In November 2018, the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2018
(New ICDR Regulations) came into
force, replacing the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2009
(Old ICDR Regulations). The
overhaul of the regulations followed a robust public consultative
process, aimed at getting views from stakeholders and at bringing
the Indian regulations closer to global best practices.
The New ICDR Regulations particularly emphasise streamlining
disclosure requirements with respect to financial statements in
offer documents for initial public offerings, by reducing the
volume of disclosures and focusing on what is considered material
and relevant to an investor in making an investment decision.
