Sebi introduces issue summary document for filing IPO papers in XBRL format

The rollout of the Issue Summary Document (ISD) will be done in a phased manner starting March 1, the Securities and Exchange Board of India (Sebi) said in a circular.

Sebi on Wednesday introduced the issue summary document for filing papers pertaining to IPO and for further issue of securities in XBRL format, a move that will help provide data to stakeholders in a structured manner.

This is part of the capital markets regulator's effort to make available relevant information at the stock exchanges and depositories in a structured manner.

The rollout of the Issue Summary Document (ISD) will be done in a phased manner starting March 1, the Securities and Exchange Board of India (Sebi) said in a circular.

The regulator has decided to introduce the ISD in XBRL format for Initial Public Offer (IPO), Further Public Offer, further issues -- preferential issue, qualified Institutions Placement (QIP), rights issue, issue of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs), among others.

XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data used for business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information.

As per the circular, the ISD should be filed in two stages. In the first stage, the ISD will be filed with pre-issue fields and in the second stage, the ISD will be filed with post-issue fields after allotment is completed.

Sebi has issued prescribed formats and provided a timeline for submission of the details and also casts responsibility on the entity responsible for the submission.

Stock exchanges have been directed to develop a utility in order to facilitate the filing of the ISD by submitting entities.

In the first phase, the ISD will be rolled out for public issues of specified securities, for offer documents filed on or after March 1. In the second phase, the ISD for further issues will be implemented from April 3 and in the third phase, ISD for open offer, buy-back and voluntary delisting will be implemented from May 2.

Besides, lead managers are required to disseminate all advertisements in connection with a public issue in PDF format on the website of the stock exchange from March 1.