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LEAP-1 Form: Purpose and How to File? 

LEAP-1 Form: Purpose and How to File?

On January 24, 2024, MCA launched the LEAP-1 form per the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024. The purpose of the LEAP-1 Form is to simplify and standardize the process for companies listing their shares on stock exchanges. It helps companies raise capital and grow their business. This form can be downloaded from the MCA-V2 System under Company Forms Download. It must be filled out with accurate information, and submitted on the MCA portal. This article details the LEAP-1 form filing, its benefits, and how to file it electronically. 

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What is the LEAP-1 Form?

The LEAP-1 Form, formally known as the Form for Submission of Prospectus with the Registrar, was introduced by the Ministry of Corporate Affairs (MCA). This standardised electronic filing helps companies seeking a public listing on Indian stock exchanges. This Form streamlines the process by consolidating information previously required across multiple forms. This reduces administrative burdens for companies and enhances transparency for investors through detailed disclosure requirements.

Who needs to file the Form for Submission of Prospectus with the Registrar?

The LEAP-1 Form is designed specifically for unlisted public companies seeking to list their shares on a stock exchange in a foreign jurisdiction. To be eligible, the company must not have any partly paid-up shares. It cannot be disqualified under rule 5 of the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 (details of rule 5 may require further research). This Form can also be used by existing shareholders of an unlisted public company to list their shares on a foreign exchange. However, companies planning a dual listing on both a foreign exchange and a recognised Indian exchange may have additional compliance requirements set by the Securities and Exchange Board of India (SEBI).

Information required for LEAP-1 Form

This section outlines the information required to complete the Form for listing equity shares in permissible jurisdictions.

Part 1: Company Information

1. Corporate Identity Number (CIN): Enter the company identification number given by the Ministry of Corporate Affairs (MCA). (Mandatory)
2. Company Details:
   • Name of the Company: This field will be pre-filled with the company’s registered name.
   • Registered Office Address: Enter the company’s complete registered office address. (Mandatory)
   • Email Address: Enter the company’s official email address. (Mandatory)
3. Purpose of Application:
   • Select “Filing of Prospectus” as the reason for submitting the Form.
4. Prospectus Details:
   • Date of Approval: Enter the date the prospectus when you got approval from the Securities and Exchange Board of India (SEBI) or the relevant stock exchange (DD/MM/YYYY format). (Mandatory)
   • Date of Submission: Enter the date the prospectus was submitted to SEBI or the stock exchange (DD/MM/YYYY format). (Mandatory)
5. Pending Inquiries:
   • Answer “Yes” or “No” for each of the following inquiries:
     • Whether an inspection has been ordered against the company under the Companies Act, 2013.
     • Whether an investigation has been ordered against the company under the Companies Act, 2013.
     • Whether an inquiry has been ordered against the company under the Companies Act, 2013.

Part 2: Attachments

The following documents must be attached electronically to the Form:

1. Copy of the approval of securities regulator/stock exchange: Attach a scanned copy of the official approval document for the prospectus. (Mandatory)
2. Copy of acknowledgement of filing of prospectus: Attach a copy of the acknowledgement received upon filing the prospectus with SEBI or the stock exchange. (Mandatory)
3. Copy of the prospectus: Attach a complete copy of the approved prospectus. (Mandatory)

Part 3: Declaration and Certification

• A director authorized by a board resolution (dated DD/MM/YYYY) must digitally sign the form. (Mandatory)
• The declaration affirms that the information provided is accurate and complete and that the company adheres to all relevant regulations.
• A practising professional (Chartered Accountant, Cost Accountant, or Company Secretary) must digitally sign the form. (Mandatory)
• The professional certifies that they have verified the information against the company’s records and found it to be true and complete.

Here’s the LEAP-1 form for your reference, 

LEAP-1-Form

How to Submit the LEAP-1 Form with the Registrar Online?

To submit the LEAP-1 form with the registrar online, follow the below instructions:

Step 1: Download the LEAP-1 Form and Instructions

• Visit the Ministry of Corporate Affairs (MCA) website.
• Click the “Company Forms Download” section.
• Find the “Form for submission of Prospectus with the Registrar” and download the e-Form zip file. The file also includes instructions for filling out the form.

Step 2: Prepare the LEAP-1 Form

• Open and fill out the LEAP-1 Form electronically.
• Before filling out the form, ensure you have all the required information and supporting documents ready. 

Step 3: Register on the MCA Portal (if not already registered)

• If you haven’t already, you must register on the MCA portal to submit the form online.
• The registration process typically involves providing your company details and obtaining a login ID.

Step 4: Submit the LEAP-1 Form Online

• Once registered, log in to the MCA portal using your credentials.
• Locate the section for submitting eForms.
• Look for the option to submit the form and follow the on-screen instructions.
• This typically involves uploading the filled form and any required supporting documents.

Step 5: Payment of Fees

• There will be associated fees for submitting the Form electronically.
• The MCA portal offers payment modes such as Credit/Debit cards or Internet Banking. Choose your preferred mode and pay the fees immediately. If you delay the filing, you will be charged an additional fee.

Step 6: Acknowledgement and SRN

• You will be acknowledged whether the form is accepted or rejected, and a unique Service Request Number (SRN) will be generated. This number can be used for further enquiries regarding the transaction status. 

Fees for LEAP-1 Form Filing

The fees associated with filing the LEAP-1 Form depend on the company’s nominal share capital. There is a base fee per document, which increases based on predetermined capital ranges. There are also penalty fees for late filing, with the penalty amount increasing the longer the delay.

Conclusion

In conclusion, the LEAP-1 Form simplifies the process for companies aiming to list their shares on permissible stock exchanges. It streamlines information requirements and enhances transparency. Companies can download the form, ensure they meet eligibility criteria, and then file it electronically on the MCA portal along with the required documents and fees. Ensure you are entering the accurate information on the form.

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