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S. No. Para Text of the para Comments/Suggestions/Sugg Detailed Rationale
No. ested modifications
I. 14 Disclosures to After para 14 & before para 15 A practicing company secretary, being an
shareholders following para should be independent professional, provides an objective
inserted: certification that the company has adhered to all
In case of preferential issue, statutory requirements.
the issuer shall, in addition to The issuer shall place a copy of
the disclosures required the certificate of a practicing This certification will act as a safeguard against
under the laws of the company secretary before the misuse of the private placement route for raising
jurisdiction in which they general meeting of the funds without complying with stricter public
incorporated, disclose the shareholders considering the issue norms.
following in the explanatory proposed preferential issue,
statement to the notice for certifying that the issue is being It will enhance the confidence of the Authority
the general meeting made in accordance with the with an assurance that due process has been
proposed for passing the requirements of these followed, thereby reducing the need for
special resolution or such regulations. intensive scrutiny.
other resolution as may be
applicable in the jurisdiction The issuer shall also host the
of incorporation of the issuer certificate on its website and
for issuance of capital: provide a link for the same in the
(contd…..) notice for the general meeting of
the shareholders considering the
proposed preferential issue.
IFSCA Response: Based on the comments received, the draft circular regarding regulatory framework for preferential issue and QIP
was suitably modified and placed before the Authority in the meeting held on April 17, 2026. The above comments/ suggestions were
also placed before the Authority.