Quick summary
SEBI has decided to grant a one-time relaxation to extend the validity of SEBI Observations letters expiring between April 1, 2026, and September 30, 2026, till September 30, 2026.
Who is affected
The one-time relaxation is applicable to all registered merchant bankers, recognized stock exchanges, and entities who propose to list specified securities.
What changes
The validity of SEBI Observations letters expiring between April 1, 2026, and September 30, 2026, is extended till September 30, 2026, subject to an undertaking from the Lead Manager to the issue confirming compliance with Schedule XVI of the ICDR Regulations when submitting the updated offer document to the Board.
Action items
Lead Managers must submit an undertaking confirming compliance with Schedule XVI of the ICDR Regulations when submitting the updated offer document to the Board to avail of the extended validity.
Key dates-deadlines
The applicable expiry window is April 1, 2026 - September 30, 2026, and the extended validity date is September 30, 2026. The circular comes into force with immediate effect.
Source reference
HO/49/11/11(123)2026-CFD-RAC-DIL2/I/8760/2026, April 07, 2026