A typical prospectus filed with SEBI would be around 250-300 pages minimum. The very reason it is filled is to provide investors with full disclosure on the Co making the offering. With around 2-3 IPO's/FPO's every fortnight (that has been the trend every month over the last 2 years) going through each prospectus is very difficult for a retail investors (especially those not having finance background...and what about junta who donot know English....should we not have a hindi version atleast....may be not Gujrathi !).
I just wonder why can SEBI not insist on having an Executive Summary (3-4 pages) as part of the prospectus, which can just include relevent & important information which is already covered in the whole document. Currently, brokers make a synopsis 3-4 page reports with thier recommendations and provide thier views...(i wonder each house has its own opinion based on analysis...nothing wrong with this....but why should a layman who would want an independent executive summary of the offering not have it in 3-4 pages but be required to read through the whole document or refer to broker reports...assuming he has access to them!)
What is to be included and not included in the executive summary can be rule based..in the same manner the rest of the document (prospectus) operates...useful references to pages can also be provided if someone wants to look at details....am sure a software & a reader to correct the results can handle this.