> For the complete documentation index, see [llms.txt](https://help.jurisphere.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.jurisphere.ai/jurisphere-guide/handbook/capital-markets/stage-by-stage.md).

# Stage by Stage

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**This page is for the team running the matter.** The stages of the mandate in the order they happen, the tools the team opens at each, and the call the lawyer still owns.
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### Pre-Transaction

Research applicable regulatory framework and structure the issuance.

<details>

<summary>Research applicable regulatory framework and structure the issuance · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a></summary>

Identify the applicable SEBI regulations and structure based on issuance type: IPO and FPO under SEBI ICDR, rights issue, preferential allotment, QIP, OFS through stock exchange mechanism, NCDs and listed debt under SEBI ILNCS, REITs and InvITs, AIFs, and SR equity structures; analyse eligibility, pricing norms, lock-in, minimum subscription, disclosure intensity, and timeline

**How to use.** Query Research across SEBI ICDR Regulations, SEBI LODR, ILNCS, REIT/InvIT regulations, Companies Act, and stock exchange circulars (e.g., "eligibility conditions for main board IPO under ICDR Regulation 6", "pricing norms for preferential allotment under ICDR Chapter V", "minimum public shareholding compliance options under SCRR Rule 19A"). Use multi-agent reasoning to synthesise comparative structuring options

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### Due Diligence

Conduct legal due diligence on the issuer.

<details>

<summary>Conduct legal due diligence on the issuer · <a href="https://jurisphere.gitbook.io/jurisphere-guide/mca-documents/overview-of-the-mca-documents-tool">MCA Documents</a> · <a href="https://jurisphere.gitbook.io/jurisphere-guide/file-library/overview-of-the-file-library">File Library</a> · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/parallel-review/overview-of-the-parallel-review-tool">Parallel Review</a></summary>

Comprehensive DD on issuer covering corporate structure, share capital history, material contracts, regulatory licences, IP, litigation, employment, related party transactions, group companies, promoter holdings, and historical compliance under Companies Act, SEBI Insider Trading Regulations, FEMA, sectoral laws; outputs feed into the offer document risk factors, business section, legal proceedings, and capital structure disclosures

**How to use.** (1) Use MCA Documents to download the issuer's full ROC filing history including charge filings (CHG forms), MGT-7, AOC-4, and resolutions (2) Use File Library to generate categorised inventory of the data room (3) Use Parallel Review across material contracts, employment agreements, and group company documents to extract change of control, assignment, and IPO-related triggers (4) Use Document Review workflows for litigation analysis, regulatory compliance, and related party transaction review

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### Drafting

Draft the offer document (DRHP, RHP, Prospectus, Information Memorandum, Placement Document). Draft transaction documents and ancillary agreements.

<details>

<summary>Draft the offer document (DRHP, RHP, Prospectus, Information Memorandum, Placement Document) · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/word-add-in/overview-of-the-word-add-in">Word Add-In</a> · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a></summary>

Prepare the comprehensive offer document covering risk factors, industry overview, business section, capital structure, objects of the issue, basis for issue price, key regulatory and legal information, financial information, management's discussion, related party transactions, outstanding litigation, government approvals, and other regulatory disclosures per SEBI ICDR Schedule VI / ILNCS / REIT/InvIT regulations

**How to use.** (1) Create a custom workflow uploading prior DRHP/RHP/IM precedents from the firm or comparable issuer in the same sector — the platform extracts the format, sectional structure, and disclosure conventions automatically (2) Use Research to retrieve current ICDR/ILNCS Schedule disclosure requirements and recent SEBI observation letters on comparable issuances (3) Generate first draft of each section incorporating issuer-specific data from DD and financial statements (4) Use Word Add-In for working group review, comment incorporation, and version control across iterations

</details>

<details>

<summary>Draft transaction documents and ancillary agreements · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/word-add-in/overview-of-the-word-add-in">Word Add-In</a></summary>

Prepare the full transaction document suite: offer agreement / underwriting agreement, registrar agreement, banker to the issue agreement, market maker agreement (for SME), syndicate agreement, escrow agreement, share purchase agreement (for OFS), inter-se agreement among promoters, lock-in undertakings, and Director/Promoter declarations

**How to use.** Create separate custom workflows for each document type using firm precedents from prior issuances. Generate first drafts incorporating issuance-specific commercial terms (issue size, price band, lock-in periods, underwriting commitments, fees). Use Word Add-In for clause-level negotiation and final execution versions

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### Negotiation

Analyse comments from BRLMs, legal counsel, and SEBI on the offer document.

<details>

<summary>Analyse comments from BRLMs, legal counsel, and SEBI on the offer document · <a href="https://jurisphere.gitbook.io/jurisphere-guide/redline-analysis/overview-of-the-redline-analysis-tool">Redline Analysis</a></summary>

Track and analyse comments from book running lead managers, their counsel, issuer's counsel, statutory auditors, and SEBI observation letters across multiple iterations of the DRHP/RHP; categorise changes by section, identify substantive disclosure modifications, and prepare reconciliation for the working group

**How to use.** Upload sequential versions of the offer document (e.g., V1 vs V2, V2 vs V3, post-SEBI observations vs final RHP) to Redline Analysis. Tool generates table of all changes with consequence, category, author, and date. Filter by section (risk factors, business, legal proceedings, capital structure) to focus working group discussions on high-impact disclosure changes and prepare responses to SEBI observations

</details>
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### Compliance

Verify SEBI ICDR / ILNCS / LODR compliance and prepare disclosure schedule. Draft and review continuous disclosures under SEBI LODR / PIT Regulations.

<details>

<summary>Verify SEBI ICDR / ILNCS / LODR compliance and prepare disclosure schedule · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a> · Document Review</summary>

Run the offer document and transaction structure against SEBI compliance checklists: ICDR eligibility, pricing, lock-in, allocation, minimum promoter contribution, anchor investor norms, ASBA mechanism, listing conditions, ILNCS security cover and EBP requirements, LODR continuous disclosure setup; identify gaps and prepare regulatory disclosure schedule

**How to use.** (1) Use Research to retrieve current ICDR/ILNCS/LODR provisions and recent SEBI circulars and amendments (2) Create a custom workflow encoding the firm's standard compliance checklist for the issuance type (3) Run the workflow against the offer document and transaction structure to generate compliance gap report and disclosure schedule with status per item

</details>

<details>

<summary>Draft and review continuous disclosures under SEBI LODR / PIT Regulations · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a> · <a href="https://jurisphere.gitbook.io/jurisphere-guide/parallel-review/overview-of-the-parallel-review-tool">Parallel Review</a></summary>

For listed companies (post-listing, or for repeat issuers): draft and review quarterly/half-yearly/annual disclosures, material event intimations under Regulation 30, related party transaction approvals and disclosures, insider trading code (PIT Regulations) policies, structured digital database, trading window closure intimations, and corporate governance reports

**How to use.** Use Research to identify Regulation 30 materiality thresholds and recent SEBI guidance on disclosure timing. Create custom workflows for recurring disclosures (RPT disclosures, material event intimations, PIT compliance reports) using prior listed company filings as precedents. For RPT review across multiple transactions, use Parallel Review to extract counterparty, value, arm's length basis, and approval status across all RPTs in a quarter

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### Cross Border

Analyse FEMA and FPI compliance for foreign investor participation.

<details>

<summary>Analyse FEMA and FPI compliance for foreign investor participation · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a> · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/mca-documents/overview-of-the-mca-documents-tool">MCA Documents</a></summary>

Analyse foreign investor participation across the issuance: FPI investment limits and category eligibility under SEBI FPI Regulations, sectoral caps and entry routes under FEMA NDI Rules, pricing guidelines for FDI, FCCB / GDR / ADR structures under depositary receipts framework, voluntary retention route for debt, and reporting requirements (FC-GPR, FC-TRS, ECB returns)

**How to use.** Use Research for FPI investment limits, single issuer caps, sectoral FDI caps, and pricing norms under FEMA. Use MCA Documents to verify issuer's prior FDI/ODI filings and shareholding pattern. Use Document Review to verify allocation and post-issue shareholding against sectoral caps and FPI limits. For FCCB/GDR issuances, layer in DR Scheme 2014 compliance

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### Closing

Generate and track conditions precedent and closing checklist.

<details>

<summary>Generate and track conditions precedent and closing checklist · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/list-of-dates/overview-of-the-list-of-dates-tool">List of Dates</a></summary>

Extract all conditions precedent from underwriting/offer agreement and SEBI approval requirements; map each item to responsible party (issuer, BRLM, RTA, banker, lawyers, auditors), required document/action, and target completion date through to listing day; track CP satisfaction and prepare closing memo

**How to use.** (1) Use Document Review with custom workflow to extract all CP items from the underwriting agreement, offer document, and SEBI in-principle approval (2) Use List of Dates to capture the full issue timeline (filing dates, observation letter, RHP filing, anchor allotment, issue open/close, basis of allotment, listing) (3) Generate structured CP tracker with responsibility allocation and live status; auto-feed regulatory deadlines as a compliance calendar

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### Post-Listing

Draft and analyse post-listing disclosures, takeover and buyback documents.

<details>

<summary>Draft and analyse post-listing disclosures, takeover and buyback documents · <a href="https://jurisphere.gitbook.io/jurisphere-guide/research/overview-of-the-research-tool">Research</a> · Document Review · <a href="https://jurisphere.gitbook.io/jurisphere-guide/word-add-in/overview-of-the-word-add-in">Word Add-In</a></summary>

For post-listing transactions: draft offer documents and public announcements for open offers under SEBI SAST, buyback offers under SEBI Buyback Regulations, delisting offers under SEBI Delisting Regulations, schemes of arrangement under LODR Regulation 37; analyse trigger events, threshold computations, pricing, and disclosure obligations

**How to use.** Use Research for current SAST/Buyback/Delisting/LODR provisions, exemption criteria, and recent SEBI orders on similar transactions. Create custom workflows using firm precedents for letter of offer, public announcement, detailed public statement, and post-offer disclosures. Generate first drafts incorporating transaction-specific data (acquirer details, target shareholding, offer size, offer price, escrow). Use Word Add-In for SEBI comment incorporation and execution versions

</details>
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**At the end of the mandate.** An IPO is built across months of disclosure discipline. The audit trail of every diligence finding, every prospectus revision, and every SEBI response is the same audit trail that defends the deal if it is ever questioned.
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---

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