SEBI asks merchant bankers to upload pre-IPO, post-IPO documents onto platform maintained by exchanges

Stock Exchanges have been asked to inform merchant bankers on the indicative list of documents to be uploaded which has been prepared in consultation with Association of Investment Bankers of India (AIBI)

Merchant bankers have been asked to upload due-diligence documents made for pre-IPO and post-IPO management onto an online repository maintained by stock exchanges. While these documents may be accessible only to the relevant merchant banker, they must be made available to the market regulator for supervision, according to a SEBI circular issued on Thursday.

In a circular issued on December 5, the Securities and Exchange Board of India (SEBI) said, "In order to facilitate efficient maintenance of records and documents relied upon by merchant bankers while conducting their due diligence in public issues, stock exchanges have set up an online Document Repository platform which would enable Merchant bankers to upload and maintain the aforesaid documents electronically. The Document Repository platform is intended to facilitate easier access to documents pertaining to public issue process which are required to be maintained by Merchant bankers."

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Stock Exchanges have been asked to inform merchant bankers on the indicative list of documents to be uploaded which has been prepared in consultation with Association of Investment Bankers of India (AIBI) and the process of uploading the documents in the Document Repository platform. Merchant bankers are to ensure that the documents are complete, relevant and legible.

Merchant bankers have been asked adhere to the following timelines for uploading documents in the Document Repository platform of the Stock Exchanges:

From January 01, 2025:
- Within 20 days of filing draft offer document with SEBI/ Stock Exchanges.
- Within 20 days from the date of listing on Stock Exchanges.
From April 01, 2025 onwards:
- Within 10 days of filing draft offer document with SEBI/ Stock Exchanges.
- Within 10 days from the date of listing on Stock Exchanges.

The documents must be uploaded and maintained by merchant bankers in the platform through their individual login credentials.