CIRCULAR
SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/28 February 28, 2025
To,
All listed entities / proposed to be listed entities
All the recognized Stock Exchanges
All the registered Merchant Bankers
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
Federation of Indian Chambers of Commerce and Industry (FICCI)
Confederation of Indian Industry (CII)
Dear Sir/Madam,
Sub: Industry Standards on Key Performance Indicators (“KPIs”) Disclosures
in the draft Offer Document and Offer Document
1. In order to facilitate uniform approach in identification and disclosure practices of
Key Performance Indicators (“KPIs”), the Industry Standards Forum (“ISF”)
comprising of representatives from three industry associations, viz. ASSOCHAM,
CII and FICCI, under the aegis of the Stock Exchanges, has formulated industry
standards, in consultation with SEBI, for effective implementation of the
requirement to disclose KPIs in the draft offer document and offer document as
per the provisions of SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018 (“ICDR Regulations”). The industry associations which are
part of ISF (ASSOCHAM, FICCI, and CII) and the stock exchanges shall publish
the industry standards on their websites.
2. The Issuer Companies and Merchant Bankers shall follow the aforesaid industry
standards to ensure compliance with the requirement to disclose KPIs in the draft
offer document and offer document as per the provisions of ICDR Regulations.
3. This circular shall be applicable for all draft offer documents / offer documents
filed with SEBI / Stock Exchanges on or after April 1, 2025.
4. The Stock Exchanges are advised to bring the contents of this circular to the
notice of all stakeholders and ensure its compliance.
5. This circular is issued in exercise of the powers conferred under Section 11(1)
and 11A of the Securities and Exchange Board of India Act, 1992 read with
regulation 299 of ICDR Regulations.
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6. This circular is available on SEBI website at www.sebi.gov.in under the category:
‘Legal → Circulars’.
Yours faithfully,
Raj Kumar Das
Deputy General Manager
Corporation Finance Department
Tel. No.: +91 22 2644 9253
Email id: rajkd@sebi.gov.in
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