The SEBI (ICDR) Regulations, 2009 have various provisions on the aspects and activities of a Public Issue by a Company. As a Secretarial Auditor, how will you verify the Time Limits followed by the Company in regard to o

Under Regulation 11 of SEBI (ICDR) Regulations, 2009 provides the following check which should be observed with respect to time limitation in opening of issue. Ensure that subject to compliance with the Companies Act, 2013, public/rights issue is opened within: Twelve months from the date of issuance of observations from the SEBI on draft offer document or; Within three months from the latter of the following dates if there are no observations. Date of receipt of draft offer document by SEBI; Date of receipt of satisfactory reply from the lead merchant bankers, where the SEBI has sought for any clarification/information; Date of receipt of clarification or information from any regulator or agency, where the SEBI has sought for any such clarification/information; Date of receipt of a copy of in-principle approval letter issued by the recognized stock exchanges; In case of Fast Track issues the issue shall be opened within 90 days from the registration of prospectus with ROC; In case of shelf prospectus, the first issue may be opened within 3 months from the date of observation of SEBI. An issue shall be opened after at least three working days from the date of registering the red herring prospectus with the Registrar of Companies.