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INDIA: Use of Monitoring Agencies Now Mandatory for Public Offerings in Excess of US$15.5 Million

Appointing a monitoring agency is now mandatory for any public offering in India, where the total value of shares sold exceeds INR 1 billion (US$15.55 million). This applies to initial public offering (IPO), follow-on public offering (FPO) and rights issue, with the agency – typically a bank or other financial institution – responsible for ensuring no funds are diverted or otherwise misused. 

Previously, only public offerings valued at INR 5 billion (US$77.75 million) or more were obliged to be conducted under the auspices of such an agency. In addition to the lowering of the threshold, all monitoring bodies will now be required to publish online reports of such transactions within three months.

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