The Securities and Exchange Board of India, (SEBI) on August 09, 2023, issued a Circular regarding the Reduction of the timeline for listing of shares in Public Issue from existing T+6 days to T+3 days
The following has been stated namely: -
• it has been decided to reduce the time taken for a listing of specified securities after the closure of a public issue to 3 working days(T+3 days) as against the present requirement of 6 working days(T+6 days); ‘T’ being the issue closing date.
• the revised timelines for a listing of specified securities and various activities involved in the public issue process are specified in the annexure
• The T+3 timeline for listing shall be appropriately disclosed in the Offer Documents of public issues.
• The timelines for submission of application, allotment of securities, unblocking of application monies, and listing shall prominently be made a part of pre-issue, issue opening issue closing advertisements issued by the Issuer for public issues in terms of the SEBI(Issue of Capital and Disclosure Requirements) Regulations, 2018
• the provisions of this circular shall be applicable:-
(i) On a voluntary basis for public issues opening on or after September 01, 2023
(ii) Mandatory for public issues opening on or after December 01, 2023.
• It states that the timelines prescribed for public issues as mentioned in SEBI circulars dated November 01, 2018, June 28, 2019, November 8, 2019, March 30, 2020, March 16, 2021, June 2, 2021, and April 20, 2022, shall stand modified to the extent stated in this Circular.
[Circular No. SEBI/HO/CFD/TPD1/CIR/P/2023/140]
