Section 123: Filing of the draft offer document and offer documents

Q: What does Section 123 of The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) deal with?

Section 123 ICDR Regulations pertains to "Filing of the draft offer document and offer documents". It is part of the The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, a legislation enacted by the Parliament of India. Section 123 of The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs filing of the draft offer document and offer documents. As verified on 22 May 2026.

Q: Is Section 123 ICDR Regulations still in force?

Yes, Section 123 of the The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 is currently in force across the Republic of India.

Q: What is धारा 123 ICDR Regulations?

धारा 123 ICDR Regulations is the Devanagari Hindi reference for Section 123 of the The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Section 123 of The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs filing of the draft offer document and offer documents. As verified on 22 May 2026.

Q: What is Dhara 123 ICDR Regulations?

Dhara 123 ICDR Regulations is the Roman Hindi reference for Section 123 of the The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. "Dhara" means "Section" in Hindi. Section 123 of The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs filing of the draft offer document and offer documents. As verified on 22 May 2026.

Q: How to cite Section 123 of The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018?

Cite as: "Section 123, The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)" in legal briefs. For academic writing, use the BlueBook format: The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, 2018, § 123 (India).

Law on Tips Editorial Board

(1)

Prior to making a further public offer, the issuer shall file three copies of the draft offer document with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company is located, in accordance with Schedule IV, along with fees as specified in Schedule III, through the lead manager(s).

(2)

The lead manager(s) shall submit the following to the Board along with the draft offer document:

(3)

The issuer shall also file the draft offer document with the stock exchange(s) where the specified securities are proposed to be listed, and shall submit to the stock exchange(s), the Permanent Account Number, bank account number and passport number of its promoters where they are individuals, and Permanent Account Number, bank account number, company registration number or equivalent and the address of the Registrar of Companies with which the promoter is registered, where the promoter is a body corporate.

(4)

The Board may specify changes or issue observations on the draft offer document within a period of thirty days from the later of the following dates:

(5)

If the Board specifies changes or issues observations on the draft offer document, the issuer and the lead manager(s) shall carry out such changes in the draft offer document and shall submit to the Board an updated draft offer document complying with the observations issued by the Board and highlighting all changes made in the draft offer document before [***] [Omitted 'registering or' by Notification No. SEBI/LAD-NRO/GN/2020/1, dated 1.1.2020 (w.e.f. 11.9.2018).] filing the offer documents with the Registrar of Companies or the appropriate authority, as applicable.

(6)

If there are any changes in the draft offer document in relation to the matters specified in Schedule XVI, the updated offer document or a fresh draft offer document, as the case may be, shall be filed with the Board along with fees specified in Schedule III.

(7)

Copy of the offer documents shall also be filed with the Board and the stock exchanges through the lead manager(s) simultaneously while [filing] [Substituted 'registering' by Notification No. SEBI/LAD-NRO/GN/2020/1, dated 1.1.2020 (w.e.f. 11.9.2018).] the offer documents with Registrar of Companies.

(8)

The draft offer document and the offer document shall also be furnished to the Board in a soft copy in the manner as may be specified.

(9)

The lead manager(s) shall submit the following documents to the Board after issuance of observations by the Board or after expiry of the period stipulated in sub-regulation (4) of regulation 123 if the Board has not issued observations: