Listing in 6 days after public issue ends

Our Bureau Mumbai | Updated on January 24, 2018 Published on June 23, 2015

The time taken between the closure of a public issue and listing on the bourses will be brought down to six from 12 days for issues that open for subscription on or after January 1, 2016. This will be done by allowing applications forms to be electronically processed through the stock exchange platform

Ashish Kumar Chauhan, MD &CEO, BSE, said, “e-IPO will bring down the time to list the company substantially.” Currently, it takes 12 days after the closure of bidding in the IPO for a company to list on the stock exchanges.

For fast-track issuances, SEBI brought down the minimum market capitalisation requirement of public holding to ₹1,000 crore from ₹3,000 crore in case of a further public offer and to ₹250 crore from ₹1,000 crore in case of rights issue.

SEBI has made application supported by blocked amount (ASBA) mandatory for all types of investors after it observed that 99.5 per cent of applications were received from centres that were ASBA enabled. Depository participants and registrar and transfer agents have also been allowed to accept applications — both physical and online, and make bids on the stock exchange platform.

This is over and above the stock brokers and banks where such facilities are presently available.

SEBI continued with the present practice for issuers to issue OFS notice latest by two days prior to the OFS (T-2). However, the T-2 day would be reckoned from the point of view of a banking day instead of a trading day. It also mandated that the seller has to provide the option to retail investors to place their bids at cut off price (default option) in addition to placing price bids.

Published on June 23, 2015

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