SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

Mon, 11 May 2026 00:00:00 +0000

The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (commonly abbreviated ICDR Regulations or ICDR 2018) are the principal substantive regulations governing public issuances of equity and certain other securities by Indian companies. Notified by the Securities and Exchange Board of India on 11 September 2018 under SEBI/LAD-NRO/GN/2018/31, the regulations replaced the earlier SEBI (ICDR) Regulations, 2009 and came into force on their date of notification.

The regulations apply to every initial public offering (IPO), follow-on public offering (FPO), rights issue, bonus issue, preferential allotment, and qualified institutions placement (QIP) by an Indian listed or to-be-listed company. They establish the eligibility conditions for accessing the public capital markets, prescribe the content and review process for offer documents, specify pricing methodologies, set out allotment norms, and impose post-listing obligations in respect of the funds raised.

SEBI ICDR Regulations 2018: summary

Mon, 11 May 2026 00:00:00 +0000

This article summarises the principal provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR 2018), the regulations administered by the Securities and Exchange Board of India that govern public equity issuances in India. For the full treatment, including regulatory history, chapter structure, and comparison with international frameworks, refer to the main ICDR 2018 article.

What ICDR 2018 governs

The ICDR Regulations apply to every public issuance of equity (and certain other securities) by Indian companies, including:

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SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

SEBI ICDR Regulations 2018: summary

What ICDR 2018 governs