SEBI Disclosure Mandates for IPO Issuers SEBI Chairman Tuhin Kanta Pandey has issued a directive for increased transparency from companies heading toward initial public offerings. The regulator is prioritizing a comprehensive disclosure of capital structures, requiring issuers to provide exhaustive histories of prior fundraising activities and any significant shifts in corporate control. Operational clarity is now a central requirement. Issuers must clearly define their business models, specifically detailing the primary drivers of both revenue and costs. This move aims to provide investors with a more granular understanding of a company’s financial health before it enters the public market. The Chairman raised specific concerns regarding the quality of due diligence and the accuracy of unlisted share valuations. To mitigate these risks, SEBI is calling for independent verification of all financial projections. This mandate ensures that forward-looking statements are grounded in objective analysis rather than internal optimism. Final regulatory expectations emphasize that transparency must precede liquidity. By enforcing stricter reporting on past capital changes and future projections, the regulator intends to stabilize valuation benchmarks and protect market integrity during the listing process.