Query regarding certification requirements for DRHP disclosures

[Chirdigvijayee Sangwan]

Greetings everyone,

I have a query regarding the validation of data points in DRHP.

While SEBI mandates the submission of certified copies for specific documents, I am interested in the standard market practice for other financial disclosures. For instance, regarding the Weighted Average Cost of Acquisition for selling shareholders:
Do Lead Managers typically require a formal Chartered Accountant (CA) certificate to back this data, or is a Management Representation Letter (MRL) generally considered sufficient? Furthermore, are there instances where data is included without a formal signed certificate, relying solely on internal company records? I would appreciate insights on the level of third-party certification expected for such non-mandated information.

[Savishesh]

Certificate by CA is required. Management is not independent and their Representation letter holds no value. Even CA cannot solely rely on MRL while doing certification.

But responsibility of proper Due Diligence rests with the Merchant Banker. Certificate from CA / Experts is only taken as a backup / supporting document

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