{"id":5209,"date":"2025-06-22T05:38:11","date_gmt":"2025-06-22T05:38:11","guid":{"rendered":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/?p=5209"},"modified":"2025-10-13T07:29:19","modified_gmt":"2025-10-13T07:29:19","slug":"sebi-icdr-regulations-2018-detailed-overview","status":"publish","type":"post","link":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/","title":{"rendered":"SEBI (ICDR) Regulations, 2018: Detailed Overview"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"SEBI_ICDR_Regulations_2018\"><\/span>SEBI ICDR Regulations, 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, commonly known as the SEBI ICDR Regulations, 2018, establish the regulatory framework for the issuance of securities, capital market activities, and listing of securities in India. The purpose of the SEBI ICDR Regulations is to safeguard investors&#8217; interests, ensure proper disclosures, and enhance transparency in the capital market.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #0c0c0c;color:#0c0c0c\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #0c0c0c;color:#0c0c0c\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#SEBI_ICDR_Regulations_2018\" >SEBI ICDR Regulations, 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Key_Definitions_under_SEBI_ICDR_Regulations_2018\" >Key Definitions under SEBI ICDR Regulations, 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Key_Provisions_under_SEBI_ICDR_Regulations_2018\" >Key Provisions under SEBI ICDR Regulations, 2018<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Eligibility_for_Public_Offering\" >Eligibility for Public Offering<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Public_Issue_and_Pricing\" >Public Issue and Pricing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Disclosure_Requirements_under_SEBI_ICDR_Regulations_2018\" >Disclosure Requirements under SEBI ICDR Regulations, 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Lock-in_Period_for_Shares\" >Lock-in Period for Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Offer_Structure\" >Offer Structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Role_of_Merchant_Bankers_and_Underwriters\" >Role of Merchant Bankers and Underwriters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Rights_Issues_and_Preferential_Issues\" >Rights Issues and Preferential Issues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Compliance_Requirements_for_Listed_Companies\" >Compliance Requirements for Listed Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Penal_Provisions_under_SEBI_ICDR_Regulations_2018\" >Penal Provisions under SEBI ICDR Regulations, 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Reporting_and_Disclosure_Requirements\" >Reporting and Disclosure Requirements<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Event-Based_Disclosures\" >Event-Based Disclosures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Continual_Disclosures\" >Continual Disclosures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Disclosures_of_PledgedEncumbered_Shares\" >Disclosures of Pledged\/Encumbered Shares<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Top_Lawyers_in_India_%E2%80%93_Search_by_City\" >Top Lawyers in India &#8211; Search by City<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Top_Lawyers_in_Northern_India\" >Top Lawyers in Northern India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Top_Lawyers_in_Western_India\" >Top Lawyers in Western India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Top_Lawyers_in_Eastern_India\" >Top Lawyers in Eastern India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Top_Lawyers_in_Southern_India\" >Top Lawyers in Southern India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/sebi-icdr-regulations-2018-detailed-overview\/#Lawyers_from_Other_Cities\" >Lawyers from Other Cities<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>These regulations apply to public offers, rights issues, private placements, preferential issues, and other mechanisms for capital raising in India.<\/p>\n<p>This detailed overview covers the important provisions, procedural requirements, and disclosures under the SEBI ICDR Regulations, 2018.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Definitions_under_SEBI_ICDR_Regulations_2018\"><\/span>Key Definitions under SEBI ICDR Regulations, 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Term<\/th>\n<th>Definition<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Issuer<\/td>\n<td>A company or body corporate that issues securities, whether through a public offer, rights issue, or private placement.<\/td>\n<\/tr>\n<tr>\n<td>Public Offer<\/td>\n<td>An offer of securities to the public under the SEBI Act, 1992, through a public offering, rights issue, or a preferential issue.<\/td>\n<\/tr>\n<tr>\n<td>Qualified Institutional Buyer (QIB)<\/td>\n<td>A qualified institutional buyer recognized by SEBI, meeting the criteria as specified in the regulations.<\/td>\n<\/tr>\n<tr>\n<td>Retail Individual Investor (RII)<\/td>\n<td>Individual investors who are neither QIBs nor Non-Institutional Investors (NIIs) and apply for shares during a public issue with an amount not exceeding \u20b92 lakh.<\/td>\n<\/tr>\n<tr>\n<td>Anchor Investor<\/td>\n<td>An institutional investor who agrees to purchase a certain percentage of the offered shares in a public issue and is allocated shares before the public issue opens.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Key_Provisions_under_SEBI_ICDR_Regulations_2018\"><\/span>Key Provisions under SEBI ICDR Regulations, 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Eligibility_for_Public_Offering\"><\/span>Eligibility for Public Offering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Eligibility Criteria for Issuers:<\/strong> The issuer must meet certain financial criteria to be eligible for a public offer. These criteria include a minimum net worth, past profitability, and compliance with regulatory norms. In cases where the issuer is a new company under the Special Purpose Acquisition Company (SPAC) model, the eligibility requirements may differ.<\/p>\n<p><strong>Minimum Track Record:<\/strong> Issuers must have a track record of three years\u2019 financial statements, which demonstrate a consistent performance record, unless the company is being listed through a SPAC.\u00a0<\/p>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Public_Issue_and_Pricing\"><\/span>Public Issue and Pricing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Minimum Subscription Requirement:<\/strong> For a public offering to proceed, the minimum subscription should be 90% of the total offer size. If this condition is not met, the offer must be canceled, and the application money refunded to investors.<\/p>\n<p><strong>Price Band and Book Building:<\/strong> The issuer is required to provide a price band, with the final price determined through the book-building process. The book-building process allows investors to place bids at different price levels, and the final price is determined based on the demand for the shares.\u00a0<\/p>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Disclosure_Requirements_under_SEBI_ICDR_Regulations_2018\"><\/span>Disclosure Requirements under SEBI ICDR Regulations, 2018<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Event<\/th>\n<th>Disclosure Requirement<\/th>\n<th>Timeline<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Draft Red Herring Prospectus (DRHP)<\/td>\n<td>Must include financial statements, risk factors, promoter and management details, business and financial information.<\/td>\n<td>At least 21 days before the offer opens.<\/td>\n<\/tr>\n<tr>\n<td>Public Offer<\/td>\n<td>The public offer document must contain financial details, details of the company\u2019s management, business, and risk factors.<\/td>\n<td>Prior to the opening of the public offer.<\/td>\n<\/tr>\n<tr>\n<td>Prospectus\/Red Herring Prospectus (RHP)<\/td>\n<td>The final prospectus must be filed with the Registrar of Companies (RoC) and made available on the issuer&#8217;s website.<\/td>\n<td>Before the offer closes.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Lock-in_Period_for_Shares\"><\/span>Lock-in Period for Shares<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The lock-in period under the SEBI ICDR Regulations applies to shares issued through an IPO or rights issue:<\/p>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Lock-in Period<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoter\u2019s Shares<\/td>\n<td>3 years from the date of listing of the shares on the stock exchange.<\/td>\n<\/tr>\n<tr>\n<td>Non-Promoter Shares<\/td>\n<td>1 year from the date of listing for shares issued in an IPO.<\/td>\n<\/tr>\n<tr>\n<td>Anchor Investors<\/td>\n<td>30 days from the date of allotment.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Offer_Structure\"><\/span>Offer Structure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>SEBI ICDR Regulations allow for both fixed price offerings and book-building mechanisms:<\/p>\n<ul>\n<li><strong>Fixed Price Offering:<\/strong> The issuer decides on the price for the shares before the offer opens, and all investors must apply at the same price.<\/li>\n<li><strong>Book Building Offering:<\/strong> In this process, the price range is set, and investors place bids within this range. The final price is determined after considering the demand for the shares.\u00a0<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Role_of_Merchant_Bankers_and_Underwriters\"><\/span>Role of Merchant Bankers and Underwriters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Merchant Bankers:<\/strong> They play a crucial role in the public offering process, including drafting the offer document, managing the offering process, and ensuring compliance with SEBI\u2019s disclosure requirements. Merchant bankers are responsible for conducting due diligence and pricing the offer.<\/p>\n<p><strong>Underwriters:<\/strong> Underwriters ensure that the minimum subscription condition is met, and if the offer is under-subscribed, they will subscribe to the unsold portion of the shares.\u00a0<\/p>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Rights_Issues_and_Preferential_Issues\"><\/span>Rights Issues and Preferential Issues<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Rights Issue:<\/strong> A rights issue is an offering of shares to existing shareholders. It allows shareholders to maintain their proportionate shareholding in the company.<\/p>\n<p><strong>Preferential Issue:<\/strong> A preferential issue involves offering shares to a selected group of investors. The shares may be allotted to institutional investors, qualified buyers, or others. A preferential issue is subject to shareholder approval and SEBI\u2019s guidelines.\u00a0<\/p>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Compliance_Requirements_for_Listed_Companies\"><\/span>Compliance Requirements for Listed Companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Listed companies must comply with various reporting and filing obligations:<\/b><\/p>\n<ul>\n<li><strong>Continuous Disclosure:<\/strong> Companies must disclose material events, financial performance, and any material information that may affect stock price.<\/li>\n<li><strong>Quarterly and Annual Filings:<\/strong> Listed companies must submit quarterly and annual reports within the prescribed timeframes. The annual report must include a comprehensive review of financial results, corporate governance practices, and the board of directors&#8217; report.\u00a0<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Penal_Provisions_under_SEBI_ICDR_Regulations_2018\"><\/span>Penal Provisions under SEBI ICDR Regulations, 2018<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Violation<\/th>\n<th>Penalty<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Failure to comply with the offer procedure<\/td>\n<td>Monetary fines and suspension of trading for the issuer.<\/td>\n<\/tr>\n<tr>\n<td>Non-disclosure of material information<\/td>\n<td>Penalties may include fines, suspension, or delisting.<\/td>\n<\/tr>\n<tr>\n<td>Improper allotment of shares<\/td>\n<td>SEBI may suspend or cancel the offer and initiate an investigation.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Reporting_and_Disclosure_Requirements\"><\/span>Reporting and Disclosure Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Event-Based_Disclosures\"><\/span>Event-Based Disclosures<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Regulation<\/th>\n<th>Trigger<\/th>\n<th>Time Period<\/th>\n<th>Made to<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>29(1)<\/td>\n<td>Acquirer + PAC acquiring 5% or more shares of the target company.<\/td>\n<td>2 working days of acquisition<\/td>\n<td>SEBI and stock exchanges where the shares are listed<\/td>\n<\/tr>\n<tr>\n<td>29(2)<\/td>\n<td>Acquirer + PAC holding 5% or more shares, changes in shareholding exceeding 2%.<\/td>\n<td>2 working days of change<\/td>\n<td>SEBI and stock exchanges<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><span class=\"ez-toc-section\" id=\"Continual_Disclosures\"><\/span>Continual Disclosures<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Regulation<\/th>\n<th>Trigger<\/th>\n<th>Time Period<\/th>\n<th>Made to<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>30(1)<\/td>\n<td>Any person + PAC holding more than 25% shares<\/td>\n<td>Within 7 working days from FY end<\/td>\n<td>SEBI and stock exchanges<\/td>\n<\/tr>\n<tr>\n<td>30(2)<\/td>\n<td>Promoter + PAC disclose aggregate shareholding<\/td>\n<td>Within 7 working days from FY end<\/td>\n<td>SEBI and stock exchanges<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><span class=\"ez-toc-section\" id=\"Disclosures_of_PledgedEncumbered_Shares\"><\/span>Disclosures of Pledged\/Encumbered Shares<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"1\" cellpadding=\"5\">\n<thead>\n<tr>\n<th>Regulation<\/th>\n<th>Trigger<\/th>\n<th>Time Period<\/th>\n<th>Made to<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>31(1)<\/td>\n<td>Promoter + PAC pledging shares<\/td>\n<td>Within 7 working days from creation<\/td>\n<td>Stock exchanges and target company<\/td>\n<\/tr>\n<tr>\n<td>31(2)<\/td>\n<td>Acquirer invoking\/releasing pledge<\/td>\n<td>Within 7 working days<\/td>\n<td>Stock exchanges and target company<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The SEBI ICDR Regulations, 2018, are an essential part of India\u2019s regulatory framework for capital markets. These regulations help ensure transparency, fairness, and accountability in public offerings and other capital market activities. By requiring disclosures, imposing penalties for violations, and establishing clear procedures, SEBI aims to protect investors&#8217; interests and maintain the integrity of India\u2019s financial markets.<\/p>\n\n\n<h2 id=\"top-lawyers-in-india\"><span class=\"ez-toc-section\" id=\"Top_Lawyers_in_India_%E2%80%93_Search_by_City\"><\/span>Top Lawyers in India &#8211; Search by City<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <h3 id=\"northern-india-lawyers\"><span class=\"ez-toc-section\" id=\"Top_Lawyers_in_Northern_India\"><\/span>Top Lawyers in Northern India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n  <table border=\"1\" width=\"1030\">\n    <tr>\n      <td><a href=\"\/lawyers\/delhi.htm\" title=\"Find Lawyers in New Delhi\">Delhi<\/a><\/td>\n      <td><a href=\"\/lawyers\/chandigarh.htm\" title=\"Find Lawyers in Chandigarh\">Chandigarh<\/a><\/td>\n      <td><a href=\"\/lawyers\/gurgaon.htm\" title=\"Find Lawyers in Gurgaon\">Gurgaon<\/a><\/td>\n    <\/tr>\n  <\/table>\n\n  <h3 id=\"western-india-lawyers\"><span class=\"ez-toc-section\" id=\"Top_Lawyers_in_Western_India\"><\/span>Top Lawyers in Western India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <table border=\"1\" width=\"1030\">\n    <tr>\n      <td><a href=\"\/lawyers\/bombay.htm\" title=\"Find Lawyers in Mumbai\">Mumbai<\/a><\/td>\n      <td><a href=\"\/lawyers\/pune.htm\" title=\"Find Lawyers in Pune\">Pune<\/a><\/td>\n      <td><a href=\"\/lawyers\/nagpur.htm\" title=\"Find Lawyers in Nagpur\">Nagpur<\/a><\/td>\n    <\/tr>\n  <\/table>\n\n  <h3 id=\"eastern-india-lawyers\"><span class=\"ez-toc-section\" id=\"Top_Lawyers_in_Eastern_India\"><\/span>Top Lawyers in Eastern India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <table border=\"1\" width=\"1030\">\n    <tr>\n      <td><a href=\"\/lawyers\/calcutta.htm\" title=\"Find Lawyers in Kolkata\">Kolkata<\/a><\/td>\n      <td><a href=\"\/lawyers\/guwahati.htm\" title=\"Find Lawyers in Guwahati\">Guwahati<\/a><\/td>\n      <td><a href=\"\/lawyers\/dimapur.htm\" title=\"Find Lawyers in Dimapur\">Dimapur<\/a><\/td>\n    <\/tr>\n  <\/table>\n\n  <h3 id=\"southern-india-lawyers\"><span class=\"ez-toc-section\" id=\"Top_Lawyers_in_Southern_India\"><\/span>Top Lawyers in Southern India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <table border=\"1\" width=\"1030\">\n    <tr>\n      <td><a href=\"\/lawyers\/chennai.htm\" title=\"Find Lawyers in Chennai\">Chennai<\/a><\/td>\n      <td><a href=\"\/lawyers\/bangalore.htm\" title=\"Find Lawyers in Bangalore\">Bangalore<\/a><\/td>\n      <td><a href=\"\/lawyers\/hyderabad.htm\" title=\"Find Lawyers in Hyderabad\">Hyderabad<\/a><\/td>\n      <td><a href=\"\/lawyers\/visakhapatnam.htm\" title=\"Find Lawyers in Visakhapatnam\">Visakhapatnam<\/a><\/td>\n    <\/tr>\n  <\/table>\n\n  <h3 id=\"other-cities-lawyers\"><span class=\"ez-toc-section\" id=\"Lawyers_from_Other_Cities\"><\/span>Lawyers from Other Cities<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <table border=\"1\" width=\"1030\">\n    <tr>\n      <td colspan=\"4\">\n        <a target=\"_blank\" href=\"\/lawyers\/lawyers_home.htm\" title=\"Lawyers Search\">\n          Lawyers from Other Cities \u2013 Click Here\n        <\/a>\n      <\/td>\n    <\/tr>\n  <\/table>\n","protected":false},"excerpt":{"rendered":"<p>SEBI ICDR Regulations, 2018 The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, commonly known as the SEBI ICDR Regulations, 2018, establish the regulatory framework for the issuance of securities, capital market activities, and listing of securities in India. The purpose of the SEBI ICDR Regulations is to safeguard investors&#8217; interests, ensure proper disclosures,<\/p>\n","protected":false},"author":101,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"two_page_speed":[],"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":""},"categories":[7,20],"tags":[],"class_list":{"0":"post-5209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banking-finance-laws","7":"category-company-law"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/posts\/5209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/users\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/comments?post=5209"}],"version-history":[{"count":0,"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/posts\/5209\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/media?parent=5209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/categories?post=5209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/wp-json\/wp\/v2\/tags?post=5209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}