Website Requirements for Companies Going for an IPO Under SEBI LODR & SEBI ICDR

When a company decides to go public, one of the most visible and critical components of its compliance journey is its website. Beyond being a digital identity, the website becomes a regulatory disclosure platform, especially during the IPO process. SEBI’s two main regulations—LODR (Listing Obligations and Disclosure Requirements) and ICDR (Issue of Capital and Disclosure Requirements)—lay down a detailed framework on regulatory disclosures on a company’s website, presentation of information and frequency of updates in data.

As stock exchanges and investors rely heavily on the company’s website for accurate and timely information, maintaining a compliant, functional, and transparent website becomes non-negotiable for any IPO-bound company.

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Why Website Compliance Matters During an IPO

Before an IPO, the company prepares a massive set of disclosures, including financials, governance details, risk factors, and corporate documents. These disclosures are not limited to the DRHP or RHP; many of them must be made publicly available on the company’s website. Once the IPO process begins, any inconsistency, missing document, or non-functional page raises red flags with SEBI and stock exchanges.

A compliant website is not only a regulatory requirement but also a signal of credibility and preparedness. Investors, analysts, and regulators expect the company’s website to act as a central repository of accurate and updated information from the moment the IPO journey begins.

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1. SEBI LODR – WEBSITE DISCLOSURE REQUIREMENTS

Under Regulation 46 of SEBI LODR, a listed entity must maintain a functional website with updated information. For IPO-bound companies, stock exchanges require many of these disclosures before listing, so they must be implemented while applying for listing.

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Mandatory Tabs under SEBI LODR Regulation 46

Figure 1 Corporate Information, About – Reliance

Source: Reliance Industries Limited, 2025

1. Corporate Information

• Mission, vision, business overview: Shows the company’s purpose, long-term goals, and a quick summary of what it does.
• Company history & milestones: Key achievements, timeline, and major developments since inception.
• CIN, registered office & corporate office details: Legal company number and official addresses as per ROC records.
• Contact details & email IDs: General contact, investor relations email, and communication channels for stakeholders.

2. Board & Management

• Profile of Board of Directors: Background, experience, roles, and expertise of each board member.
• Details of Key Managerial Personnel: Information on CEO, CFO, Company Secretary, and other senior management responsible for operations.

3. Corporate Governance

• Composition of committees: Details of Audit Committee, CSR Committee, Nomination & Remuneration Committee, etc.
• Terms of reference of committees: Scope, roles, and responsibilities assigned to each committee.
• Policies: Mandatory governance and operational policies displayed publicly for transparency.

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Mandatory Policies (as required for listing): SEBI requires companies to publicly display several governance and operational policies. These include the Whistleblower/Vigil Mechanism Policy, Code of Conduct for Directors and Senior Management, Related Party Transactions Policy, Materiality Policy, Risk Management Policy, Nomination & Remuneration Policy, and CSR Policy (if applicable). Each document must be easily accessible and kept updated.

These policies help investors understand the company’s governance framework and signal that the entity operates transparently and responsibly.

• Vigil Mechanism / Whistleblower Policy
• Related Party Transaction (RPT) Policy
• Materiality of Events Policy
• Code of Conduct for Directors & Senior Management
• Risk Management Policy
• Nomination & Remuneration Policy
• CSR Policy (if applicable)

4. Financial Information

• Audited financial statements (last 3 years): Annual balance sheet, P&L, cash flow audited by statutory auditors.
• Quarterly results (post-listing): Performance updates every quarter as per SEBI norms.
• Annual reports: Comprehensive yearly document containing financials, management reports, and governance details.
• Investors' presentations: Business updates shared with investors during meets or earnings calls.

Figure 2 Investor Relations

Source: Reliance Industries Limited, 2025

5. Shareholder Information

• Shareholding pattern: Distribution of shares among promoters, public shareholders, institutions, etc.
• Investor grievance contact: Details of the officer responsible for resolving shareholder queries.
• Press releases, announcements: Public disclosures, updates, and regulatory announcements.
• Details of compliance officer: Name and contact of the officer ensuring LODR compliance.
• Annual secretarial compliance reports: Secretarial auditor's report confirming regulatory compliance.
• Credit ratings (if any): Ratings given by credit agencies on company's debt instruments.

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2. SEBI ICDR – WEBSITE DISCLOSURES REQUIRED DURING IPO

When the company files for an IPO, the Draft Red Herring Prospectus (DRHP) and later the RHP must be prominently displayed on the website.

Website Must Have the Following Tabs for IPO:

1. DRHP / RHP Section (Mandatory):

Once a company enters the IPO phase, the requirements under SEBI ICDR Regulations become central. The most crucial elements DRHP (Draft Red Herring Prospectus) and RHP (Red Herring Prospectus) must have dedicated space on the company's website.

This section must also include addenda, corrigenda, announcements, advertisements, price band disclosures, and any updates related to the IPO. The objective is to ensure investors have a complete, easily accessible view of the IPO journey.

• Downloadable DRHP
• Downloadable RHP (when available)
• Addendum, Corrigendum, Clarifications
• Price Band advertisement

2. Material Contracts & Documents

As referred to in DRHP/RHP:

• Auditor reports
• Material agreements
• Certificates of compliance
• Reports issued by experts

3. Corporate Governance Compliance

As IPO-bound companies must comply with corporate governance norms before listing, the website must contain:

• Committee charters
• Independent directors' details
• Policies and codes as above
• Familiarization program of directors

3. WEBSITE FUNCTIONALITY REQUIREMENTS UNDER SEBI LODR

A. Website Must Be Fully Functional at All Times

SEBI LODR Regulation 46(6) states:

• The website must remain functional, updated, and accessible.
• Broken links, missing documents, or under-construction pages may lead to observations from Stock Exchanges or SEBI.

B. Information Must Be Updated Promptly

All disclosures must be:

• Up-to-date
• Uploaded within 24 hours of an event (Regulation 30 read with 46)
  • Material events/ information that may impact investors.
  • Board meeting outcomes (e.g., financial results, fundraising decisions, dividends).
  • Changes in key managerial personnel (appointment, resignation, removal).
  • New agreements/ termination of significant contracts.
  • Acquisition, merger, demerger, sale of business/undertaking.
  • Litigations or regulatory actions with material impact.
  • Credit rating revisions.
  • Default on loans, NCDs, financial obligations.
  • Fraud, whistle-blower complaints (if material).
  • Any event classified as material under the company’s materiality policy.
• Clearly visible and easily searchable

C. Document Retention Period

• All disclosures made under LODR must remain on the website for a minimum of 5 years
• After 5 years, company may shift them to an archive section

D. Search Functionality

• Website must have a search bar to locate disclosures, policies, reports.

E. Mobile-Friendly & Accessible Format

• Companies must ensure that the website is responsive, loads correctly on all devices, and is optimized for accessibility.

Conclusion

For any company preparing to launch an SME IPO, building and maintaining a fully compliant website is not just a regulatory formality—it is a cornerstone of transparency and credibility throughout the IPO process. SEBI’s LODR and ICDR frameworks clearly outline what disclosures must be made, how they should be presented, and how frequently they must be updated. A well-structured, functional, and investor-friendly website becomes a vital communication bridge between the company, investors, stock exchanges, merchant bankers, and other stakeholders.

From publishing governance policies to providing access to the DRHP/RHP, material contracts, financials, and IPO-related announcements, the website must act as a single, reliable source of truth. Any gaps—such as broken links, outdated information, or missing documents—can delay approvals and invite regulatory observations. This is why IPO advisors and merchant bankers place significant emphasis on website compliance early in the listing journey.

In essence, a compliant and thoughtfully designed website is a strategic asset during an SME IPO. It reinforces investor confidence, supports regulatory expectations, and showcases the company’s preparedness to operate as a responsible listed entity. Companies that prioritize website readiness strengthen their overall IPO execution and set a strong foundation for life as a publicly listed company.