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Securities And Exchange Board Of India - Section
Section 22 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
22. Underwriting obligations.-
| 23. Submission of due diligence certificate.-The lead merchant banker, who is responsible for verification of the contents of a prospectus or the Letter of Offer in respect of an issue and the reasonableness of the views expressed therein, shall submit to the Board at least two weeks prior to the opening of the issue for subscription, a due diligence certificate in Form C.24. Documents to be furnished to the Board.-(1) The lead manager responsible for the issue shall furnish to the Board, the following documents, namely:-(i) particulars of the issue;(ii) draft prospectus or where there is an offer to the existing shareholders, the draft letter of offer;(iii) any other literature intended to be circulated to the investors, including the shareholders; and(iv) such other documents relating to prospectus or letter of offer as the case may be.(2) The documents referred to in sub-regulation (1) shall be furnished at least two weeks prior to date of filing of the draft prospectus or the letter of offer, as the case may be, with the Registrar of Companies or with the Regional Stock Exchanges, or with both.(3) The lead manager shall ensure that the modifications and suggestions, if any, made by the Board on the draft prospectus or the Letter of Offer as the case may be, with respect to information to be given to the investors are incorporated therein.24A. [ Payment of fees to the Board.- [Inserted by G.S.R. 396(E), dated 6.6.1996]The draft prospectus or draft letter of offer referred to in regulation 24 shall be submitted along with such fees and in such manner as may be specified in Schedule IV]25. Continuance of association of lead manager with an issue.-The lead manager undertaking the responsibility for refunds or allotment of securities in respect of any issue shall continue to be associated with the issue till the subscribers have received the share or debenture certificates or refund of excess application money;Provided that where a person other than the lead manager is entrusted with the refund or allotment of securities in respect of any issue, the lead manager shall continue to be responsible for ensuring that such other person discharges the requisite responsibilities in accordance with the provisions of the Companies Act and the listing agreement entered into by the body corporate with the stock-exchange. |