Share Market Tips: Markets regulator SEBI has introduced the concept of common information and key information document by notifying regulations to relieve institutions issuing debt securities from repetitive submission of documents. The Securities and Exchange Board of India (SEBI) said in the notification that the General Information Document (GID) to be filed by securities issuers shall contain the information and disclosures set out in the General Schedule.
Details of financial information will include
It has to be deposited with the stock exchanges at the time of issue of securities for the first time. SEBI said that the validity period of GID will be one year. Thereafter, for private placement of non-convertible securities within the validity period, the securities issuers need to file only one Key Information Document (KID) with the stock exchanges. The KID will contain the details of the financial information.
According to SEBI, the concept of GID and KID will be initially implemented on ‘compliance or clarification’ basis till March 31, 2024. After that it will be made mandatory. Through this notification, SEBI has attempted to establish uniformity among the disclosures to be made in the draft for issue of debt securities or non-convertible preference shares. The changed rule has come into force a day earlier. (Language)