## Abridged Prospectus [Section 33]

An abridged prospectus is a memorandum containing the salient features of the prospectus as specified by SEBI — essentially a summarised form of the actual prospectus.

### Rules of use

The full prospectus must be made available to any person who requests it before closure of the offer.
Every application form for securities must be accompanied by an abridged prospectus, except when:

1. The form is issued as an invitation to enter into an underwriting agreement; OR

2. The securities are not offered to the public; OR

3. The offer is made to existing members of the company.

### Penalty for default

The company is liable to a penalty of ₹50,000 for each default.

Worked example

### Example 1

Q. P Ltd. issues application forms for its public issue without enclosing any abridged prospectus, claiming that the full prospectus is available on its website. Is the company liable?

A. Yes. Section 33 requires the application form to be accompanied by an abridged prospectus (with exceptions only for underwriting invitations, non-public offers, and offers to existing members). Web availability of the full prospectus does not substitute. Penalty: ₹50,000 per default.

⚠️ Common exam mistakes

Believing 'availability on request' satisfies Section 33 — the abridged prospectus must accompany the application form by default.
Forgetting the three exemptions: underwriting invitations, non-public offers, and existing-member offers.

Bare-Act text Section 33 · Companies Act, 2013 · click to expand

No form of application for the purchase of any of the securities of a company shall be issued unless such form is accompanied by an abridged prospectus...

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