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

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.