The Securities and Exchange Board of India amended the Issue of Capital and Disclosure Requirements Regulations, 2018 through the 2026 Amendment Regulations, effective upon publication. The amendments introduce mandatory submission and disclosure of a draft abridged prospectus alongside offer documents across multiple stages of public issues, enhancing transparency and accessibility for investors. Depositories are now required to mark securities as “non-transferable” where lock-in cannot be created. The regulations mandate inclusion of QR codes and links in advertisements and offer-related documents to provide seamless access to key documents such as the red herring prospectus, abridged prospectus, and price band advertisements. Further, detailed disclosures have been prescribed in Schedule VI, including summaries of business, financials, KPIs, risk factors, promoter details, and litigations in simplified and structured formats. The overall objective is to improve investor awareness, standardize disclosures, and promote ease of access to critical IPO information.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 16th March, 2026
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2026
No. SEBI/LAD-NRO/GN/2026/299.—In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2026.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, –
I. in Regulation 17, –
(i) the existing regulation shall be numbered as sub-regulation (1);
(ii) in the proviso thereto, the words “regulation” shall be substituted with the words and symbol “sub-regulation”;
(iii) after the regulation so numbered as sub-regulation (1), the following sub-regulation shall be inserted, namely,-
“(2) Subject to sub-regulation (1), where lock-in of the specified securities cannot be created, the depositories shall, upon receipt of instructions from the issuer, record such securities as “non-transferable” for the duration of the applicable lock-in period.”
II. in Regulation 25 –
(i) in sub-regulation (2), after clause (c), the following clause shall be inserted, namely,-“(d) a draft abridged prospectus as per Part E of Schedule VI.”;
(ii) in sub-regulation (7), after the words “Copy of the offer documents”, and before the words “shall also be filed with the Board”, the words “along with the abridged prospectus” shall be inserted;
(iii) in sub-regulation (8), the words “and the offer document” appearing after the words “draft offer document” and before the words “shall also be furnished”, shall be substituted with the words and symbols “, the offer document, the draft abridged prospectus, and the abridged prospectus”.
III. in Regulation 26,
(i) in sub-regulation (1), after the words “sub-regulation (2) by hosting it” and before the words “on the websites”, the words “along with the draft abridged prospectus” shall be inserted;
(ii) in sub-regulation (4), after the words “the offer documents” and before the words “are hosted on the websites”, the words “and the abridged prospectus” shall be inserted.
IV. in Regulation 34(2), the words “be accompanied by a copy of the abridged prospectus” shall be substituted with the words “include a QR code and link to access the red herring prospectus, the abridged prospectus, and the price band advertisement”.
V. in Regulation 59C,
(i) after sub-regulation (9), the following sub-regulation shall be inserted, namely,-
“(9A) Draft abridged prospectus as specified in Part E of Schedule VI, shall be submitted along with the updated draft red herring prospectus-I, and shall be hosted on the websites of the issuer, the Board, stock exchanges where specified securities are proposed to be listed and lead manager(s) associated with the issue.”;
(ii) in sub-regulation (14), after the words “copy of the offer document” and before the words “shall also be filed promptly”, the words “along with the abridged prospectus” shall be inserted;
(iii)in sub-regulation (15), the words “and the offer document” appearing after the words “draft offer document” and before the words “shall also be furnished”, shall be substituted with the words and symbols “, the offer document, the draft abridged prospectus, and the abridged prospectus”.
VI. in Regulation 123,
(i) in sub-regulation (2), after clause (d), the following clause shall be inserted, namely,-“(e) a draft abridged prospectus as per Part E of Schedule VI.”;
(ii) in sub-regulation (7), after the words “Copy of the offer documents”, and before the words “shall also be filed with the Board”, the words “along with the abridged prospectus” shall be inserted;
(iii) in sub-regulation (8), the words “and the offer document” appearing after the words “draft offer document” and before the words “shall also be furnished”, shall be substituted with the words and symbols “, the offer document, the draft abridged prospectus, and the abridged prospectus”.
VII. in Regulation 124,
(i) in sub-regulation (1), after the words “sub-regulation (2) by hosting it” and before the words “on the websites”, the words “along with the draft abridged prospectus” shall be inserted;
(ii) in sub-regulation (4), after the words “the offer documents” and before the words “are hosted on the websites”, the words “and the abridged prospectus” shall be inserted.
VIII. in Regulation 131(2), the words “be accompanied by a copy of the abridged prospectus” shall be substituted with the words “include a QR code and link to access the red herring prospectus, the abridged prospectus, and the price band advertisement”.
IX. in Regulation 246,
(i) in sub-regulation (3), after the words “in Form G of Schedule V” and before the words “along with the draft”, the words and symbol “, and the draft abridged prospectus as per Part E of Schedule VI” shall be inserted;
(ii) in sub-regulation (5), after the words “The offer documents” and before the words “shall also be furnished”, the words and symbols “and the abridged prospectus,” shall be inserted.
X. in Regulation 247,
(i) in sub-regulation (1), after the words “by hosting it” and before the words “on the websites”, the words “along with the draft abridged prospectus” shall be inserted;
(ii) in sub-regulation (4), after the words “the offer documents” and before the words “are hosted on the websites”, the words “and the abridged prospectus” shall be inserted.
XI. in Regulation 255(2), the words “be accompanied by a copy of the abridged prospectus” shall be substituted with the words “include a QR code and link to access the red herring prospectus, the abridged prospectus, and the price band advertisement”.
XII. in Schedule VI, –
(i) in Part A, –
(a) clause (4) shall be omitted;
(b) in clause (6), after sub-clause (B), the following sub-clauses shall be inserted, namely,-
“(C) Summary of Contingent Liabilities.
(D) Summary of Related Party Transactions.”;
(ii) in Part E,
(a) in the heading, after the words “Disclosures in” and before the words “an Abridged Prospectus”, the words “a draft Abridged Prospectus and”, shall be inserted;
(b) in the General Instructions,
(1) item (III) shall be omitted;
(2) existing item (IV) shall be renumbered as item (III);
(3) item (V) shall be omitted;
(4) after item (III) so renumbered, following items shall be inserted, namely,
“(IV) The front outside cover page of the draft offer document / offer document shall serve as the first page of the draft abridged prospectus and the abridged prospectus.
(V) For each of the sections of the Annexure – I, cross reference to the relevant section of the draft offer document / offer document to be provided.
(VI) QR code and link shall be included for access to the draft offer document / offer document. Further a QR Code and link to access the draft abridged prospectus / abridged prospectus to be included in all public announcement relating to the IPO.
(VII) All disclosures shall be in clear, simple and easily understandable language.”
(c) Annexure – I shall be substituted with the following, namely,
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BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./758/2025-26]
Note: The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 was published in the Gazette of India on September 11, 2018, vide notification No. SEBI/LADNRO/GN/2018/31, and was last amended on November 1, 2025 by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2025 vide notification No. SEBI/LAD-NRO/GN/2025/271.
