Sebi mulls rationalising placement document for QIP
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New Delhi, Markets regulator Sebi on Friday proposed to rationalise the content of the placement document of Qualified Institutions Placement (QIP) by prescribing only the relevant information regarding the issue. Presently, in QIPs the issuer is required to disclose the details in the placement document as prescribed under ICDR (Issue of Capital and Disclosure Requirements) norms. Such disclosures are detailed in nature and preparing a lengthy placement document is a time-consuming exercise that results in duplication of information, which is already available in the public domain. In its consultation paper, the regulator has revised the content of placement document. Explaining the rationale for the proposed revision, Sebi said that QIPs are issued to Qualified Institutional Buyers (QIBs) who are sophisticated investors and possess the expertise and resources to take an informed investment decision independently. "These investor...