Markets regulator Securities and Exchange Board of India (Sebi) has recently issued a General Order on issuing observations on offer documents when there are pending regulatory actions, superseding a 2006 general order on the same subject. The General Order 1 of 2020, which was issued on February 5, 2020, sets out the circumstances under which SEBI can withhold observations on draft offer documents (companies cannot launch issues until SEBI provides observations).

We discuss the SEBI order, its implications, and whether this is a step in the right direction for a disclosure-oriented securities regime.
Continue Reading SEBI General Order 2020: What it means for cos, investors & overall capital markets’ efficiency