SEBI launches online document repository platform, directs merchant bankers to upload IPO documents

The Securities and Exchange Board of India (SEBI) on December 5 instructed merchant bankers to upload and maintain due diligence documents related to public issues on the repository platform managed by stock exchanges. 

Merchant bankers can access the uploaded documents through their individual login credentials. However, the documents must be available for SEBI’s supervisory functions, as stated in a recent circular issued by the regulator. 

SEBI emphasised that the uploaded documents must be relevant, complete and legible. 

Stock exchanges have introduced an online platform that allows merchant bankers to electronically upload and maintain due diligence documents for public issues, streamlining record management and improving access. 

“To ensure efficient record maintenance, merchant bankers are advised to upload their documents to the Document Repository platform provided by the stock exchange,” SEBI said in its statement. 

The exchanges will provide a list of documents, created in collaboration with the Association of Investment Bankers of India (AIBI), along with instructions for uploading. 

Starting January 1, 2025, documents must be uploaded within 20 days of filing the draft offer document with SEBI or stock exchanges and within 20 days of listing on the stock exchanges. This timeline will be shortened from April 1, 2025, when documents must be uploaded within 10 days of filing the draft offer document and within 10 days of listing. 

Issues warning against unregistered platforms 

In a separate circular, SEBI warned investors about unregistered online platforms offering unlisted debt securities. These platforms operate without regulatory oversight, lack investor protection, and do not provide grievance redress systems. 

SEBI highlighted that offering unlisted securities to more than 200 investors violate the Companies Act, 2013, and SEBI regulations, classifying it as a “deemed public issue.” The regulator recently issued an interim order against such platforms, citing the associated risks. 

SEBI advised investors to use only registered online bond platforms operated by stockbrokers authorized by the BSE and NSE for investing in listed debt securities. A list of authorized Online Bond Platform Providers (OBPPs) can be found on SEBI’s website. 

Additionally, SEBI warned that disputes arising from transactions on unregistered platforms will not be covered by SEBI’s or the exchanges’ grievance mechanisms, including SCORES and smartodr.in.