Sebi asks AMCs to file final offer documents digitally

Apr 25, 2023

Synopsis
To safeguard the interests of investors in securities market, all new fund offers (NFOs) will remain open for subscription for a minimum period of three working days, Sebi said

As part of ‘go green’ initiative, markets regulator Securities and Exchange Board of India (Sebi) Tuesday directed asset management companies (AMCs) to file final offer documents (final SID and KIM) only digitally and there would be no requirement of filing of physical copies of the same with Sebi.

The new framework will be applicable with effect from May 1, 2023, the markets regulator said in a statement.

The markets regulator said to safeguard the interests of investors in securities market, all new fund offers (NFOs) will remain open for subscription for a minimum period of three working days.

As per the sebi circular, AMCs will have to file all final offer documents -- Scheme Information Document (SID) and Key Information Memorandum (KIM) -- only digitally by e-mailing the same to a dedicated e-mail ID, and there would be no requirement of filing physical copies of the same with the market regulator.

The Sebi further said submission of all final SID and KIM in digital form shall be made at least two working days prior to the launch of the scheme.

As per the current rules, the market regulator mandates the submission of soft copy of the final SIDs along with a printed/final copy seven working days prior to the launch of the scheme.

[Mint]