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CS Professional · IFSCA - Regulations, Listing and Compliances · Listing and Issuance of Securities

Meridian Bio Pvt Ltd, a foreign-incorporated company with no prior listing, plans an initial public offer on an IFSC exchange. Which of the following is a requirement in the IFSCA framework for such an issuer making a public offer?

An issuer making a public offer in the IFSC must prepare an offer document with the prescribed disclosures and use an IFSCA-registered intermediary such as a merchant banker where required. Disclosure is not exempt, and prior domestic listing or a Mumbai ROC approval is not the requirement.

  1. AIt must appoint a merchant banker or lead manager registered with IFSCA to manage the issue where required, and prepare an offer document disclosing prescribed informationCorrect
  2. BIt need not prepare any offer document, since IFSC listings are exempt from disclosure
  3. CIt must obtain approval from the Registrar of Companies, Mumbai for every foreign issue
  4. DIt must list first on a domestic exchange before approaching the IFSC exchange

Explanation

A public issue in the IFSC requires a prospectus or offer document with prescribed disclosures and an IFSCA-registered intermediary. Disclosure is not waived, no ROC Mumbai approval is the test, and prior domestic listing is not required.

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