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Industry Standards for KPI Disclosures in Offer Documents

SEBI Circular No.: SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/28 dated Feb 28,2025 

Relevant Regulations: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 

  1.  To promote a consistent approach to the identification and disclosure of Key Performance Indicators (“KPIs”), the Industry Standards Forum (“ISF”), which consists of representatives from three industry associations—ASSOCHAM, CII, and FICCI—under the guidance of the Stock Exchanges, has developed industry standards. These standards were formulated in consultation with SEBI to ensure the effective implementation of the requirement to disclose KPIs in the draft offer document and offer document, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”). The ISF members (ASSOCHAM, FICCI, and CII) and the Stock Exchanges will publish these industry standards on their respective websites.

 

  1.  Issuer Companies and Merchant Bankers must adhere to the aforementioned industry standards to comply with the requirement to disclose KPIs in the draft offer document and offer document, as stipulated by the ICDR Regulations.

 

  1. This circular shall apply to all draft offer documents/offer documents filed with SEBI/Stock Exchanges on or after April 1, 2025.

Link: https://www.sebi.gov.in/legal/circulars/feb-2025/industry-standards-on-key-performance-indicators-kpis-disclosures-in-the-draft-offer-document-and-offer-document_92380.html

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