One-time relaxation with respect to validity of SEBI Observations — SEBI — IN

CIRCULAR
HO/49/11/11(123)2026-CFD-RAC-DIL2/I/8760/2026 April 07, 2026 To All Registered Merchant Bankers All Recognized Stock Exchanges All entities who propose to list specified securities Sir / Madam, Subject: One-time relaxation with respect to validity of SEBI Observations

In terms of Regulations 44(1) and 59C of SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018 (ICDR Regulations, 2018), a public issue may be opened within twelve months and eighteen months respectively from the date of issuance of observations by SEBI.
SEBI has received representation from the Industry body on difficulties faced
by the issuers in mobilizing resources and accessing the capital market in the backdrop of ongoing geopolitical tensions in the Middle East. This has led to several issuers to defer, recalibrate or withdraw issuance plans leading to potential lapses in observation letter validity and duplication of regulatory processes
Considering the representation of the Industry Body, the prevailing uncertain
market conditions due to ongoing geopolitical tensions and subdued investor participation, SEBI has decided to grant one time relaxation to extend validity of the SEBI Observations letters, expiring between April 1, 2026 - September 30, 2026 till September 30, 2026, subject to an undertaking from Lead Manager to the issue confirming compliance with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board.
This circular shall come into force with immediate effect.
This Circular is issued in exercise of powers conferred under Section 11 and
Section 11A of the Securities and Exchange Board of India Act, 1992 to protect

the interests of investors in securities and to promote the development of, and to regulate the securities market.
6. This Circular is available at www.sebi.gov.in under the link “Legal > Circulars”.
Yours sincerely,
Bhumika Kanojia
Deputy General Manager
Corporation Finance Department
Email: bhumikak@sebi.gov.in

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it

The links and the sentences they come from (2)

Issued under

The Securities and Exchange Board of India Act, 1992 (Act No. 15 of 1992)1992 · IN-LAW
“This Circular is issued in exercise of powers conferred under Section 11 and Section 11A of the Securities and Exchange Board of India Act, 1992...”
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018Not in RegAlert
“In terms of Regulations 44(1) and 59C of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations, 2018)...”