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TMI BlogListing of specified securities of small and medium enterprises on the Institutional Trading Platform in a SME Exchange without making an initial public offerX X X X Extracts X X X X X X X X Extracts X X X X ..... etc., from such companies, it has been decided to permit listing without an Initial Public Offer and trading of specified securities of small and medium enterprises(SMEs) including start-up companies on Institutional Trading Platform (ITP) in SME Exchanges. 2. The legal framework for such listing and trading of the specified securities on the ITP was laid down vide SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013(ITP Regulations) vide Gazette notification No. LAD-NRO/GN/2013-14/27/6720 dated October 08, 2013. In this regard, through said ITP Regulations, necessary amendments have been made in the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 (ICDR Regulations) by inserting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave not been referred to the Board for Industrial and Financial Reconstruction within a period of five years prior to the date of application for listing; (iv) no regulatory action has been taken against the company, its promoter or director by SEBI, Reserve Bank of India, Insurance Regulatory and Development Authority or Ministry of Corporate Affairs within a period of five years prior to the date of application for listing; (v) the company has atleast one full year s audited financial statements, for the immediately preceding financial year at the time of making listing application; (vi) the company has not completed a period of more than 10 years after incorporation and its revenues have not exceeded one hundred crore rupees in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the date of listing. (vi) A specialized international multilateral agency or domestic agency or a public financial institution under section 2(72) of the Companies Act, 2013 has invested in the equity capital of the company. For the purposes of sub-clause (ii) above, investments as facilitated through the angel association/group after due process followed by such association alone shall be eligible. Investments made by the angel investor on his own individual initiative shall not be eligible. For the purposes of sub-clause (vi) above, domestic agency means a domestic developmental institution like Small Industries Development Bank of India (SIDBI) or National Bank for Agriculture or Rural Development (NABARD). c. Process of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approval of the recognised stock exchange prior to allotment, obtaining shareholders approval under section 81(1A) of the Companies Act, 1956, completing allotment within two months of such approval, disclosures to be made in explanatory statement to the notice to shareholders and pricing norms as elaborated in Chapter XC of ICDR Regulations. (v) the company making a rights issue shall send a letter of offer to its shareholders through registered post or speed post or electronic mode and the same shall be made available on the website of the company and the recognised stock exchange. e. Minimum promoter shareholding and lock-in. Not less than twenty per cent. of the post listing capital of the company shall be held by the promote ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) notwithstanding (a) and (b) above, non-compliance of the condition of listing as may be specified by the recognised stock exchange. g. Liabilities. (i) The draft and final information memorandum shall be approved by the board of directors of the company 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, 1956 and the Chief Financial Officer, i.e., the whole-time finance director or any other person heading the finance function and discharging that function. (ii) The signatories shall further certify that all disclosures made in the information documentnt are true and correct. (iii) In case of mis-statement in the information ..... X X X X Extracts X X X X X X X X Extracts X X X X
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