Equity Issuers and IPOs

What this module covers

Companies raising equity capital publicly must comply with both the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR”, last amended 21 March 2026) and the prospectus/allotment provisions of the Companies Act, 2013. The 2026 ICDR amendments tightened the IPO process: issuers must now file a draft abridged prospectus alongside the draft offer document (both hosted on the issuer’s own website), and the application form must carry a QR code linking to the red herring prospectus, abridged prospectus and price-band advertisement. Where pre-issue share capital cannot be locked in through the usual mechanism, depositories now record those shares as “non-transferable” on the issuer’s instruction instead. After allotment (QIB allocation proportionate, retail allotment no less than the minimum bid lot subject to availability), listing on the stock exchange must follow within the prescribed post-closure window, with lock-in and non-transferability details passed to the depositories before listing.

The 8 control pages below turn this framework into operational checkpoints — confirming eligibility and offer-document preparation (P-01) through to inspection-readiness (P-08) — covering prospectus/abridged-prospectus disclosure, the allotment mechanics by investor category, and the listing and depository hand-off after allotment.

Control pages

Official sources

• SEBI — ICDR Regulations, 2018 (last amended 21 March 2026)

Current law status: the ICDR Regulations are in force as of this review date, last amended 21 March 2026. Verify for further amendments before relying on this page for a live compliance decision.