The Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (“ICDR
Regulations”) issued by SEBI mandates the disclosure of Key
Performance Indicators (KPIs) in the offer document by the issuer
company under heading ‘Basis for Issue Price’. These
Regulations further require that the KPIs disclosed in the offer
document shall be approved by the Audit Committee of the Issuer
Company and before such disclosure also certified by the
Statutory auditor(s) or Chartered Accountants or firm of Chartered
Accountants amongst others.
I am happy that the Auditing and Assurance Standards Board
(AASB) of the Institute of Chartered Accountants of India (ICAI), in
view of above amendments and on the request of SEBI
undertaken the project of development of Guidance on Disclosure
and Reporting of KPIs in Offer Documents and has issued this
“Technical Guide on Disclosure and Reporting of Key
Performance Indicators (KPIs) in Offer Documents” for the benefit
of members and practitioners. The Technical Guide is written in a
simple language explaining various aspects of disclosure of KPIs
and reporting on KPIs. The Technical Guide will surely help the
members to report on KPIs in accordance with requirements of
ICDR Regulations.
At this juncture, I wish to place my appreciation for CA. (Dr.)
Sanjeev Kumar Singhal, Chairman, CA. Vishal Doshi, Vice
Chairman and other members of the Auditing and Assurance
Standards Board for their initiatives in bringing out this Technical
Guide.
I am sure that the members would find this Technical Guide
immensely useful.
April 4, 2023
New Delhi
CA. Aniket Sunil Talati
President, ICAI