Audiovisual (AV) presentation of disclosures made in Public Issue Offer
SEBI has released a circular to introduce audio-visual (AV) representation of disclosures made by companies in their offer documents for public issues, a move that will help investors have an easier understanding about the key features of an offer. Such AV will be prepared and placed in the public domain for all main board public issues. The same will initially be in bilingual format -- English and Hindi. It is expected that the AV will provide ease in understanding the salient features and also provide reference to various disclosures of the proposed public issue.
As per SEBI, It has been decided that salient disclosures made in the Draft Red Herring Prospectus (DRHP), Red Herring Prospectus (RHP) and Price Band Advertisement for public issues shall also be made available in Audio Visual format (AV) for ease in understanding the features of public issues.
The duration of each bilingual version of the AV will be approximately 10 minutes. The total duration of the AV should be equitably distributed among the material disclosures made under various sections of the public issue offer document. These include risk factors, capital structure, objects of the offer, business of the issuer, financial information, litigations and material developments. The Issuer and all Lead Managers to the public issue shall be responsible for the content and information made available in the AV.
The provisions of this circular shall be made applicable to all DRHP filed with SEBI-
- On or after July 01, 2024 on Voluntary basis;
- October 01, 2024 onwards on Mandatory basis;
