The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 govern capital issuance and disclosure requirements and were last amended on November 1, 2025. The present amendment introduces provisions relating to draft abridged prospectus, revised disclosure framework and procedural changes for offer documents.

1. Regulation 17:
   Insertion of sub-regulation:
   “where lock-in… cannot be created… depositories shall… record such securities as ‘non-transferable’ for the lock-in period.”
2. Regulations 25, 26, 59C, 123, 124, 246, 247:
   Insertion of requirement to file, submit and host:
   “draft abridged prospectus” and “abridged prospectus” along with offer documents.
3. Regulations 34(2), 131(2), 255(2):
   Substitution of:
   “copy of the abridged prospectus”
   with:
   “QR code and link to access the red herring prospectus, the abridged prospectus, and the price band advertisement”.
4. Regulation 59C(9A):
   “Draft abridged prospectus… shall be submitted along with the updated draft red herring prospectus-I… and hosted on websites…”
5. Schedule VI amendments:

• Inclusion of contingent liabilities and related party transactions
• Introduction of draft abridged prospectus framework
• Mandate of QR codes, cross-referencing, and simplified disclosures
• Substitution of Annexure I prescribing detailed disclosure format