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Facilitate listing of cos on non-compliant bourse: SEBI

SEBI had said that stock exchanges that have not achieved the prescribed turnover of Rs 1,000 crore on continuous basis by May 30 would be de-recognised.

May 23, 2014 8:48 IST | India Infoline News Service
SEBI (Securities and Exchange Board of India) asked stock exchanges to facilitate in a time-bound manner the process for listing of companies that are currently trading on non-compliant stock exchanges.
SEBI had said that stock exchanges that have not achieved the prescribed turnover of Rs 1,000 crore on continuous basis by May 30 would be de-recognised.
"The exclusively listed companies of non-compliant stock exchanges may opt for listing in nation-wide exchanges after complying with listing norms of main board or the diluted listing norms, if any, on or before the exit of the exchange, either on voluntary or compulsory basis," SEBI said in a circular.
Stock exchanges have been directed to "immediately create a separate dedicated cell to expedite processing of listing requests from such companies," Sebi said.
Companies which are "exclusively listed" on non-compliant exchanges can also opt for voluntary delisting before the de-recognition of those bourses.
"Nation-wide stock exchanges shall provide a platform to these companies to facilitate reverse book building for voluntary delisting using their platform," Sebi said.
"It shall be the responsibility of the exchanges which are being de recognised either on voluntary or compulsory basis, to place their exclusively listed companies on the dissemination board," the market watchdog said.
These exchanges would have to ensure that the database of the exclusively listed company is transferred to Sebi and to those bourses on whose dissemination board, the shares of these companies are available, it added.

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