What are the guidelines issued by SEBI for the return and resubmission of draft offer documents to ensure completeness for investors, provide greater clarity and consistency in disclosures, and ensure timely processing u

The draft offer document/draft letter of offer filed with the SEBI for public issue/rights issue (hereinafter "draft offer document") of securities shall be scrutinized based on the broad SEBI guidelines and such documents which are not compliant with the instructions provided under Schedule VI of SEBI (ICDR) Regulations, 2018 and guidelines provided, shall be returned to the Issuer. The broad guidelines for returning of draft offer document and its re-submission are provided below: Return of Draft Offer Document The following shall be ensured while preparing offer documents failing which it could be returned: The Draft offer document is drafted in simple language with visual representation of data, so as to ensure ease of understanding of its contents. The information in the draft offer document is presented in a clear, concise, and intelligible manner. The draft offer document avoids complex presentations, vague, ambiguous and imprecise explanations, complex information, repetition of disclosures and inconsistency. The risk factors are appropriately worded in simple, clear and unambiguous language to bring out clearly the risk to the investor, without undermining the same. Resubmission of Draft Offer Document While there shall be no requirement for payment of any fees on account of resubmission of draft offer document, the requirement for paying applicable fees for the changes, if any, in terms of changes specified in Schedule XVI of the SEBI (ICDR) Regulations, 2018 for the updated offer document shall continue to apply as is applicable to issuer for updation in offer document. There shall be no refund of the filing fees on account of non-submission of draft offer document by the issuer after return. The issuer, within two days of resubmission of draft offer document with the Board, shall make a public announcement in the mode and manner as prescribed under SEBI (ICDR) Regulations, 2018, as applicable, and the issuer shall also include a disclosure that it is a resubmitted document. The Issuer shall make written intimation to its sectoral regulator, if any, informing about the return and resubmission of the draft offer document, as applicable.