With a view to streamline the process and timeline involved in
issuance of observations on draft offer documents (DOD) filed with
the Securities and Exchange Board of India (SEBI), SEBI has issued
the "Securities and Exchange Board of India (Issuing
Observations on Draft Offer Documents Pending Regulatory Actions)
Order 2020" dated 5 February 2020 (General Order), which has
come into force with immediate effect. The General Order provides
clarity on instances where an investigation, enquiry, adjudication,
prosecution, disgorgement, recovery or other regulatory action is
pending against an issuer, its director(s), promoter(s) and group
companies (Entities).
The General Order supersedes the "SEBI (Issuing
Observations on Draft Offer Documents Pending Regulatory Actions)
Order 2006 (General Order 2006)" and the "SEBI (Issuing
Observations on Draft Offer Documents Pending Regulatory Actions)
(Amendment) Order 2008" (Amendment Order 2008).
