Chapter-based reasoning
Segments the DRHP by chapter so context is preserved for each disclosure section. No keyword-matching across unrelated parts of the document.
what's at stake
The Problems
DRHP review isn't one problem. It's six, layered on top of each other. Each adds days to the timeline and risk to the filing.
Cross-referencing 800+ pages of disclosures against evolving mandates is prone to fatigue-driven oversight, and the cost of missing a single inconsistency compounds across review cycles.
Compliance requires simultaneous adherence to SEBI ICDR, the AIBI Compendium, and the Companies Act, 2013. The hardest gaps to catch are the ones hiding in the overlaps between them.
Volatile market windows demand faster filings, but speed cannot come at the expense of regulatory integrity, or the deal itself is at risk of being pulled.
Distributor counts that don't match between page 142 and 287. Six product categories declared in the narrative, five in the revenue table. SEBI flags these, every time.
"Key player," "market leader," "superior service" without supporting evidence in the document, these phrases trigger query letters and burn weeks of review time.
Senior compliance partners spend hours re-reading drafts to catch what a structured review could surface in minutes. The cost is real, and the bottleneck is worse.
Prefyle is an agentic engine that mirrors the logic of a senior merchant banker. It reads the draft against the legislative intent of SEBI ICDR, the AIBI Compendium, and the Companies Act, 2013, flagging gaps with the consistency only software can deliver.
Features
Six capabilities, shaped by how merchant banking compliance teams already work.
Segments the DRHP by chapter so context is preserved for each disclosure section. No keyword-matching across unrelated parts of the document.
Every flagged issue is tied to a specific clause in the source regulation. Citations are pulled from the regulatory corpus before the model writes, not generated alongside it.
Tests the document against ICDR, AIBI, and the Companies Act in parallel, surfacing the gaps that fall in the overlaps.
Every flag points to the exact regulation, sub-clause, and DRHP page number. Auditable by partners. Defensible to the regulator.
Drafts are processed in a sealed environment. Your data is never used to train base models. Built for vendor security review.
Corrections feed your firm's private retrieval layer, not the base model. Your instance accumulates your house view without your data leaving it.
How It Works
From upload to citation-backed gap analysis. A workflow shaped by how merchant banking teams already review compliance.
Start with the DRHP. RHP, addendums, and prospectus updates sit on the roadmap.
Test against ICDR, AIBI, or the Companies Act, individually or all three in parallel.
Run a focused review on a single chapter, or hand over the entire 800-page draft.
PDF, DOCX, or XLSX. Encrypted ingestion. Your draft stays inside a controlled environment.
A citation-backed report mapping each clause to the regulation it conflicts with. Ready for partner review.
Why Prefyle
Not a generic document AI repackaged for compliance. Purpose-built around the regulatory architecture of Indian capital markets.
Every flag points to the exact regulation, sub-clause, and DRHP page. The output is a working document for the partner. Summaries hide their sources; this one shows them.
Drafts are processed in a sealed environment for every firm on every plan. Security isn't a setting you have to find.
Reports are organized by section, by severity, by regulatory source. The same structure a partner already uses to review a draft, so nothing has to be reorganized before the meeting.
Corrections feed your firm's private retrieval layer. Over time, the tool reflects how your team interprets the regulations, which is what makes the output sound like your house view instead of a generic one.
One upload. ICDR, AIBI, and the Companies Act tested in parallel. A citation-backed report ready for partner review.
Upload your DRHP →Design Partner Program
We're inviting a small cohort of merchant banking firms to shape Prefyle alongside us. Design partners receive early access, dedicated onboarding, and direct input into the product roadmap.