Section 18 in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
18. Prohibitions of mis-statements in the offer document [or placement memorandum] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).].
(1)The offer document shall not omit disclosure of a material fact which may make the statements made therein misleading, [***] [Omitted 'in light of the circumstances under which they are made' by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).].(2)The offer document or [term sheet] [Substituted 'abridged prospectus' by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).] or any advertisement issued by an issuer in connection with a public issue of debt securities shall not contain any false or misleading statement.(3)[ The offer document or placement memorandum shall contain all material disclosures which are true, correct and adequate to enable the applicants to take an informed investment decision] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).].
