(1) The offer document shall contain true, fair and material disclosures, which are necessary for the subscribers of the revenue bonds to take an informed investment decision.
(2) Without prejudice to the generality of sub-regulation (1), the issuer, which is a municipality, and the lead merchant banker shall ensure that the offer document contains the following:
(a) disclosures specified in Schedule Iof these regulations;
(b) disclosures with respect to compliance with regulation 12;
(c) additional disclosures as may be specified by the Board:
Provided that in case of issuer being a corporate municipal entity, the issuer and the lead merchant banker shall ensure that the offer document contains the following:
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(i) disclosures as specified in Companies Act, 2013 and Companies (Prospectus and Allotment of Securities) Rules, 2014;
(ii) disclosures specified in Schedule Iof these regulations;
(iii) disclosures with respect to compliance with regulation 12;
(iv) additional disclosures as may be specified by the Board.
Filing of draft offer document