The Abridged Prospectus should be submitted to the Exchange in XBRL format before the opening of the Issue.
3. The submissions should be made on the online portal of NSE at “https://neaps.nseindia.com/NEWLISTINGCORP/“.
4. This requirement will be applicable to all Public Issues of equity shares, commencing from September 01, 2023.

Contacts for Further Details:

• Mr. Prabal Bordiya
  • Phone: +91 9691113621
  • Email: [email protected]
• Ms. Jalpa Mehta
  • Phone: +91 9664183313
  • Email: [email protected]

Conclusion: The NSE’s new mandate ensures a streamlined and structured way of presenting data in the Abridged Prospectus for Public Issues, promoting clarity and easy access for stakeholders. Merchant Bankers and Issuers must note this new provision and make necessary preparations to comply with this requirement from September 01, 2023.

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National Stock Exchange of India

Circular Ref. No.: NSE/CML/2023/63 Date: August 31, 2023

All Listed Entities
All Issuers who propose to list specified securities,

Sub: Filing of Abridged Prospectus of Public Issues in XBRL format

The Exchange has introduced filing of Issue Summary Document (ISD) and dissemination of issue advertisement in accordance with Securities and Exchange Board of India (SEBI) Circular no. SEBI/HO/CFD/PoD-1/P/CIR/P/2023/29 dated February 15, 2023. The same was informed to market intermediaries vide Exchange’s Notice no. NSE/CML/2023/16 dated February 16, 2023.

In continuation of the same, the Exchange has now made provision to file the Abridged Prospectus in XBRL format, in a structured manner to facilitate consumption of data by stakeholders such as researchers, policy makers, market analysts, and market participants, in respect of Public Issues.

The Merchant Bankers / Issuers are advised to file Abridged Prospectus of the Issue (as per the format prescribed under SEBI Circular No. SEBI/HO/CFD/SSEP/CIR/P/2022/14 dated February 04, 2022) in XBRL format with the Exchange, before opening of the Issue.

The same shall be filed at the “https://neaps.nseindia.com/NEWLISTINGCORP/”, the online portal of NSE.

The filing of Abridged Prospectus in XBRL format shall be applicable for all Public Issues of equity shares, opening with effect from September 01, 2023.

Merchant Bankers / Issuers are requested to take note of the same. For any further details you may contact the following Officers:-

For and on behalf of
National Stock Exchange of India Limited

Jalpa Mehta
Manager