DRHP Preparation & SEBI Filing

SEBI (ICDR) Regulations, 2018 govern Draft Red Herring Prospectus (DRHP) preparation and filing. Regulation 24 requires the DRHP to be filed with SEBI and made public, opening a mandatory 21-day period for public comments and regulatory scrutiny; SEBI issues its observations on the draft after this window closes. Regulation 25 sets a 12-month validity period for the resulting prospectus (RHP), running from the date SEBI's observations are issued — the public issue must open within this window, failing which the DRHP/RHP process must be re-initiated. Regulation 27(3) read with Regulation 46 requires the issuer to secure in-principle listing approval from the relevant stock exchange(s) within the prescribed period ahead of allotment and listing. DRHP filing engagements are scoped to take the issuer through the Regulation 24 filing, manage the public-comment and SEBI-observation cycle, and align RHP finalisation with the Regulation 25 validity window and the Regulation 27(3)/46 exchange-approval requirement.

DRHP preparation and SEBI filing is the building and the submission of the Draft Red Herring Prospectus — the primary offer document of an IPO, prepared under the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 and the Companies Act 2013. The DRHP carries the company's full disclosure: the business and the industry, the risk factors, the financial statements restated and audited, the management and the governance, the objects of the issue, the shareholding and the price band mechanics. It is filed with the SEBI, and the SEBI's observations and the comments decide the shape of the issue.

The DRHP is the document the market reads to decide whether the company is worth its price, and it is the document the SEBI reads to decide whether the company may come to the market at all. Every number in it is audited, every claim is sourced, every risk is stated — and every gap between the disclosures and the records is a comment from the SEBI and a delay in the process. The document's quality decides the issue's timeline.

The cost of a weak DRHP is the extended and the exposed process: the SEBI comments that send the document back, the risk factors that the market reads as hidden problems, and the liability of the inaccurate disclosures under the securities law. The DRHP is the company's public record from the filing day onwards.

This service is for companies preparing to file. We build the DRHP with the merchant banker — the business and the industry chapters, the risk factors, the restated and the audited financials, the governance and the objects — coordinate the audits, the valuations and the legal opinions, file with the SEBI, and manage the observations and the comments to the clearance, so the document the market sees is the document the records support.