Regulation 284 - Listing without a public issue - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

PART II: LISTING WITHOUT A PUBLIC ISSUE Listing without a public issue 284. (1) An issuer seeking listing of its specified securities without making a public offer, shall file a draft information document along with the necessary documents with the Board in accordance with these regulations along with the fee as specified in Schedule III of these regulations. (2) The draft information document shall contain disclosures as specified for the draft offer documents in these regulations as specified in Part A of Schedule VI. (3) The regulations relating to the following as stated under the Chapter of Initial Public Offer on Main Board shall not be applicable: a) allotment; b) issue opening or closing; c) advertisements; d) underwriting; e) sub-regulation (2) of regulation 5; f) pricing; g) dispatch of issue material; and h) other such provisions related to offer of specified securities to the public. (4) The issuer shall obtain an in-principle approval from the stock exchanges on which it proposes to get its specified securities listed. (5) The issuer shall list its specified securities on the recognised stock exchange(s within thirty days: a) from the date of issuance of observations by the Board; or b) from the expiry of the period stipulated in sub-regulation (4) of regulation 25 , if the Board has not issued any such observations. (6) The issuer which has received an in-principle approval from the stock exchange for listing of its specified securities, shall be deemed to have been waived by the Board under sub-rule (7) of rule 19 from the requirement of minimum offer to the public as per the provisions of clause (b) of sub-rule (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957 for the limited purpose of listing on the 1 [ innovators growth platform ] . (7) Provisions relating to minimum public shareholding shall not be applicable. (8) The draft and final information document shall be approved by the board of directors of the issuer and shall be signed by all directors, the Chief Executive Officer, i.e., the Managing Director or Manager within the meaning of the Companies Act, 2013 and the Chief Financial Officer, i.e., the Whole-time Finance Director or any other person heading the finance function and discharging that function. (9) The signatories shall also certify that all disclosures made in the information document are true and correct. (10) In case of mis-statement in the information document or any omission therein, any person who has authorized the issue of information document shall be liable in accordance with the provisions of the Act and regulations made thereunder. Explanation: Under this Part, the phrases pre-issue and post-issue , wherever they occur shall be construed as pre-listing and post-listing , respectively. *************** NOTES:- 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as institutional trading platform