The Securities and Exchange Board of India (SEBI) on October 05, 2020 has issued a Circular on Standardization of timeline for listing of securities issued on a private placement basis under:-
• SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (SEBI ILDS),
• SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (SEBI NCRPS),
• SEBI (Public Offer and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (SEBI SDI)
• SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (SEBI ILDM).
It has been decided to stipulate the following timelines:-
• Clousre of issue – T day
• Receipt of funds and Allotment of Securities - to be completed by T+2 trading day
• Issuer to make listing application to Stock Exchange(s) and Listing permission from Stock Exchange(s) - to be completed by T+4 trading day
The delay in listing of securities beyond the timeline mentioned above, will attract penalty. However, the Clause 4(a)(ii) of the SEBI Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2019/68 dated May 27, 2019 related to Delay in listing stands deleted.
The circular shall come into force with effect from December 01, 2020.
[SEBI Circular No.: SEBI/HO/DDHS/CIR/P/2020/19]
