# Section 33 — Abridged Prospectus
## Definition [Sec 2(1)]
An abridged prospectus is a summary of the prospectus containing the salient features as specified by SEBI through regulations.
## Why an Abridged Prospectus?
- A full prospectus is voluminous, expensive to print, and overwhelming for retail investors.
- An abridged version is cheaper to produce and easier for investors to digest, while still capturing key disclosures.
## Mandatory Accompaniment with Application Form
Every application form for shares or debentures must be accompanied by an abridged prospectus.
### Exceptions — When NOT Required
The accompaniment rule does not apply if the form is issued in connection with:
1. An underwriting agreement for the shares or debentures;
2. Shares or debentures not offered to the public; OR
3. An offer made only to existing members of the company.
## Right to Receive Full Prospectus
Any person may request a copy of the full prospectus before the closing of the subscription list and offer. The company must furnish it.
## Penalty
A company failing to comply with Section 33 is penalized with ₹50,000 for each default.
## Quick Recap
| Aspect | Rule |
|---|---|
| What | Salient-features summary of prospectus |
| Where | Must accompany every application form |
| Investor's right | Free full prospectus on request before closure |
| Default penalty | ₹50,000 per default |