Regulation 12 - Other Provisions as to Letter Precedent to Listing - Securities And Exchange Board of India(Central Listing Authority) Regulations, 2003

Other Provisions as to Letter Precedent to Listing 12 (1) The Authority may, while granting the letter precedent to listing, impose such conditions as it deems fit including conditions as to the manner, the required prominence and the wordings of the disclosures to be made in the offer documents and advertisements. (2) Failure by the applicant to comply with the conditions imposed under sub-regulation (1) shall, unless otherwise waived by the Authority in writing, render the letter precedent to listing invalid. (3) Any letter precedent to listing granted by the Authority shall specify the names of the exchange(s) where the applicant may make a listing application. (4) Where the Authority issues a letter precedent to listing with any conditions, the applicant shall comply with such conditions and confirm the same to the Authority, within such time as may be specified by the Authority. (5) The Authority shall be entitled to lay down any fresh conditions subsequent to the grant of a letter precedent to listing as may be necessitated by new guidelines or directions issued by the Board or due to some relevant developments in the securities market and the applicant shall comply with such conditions and confirm the same to the Authority, within such time as may be specified by the Authority. (6) The Authority shall communicate its decision made under sub-regulation (5) of regulation 11 to the applicant and to the exchange or exchanges specified by the applicant in its application for letter precedent to listing. (7) The Authority may, subsequent to the issue of letter precedent to listing, direct the applicant, exchanges or other intermediaries registered with the Board to furnish it such information as may be necessary to enable it to determine whether the applicant is in compliance with conditions imposed by applicable rules, regulations and guidelines or by the Authority in the letter precedent to listing. (8) Any letter precedent to listing granted by the Authority under these regulations shall, unless specified otherwise by the Authority, have a validity period of 90 days by which time the subscription list for public issues and rights issues should have opened and in the case of other kind of issue, the securities should have been listed on the Exchange: Provided that the Authority at its discretion may, upon an application made by the applicant in this behalf, prior to the expiry of the validity period, extend the validity period of a letter precedent to listing subject to such conditions, if any, as it deems fit to impose. (9) Where an applicant changes the terms and conditions of the issue in respect of which a letter precedent to listing was granted to it or where any material developments take place which have a bearing on the issue or listing of the securities, the Authority may withdraw the letter precedent to listing: Provided the Authority shall prior to withdrawing a letter precedent to listing under this clause give an opportunity of making representation to the applicant. (10) The Authority may withdraw the letter precedent to listing where it is satisfied, based upon information available to it, that - (i) the applicant had either suppressed material facts or misrepresented facts in its application for letter precedent to listing; or (ii) the applicant has ceased to fulfill the qualifications specified in clause (e) of subregulation( 6) of regulation 11; or (iii) withdrawal of a letter precedent to listing is desirable in the larger interests of investors and the securities market: Provided that the Authority shall, if it proposes to withdraw a letter precedent to listing, communicate the grounds for such proposal to the applicant and afford him an opportunity of making representation: Provided further that the letter precedent to listing may be withdrawn by the Authority only if the securities are not listed on the exchanges and if the securities have already been listed, the Authority shall inform the Board and the exchanges for taking such action, including delisting of securities, as they may deem fit.