In order to further simplify the process for public issue of
equity shares and convertibles, the Securities and Exchange Board
of India ("SEBI") issued a circular on
November 10, 2015 ("Listing Circular")
which includes reduction of the time for listing securities, after
the closure of the public issue has occurred. From the present
requirement of 12 (twelve) working days, the time for
listing of securities has been limited to 6 (six) working
days. The Listing Circular will be made applicable to all public
issues opening on or after January 1, 2016. Some of the key
features of the Listing Circular are summarised below:
Investors participating in a public
issue will only be permitted to use the 'Application Supported
by Blocked Amount' facility for making payments, by writing
their bank account numbers and authorizing the banks to make
payments in case of allotments, on signing the application
Stock exchanges are to develop
systems on their websites, by which investors will be enabled to
view the status of their public issue applications and will also
enable the stock exchanges to send alerts and details of
applications and allotments to the investors;
Registrars to an issue and Share
Transfer Agents ("RTA") and Depository Participants
("DP") registered with SEBI will be permitted to accept
public issue related application forms;
The Listing Circular includes
annexures providing indicative timelines and instructions for the
issuer / intermediaries / stock exchanges / merchant bankers /
registrar relating to the compliance of various activities for the
public issue of securities and the prescribe format for submitting
details, by RTAs and DPs.
The Listing Circular looks to reduce timelines for listing
of securities to benefit all stakeholders. It will endeavor to
allow a much smoother process for investors to participate in
public issues and will encourage intermediaries to coordinate their
activities to complete listing procedures within the prescribed
timeline. In this regard, necessary amendments to the SEBI (Issue
of Capital and Disclosure Requirements) Regulations, 2009 have
already been notified.
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