Conditions for Listing of Security Receipts

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..... subject to the following conditions: (a) the security receipts have been issued on a private placement basis; (b) the issuer has issued such security receipts in compliance with the applicable laws; (c) the offer or invitation to subscribe to security receipts shall be made to such number of persons not exceeding two hundred or such other number, in a financial year, as may be prescribed from time .....

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