Procedures for Exchange Listing Control Mechanism
Summary
This circular establishes the procedures for the listing control mechanism of stock exchanges on other recognized stock exchanges. It assigns monitoring responsibilities to the Listing Department and oversight to an Independent Oversight Committee of the listing exchange. Additionally, it mandates an independent Conflict Resolution Committee constituted by SEBI to handle appeals and monitor potential conflicts.
Text
Regulation 45 of the SECC Regulations provides for listing of stock exchanges on any recognised stock exchange, other than itself and its associated stock exchange. As per Regulation 45(2) of the SECC Regulations, the Board may specify such conditions as it may deem fit in the interest of the securities market.
The Listing Department of the listing stock exchange (i.e. a stock exchange on which the listing is done) shall be responsible for monitoring the compliance of the listed stock exchange (i.e. a stock exchange which is getting listed) as in the case of listed companies.
The Independent Oversight Committee of the listing stock exchange shall exercise oversight at the second level to deal with the conflicts, if any. The listed stock exchange may appeal to the Independent Oversight Committee of the listing stock exchange, if aggrieved, with the decision on disclosure of the listing stock exchange as referred under para 2 (I).
An independent Conflict Resolution Committee (CRC) constituted by SEBI, with an objective for independent oversight and review, shall monitor potential conflicts between listed and listing stock exchange on a regular basis. The listed stock exchange aggrieved by the decision of the Independent Oversight Committee of the exchange may appeal to the CRC.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Procedures for Exchange Listing Control Mechanism. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.