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ARTICLE · 08 JANUARY 2020

Format On Statement Of Deviation Or Variation For Proceeds Of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement (QIP) Etc.

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The format shall be applicable for funds raised by listed entities through public issue, rights issue, preferential issue, QIPs etc

IndiaFinance and Banking
DSK Legal
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SEBI vide its circular dated December 24, 20191 has set out a format for filing of statement of deviation or variation, pursuant to review by the audit committee, on a quarterly basis for public issue, rights issue, preferential issue etc. indicating, deviations, if any, in the use of proceeds of public issue, rights issue, preferential issue etc. and the category wise variation between projected utilization of funds and the actual utilization of funds. The format shall be applicable for funds raised by listed entities through public issue, rights issue, preferential issue, QIPs etc. The circular also sets out the timelines within which such disclosures need to be made. The first such submission shall be made by the listed entities for the quarter ending December 31, 2019.

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