SEBI mandates merchant bankers to upload IPO documents on stock exchanges repository

Markets regulator SEBI on Thursday directed merchant bankers to upload documents relied upon during pre-IPO and post-IPO due diligence processes onto an online repository maintained by stock exchanges.

The directive, outlined in a circular issued on Tuesday, mandates the use of the newly established Document Repository platform by merchant bankers to facilitate the electronic storage and accessibility of such records.

"The Document Repository platform is intended to facilitate easier access to documents pertaining to public issue process which are required to be maintained by Merchant bankers," the Securities and Exchange Board of India said in a circular dated December 5.

Merchant bankers are required to upload documents within specified timelines—20 days after filing the draft offer document with SEBI or the exchanges, and within 20 days of the listing date—starting January 1, 2025. From April 1, 2025, these timelines will be further reduced to 10 days.

To ensure accessibility and compliance, stock exchanges, in consultation with the Association of Investment Bankers of India (AIBI), have been asked to prepare an indicative list of documents and outline the uploading process.

The repository will remain accessible only to individual merchant bankers through secured login credentials.

"However, Merchant bankers shall make such documents available for the purpose of supervisory functions of SEBI. ", the circular clarified.

The provisions of the circular apply to draft offer documents filed on or after January 1, 2025, for companies seeking listing on the Mainboard or SME platforms of stock exchanges.

This initiative, SEBI said, is in line with its powers under sections 11 and 11A of the SEBI Act, 1992, to enhance transparency and accountability in the capital markets.