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"Disclosures in the draft offer document and offer document 24 - (1) The draft offer document and offer document shall contain all material disclosures which are true and adequate to enable the applicants to take an informed investment decision.

(2) Without prejudice to the generality of sub-regulation (1), the red-

herring prospectus, and prospectus shall contain :

(a) disclosures specified in the Companies Act, 2013 and;

(5) The lead manager(s) shall ensure that the information contained in the draft offer document and offer document and the particulars as per restated audited financial statements in the offer document are not more than six months old from the issue opening date."

51. Regulation 26 of the ICDR Regulations provides for the draft of the DRHP to be made public for comments and for other ancillary provisions which appear to be aimed at making the public aware of such draft Offer Documents and inviting their comments in respect of the disclosures made therein. Under this Regulation also, the responsibility of ensuring compliance of its provisions lies on the Lead Manager/s of the issue who is/are required to file the details of the comments received either by them or by the issuer, from the public on the draft Offer Documents, together with consequential changes, if any, that are required to be made in the draft Offer Documents and this information is required to be submitted to SEBI. For the sake of convenience and ready reference, the contents of the said Regulation is reproduced hereunder :-

"Draft offer document and offer document to be available to the public 26 (1). The draft offer document filed with the Board shall be made public for comments, if any, for a period of at least twenty one days from the date of [publication of the public announcement under sub- regulation (2)], by hosting it on the websites of [the issuer,] the Board, stock exchanges where specified securities are proposed to be listed and lead manager(s) associated with the issue.

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Order dated 1st December 2025 W.P. (L) NO. 31373 OF 2025 Hemant Vs. SEBI & Ors.

(2) The issuer shall, within two [working] days of filing the draft offer document with the Board, make a public announcement in one English national daily newspaper with wide circulation, one Hindi national daily newspaper with wide circulation and one regional language newspaper with wide circulation at the place where the registered office of the issuer is situated, disclosing the fact of filing of the draft offer document with the Board and inviting the public to provide their comments to the Board, the issuer or the lead manager(s) in respect of the disclosures made in the draft offer document.