Review of timelines for listing of securities issued on Private Placement basis
Summary
This circular revises the timelines for listing securities issued on a private placement basis, reducing the period from T+4 to T+3 days. It mandates the inclusion of in-principle approval steps and standardizes pre-listing processes through Electronic Book Provider platforms. The revised Chapter VII replaces the extant provisions and becomes effective from January 1, 2023. This section details the post-bidding timelines and nature of activities for both EBP and Non-EBP private placements, covering ISIN allocation, settlement, and listing. It mandates that depositories activate ISINs only after stock exchange approval and outlines procedures for re-issuances under existing ISINs. The text imposes a penal interest obligation on issuers for delayed listing and grants stock exchanges the power to permit deviations from the specified timelines.
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the timeline for listing is being reduced from T+4 to T+3 days (wherein T refers to issue closure date).
timelines for making an application for in-principle approval to the stock exchange(s) where the issuer intends to list its securities and/ or receipt of in-principle approval from the stock exchange(s), are being incorporated.
the extant Chapter VII ... of the aforementioned Operational Circular is being replaced with a revised Chapter, as enclosed herewith, Annex – A.
The provisions of this circular shall come into effect from January 1, 2023.
put in place necessary systems and infrastructure for implementation of this circular;
bring the provisions of this circular to the notice of listed entities/ issuers of listed Non- Convertible Securities, Securitised debt instruments, and/ or municipal debt securities;
monitor the compliance with the provisions of the circular;
disseminate the provisions of the circular on their website;
make consequential changes, if any, to their respective bye-laws;
communicate and create awareness amongst stakeholders.
This chapter shall be applicable for non-convertible securities, securitised debt instruments, security receipts and municipal debt securities ... issued on a private placement basis.
An issuer desirous of issuing and listing non-convertible securities or municipal debt securities, shall make an application for in-principle approval to the stock Exchange(s), in terms of Regulation 6 of the NCS Regulations or Regulation 4A of the ILDM Regulations, respectively, complete in all respects...
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Source: SecMarx — Review of timelines for listing of securities issued on Private Placement basis. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.