August 14, 2003

SEBI/CFD/DIL/DIP/Circular No 11
To All Registered Merchant Bankers

Dear Sirs,

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Sub: Amendments to the SEBI (Disclosure and Investor Protection){ DIP} Guidelines,2000

SEBI, in its constant endeavor to enhance the level of investors’ protection, to increase the transparency and efficiency of the primary market, to strengthen the disclosure and eligibility norms for issuer companies and to rationalize and simplify various operational procedures in the primary market so as to facilitate raising of resources by the issuer companies, has taken several initiatives, in this regard, based on the recommendations of the committees set up by SEBI. The recommendations of these committees were also made available at SEBI Website for soliciting public comments.

The SEBI Board, after considering the recommendations of the Committees and public comments thereon, has approved certain modifications to be incorporated in the captioned Guidelines.

Accordingly, SEBI, under the provision of Section 11(1) of SEBI Act, is hereby issuing the amendments to SEBI (DIP) Guidelines, 2000; incorporating the modifications approved by the SEBI Board, as stated above. The amendments are detailed in the Annexure and are categorized under various sections as specified below

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