India: Listing Rules & Flotation

SEBI's review of India's SME IPO framework raises fundamental questions about how smaller businesses should access public capital. As the market expands, regulators must balance making listings commercially...

SEBI has introduced a new mechanism for handling lock-in requirements for pledged shares in public issues, requiring companies to amend their Articles of Association to ensure pledged equity shares remain locked-in even after pledge invocation or release. The circular establishes specific procedural requirements for issuers, including mandatory notifications to lenders and pledgees at key stages of the public offering process.

SEBI's intensified scrutiny of "General Corporate Purposes" in IPO offer documents reflects a fundamental shift in how regulators view the deployment of public capital. What began as a modest catch-all for operational flexibility has evolved into allocations reaching 25-35% of issue proceeds, prompting questions about transparency, investor protection, and the true intentions behind these vague funding categories.

The Securities and Exchange Board of India (SEBI) via their circulars dated April 28, 2022 (Public InvIT Circular) and June 24, 2022 (Private InvIT Circular)...

During the economic reforms of 1990s, drastic changes were made to the economy by adoption of the principles of liberalization, privatization and globalization.

In our previous article (Tapping the bourses: The procedure for filing for an IPO with SME exchanges) we discussed the listing requirements for SMEs on the SME Exchanges and also highlighted the importance of ...

Pursuant to the coming into force of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on December 1, 2015, SEBI issued a circular on November 30, 2015.

CNBC TV18: The BSE & NSE IPO Saga!

Apart from that, the circular had also obliged the listed companies to submit quarterly compliance report on corporate governance in a prescribed format within 15 days from close of every quarter.