SEBI Update- Introduction Of Issue Summary Document (ISD) And Dissemination Of Issue Advertisements- 15th February, 2023

Securities and Exchange Board of India (‘SEBI’) has vide its circular dt: February 15, 2023 asked listed entities and entities proposing to list their securities to submit certain data which they are already submitting, in a new XBRL format. SEBI has stated that this is being done in order to facilitate the consumption of data by stakeholders such as researchers, policy makers, market analysts, and market participants, in respect of public issues, further issues, buyback, offers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI SAST Regulations”) and SEBI (Delisting of Equity Shares) Regulations, 2021 (“SEBI Delisting Regulations”), etc., it has been decided to make available relevant information/data points at the Stock Exchanges and Depositories in a structured manner.

Till now whatever data was being filed it was not in a machine-readable format. This might be the reason that such huge volumes of data would not have been possible to be analysed through artificial intelligence. With the new format of XBRL for all such data to be filed in case of public offerings or otherwise.

SEBI has now released ISD in XBRL form for the following activities by listed entities. It means that for the following activities, ISD XBRL has to be filed along with the existing documentation.

ISD filing will be in two stages i.e. ISD XBRL will have to be filed at the time of submitting the application for grant of in-principle approval and ISD XBRL will also have to be filed at the time of making the application grant of trading approval.

The date from which this filing of ISD in XBRL form would be applicable is mentioned below :


Timeline for filing of XBRL utilities in addition to submission of documents to be as per respective regulations

Public issue of specified securities (initial public offer / further public offer).  


ISD for public issues of specified securities, for offer documents filed on or after March 01, 2023 


Further issues {preferential issue, qualified institutions placement (QIP), rights issue, issue of American Depository Receipts (ADR), Global

Depository Receipts (GDR) and Foreign Currency Convertible Bonds (FCCBs)

From April 3, 2023

Buy-back of equity shares (through tender offer or from the open market);

May 2, 2023

Open offer under SEBI SAST Regulations

Voluntary delisting of equity shares where exit opportunity is required under SEBI Delisting Regulations

SEBI has asked Stock Exchanges to develop a utility in order to facilitate the filing of the ISD by Submitting Entity. Responsibility for filing ISD XBRL utilities is on the entity responsible for submission of documents as per respective regulations.

Non-filing of these ISD XBRL will be considered as a violation of SEBI Circular. Hence listed entities or about to be listed entities need to file this ISD in XBRL form as is specified by SEBI.

Link – https://www.sebi.gov.in/legal/circulars/feb-2023/introduction-of-issue-summary-document-isd-and-dissemination-of-issue-advertisements_68057.html

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