# Section 33 — Abridged Prospectus
## Definition [Section 2(1)]
"Abridged Prospectus" means a memorandum containing such salient features of a prospectus as may be specified by SEBI by regulations.
## Why It Exists
A full prospectus is bulky and expensive to print. Since every application form for shares/debentures must be accompanied by some form of prospectus, an abridged (summarized) version reduces publication cost while ensuring investors get the essentials.
## Provisions of Section 33
### Sub-section (1): Application Form Must Accompany Abridged Prospectus
Every application form for shares or debentures must be accompanied by an abridged prospectus.
### Exceptions to Sub-section (1)
The requirement does NOT apply when:
| # | Exception |
|---|---|
| a | Application form issued for a bona fide invitation to enter into an underwriting agreement |
| b | Issue relates to shares/debentures not offered to the public |
| c | Offer is made only to existing members of the company |
### Sub-section (2): Right to Full Prospectus
- A full prospectus must be made available to any person who requests for it.
- Such request must be made before the closing of the subscription list and the offer.
### Sub-section (3): Penalty for Default
- A company defaulting in compliance with Section 33: Penalty of ₹50,000 for each default.
## Memory Hook
"Abridged = Summary + Optional Full on Request + ₹50K per default"