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TMI BlogReduction in the timeline for listing of debt securities and Non-convertible Redeemable Preference Shares to T+3 working days from existing T + 6 working days (as an option to issuers for a period of one year and on a permanent basis thereafter such that all listings occur on a T+3 basis)X X X X Extracts X X X X X X X X Extracts X X X X ..... Share Transfer Agents; and Self Certified Syndicate Banks (SCSBs) Madam/ Sir, Subject: Reduction in the timeline for listing of debt securities and Non-convertible Redeemable Preference Shares to T+3 working days from existing T + 6 working days (as an option to issuers for a period of one year and on a permanent basis thereafter such that all listings occur on a T+3 basis) 1. Para 12 of Chapter I (Application process in case of public issues of securities and timelines for listing) of the Master Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024 , (hereinafter referred as Master Circular ) issued by SEBI, inter-alia specifies that the listing of debt securities and Non-convertible Redeemable Preference Shares (NCRPS) issued th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f debt securities and NCRPS to T+3 working days from existing timeline of T+6 working days. 4. Accordingly, the revised timelines for listing of debt securities and NCRPS and various activities involved in the public issue process are specified in Annexure to this circular. 5. Further, to ensure ease of compliance for issuers, the listing timeline of T+3 working days is introduced as an option to issuers for a period of one year and on a permanent basis thereafter such that all listings occur on a T+3 basis. 6. Accordingly, during the period of voluntary applicability of the listing timeline of T+3 working days, the provisions of regulation 37 (2) of NCS Regulations shall become applicable only after T+6 working day, even in cases where iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails from the stock exchanges by end of the day b) Registrar to give bid file received from stock exchanges containing the application number and amount to all the SCSBs who may use this file for validation/ reconciliation at their end On a daily basis 3 Issue closure 5 pm on T day 4 SCSBs to send confirmation of funds blocked (final certificate) to the registrar Before 7:30 PM on T day for Direct ASBA and Syndicate ASBA Before 9:30 pm on T day for UPI ASBA 5 a) Registrar shall reconcile the compiled data received from the stock exchange(s) and all SCSBs (hereinafter referred to as the reconciled data ). b) Registrar to undertake Technical Rejection test based on electronic bid details and prepare list of technical rejection cases c) Finali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit from depositories. c) Issuer and registrar to file confirmation of demat credit and issuance of instructions to unblock ASBA funds, as applicable, with stock exchange(s). d) The lead manager(s) shall ensure that the allotment, credit of dematerialised debt securities and NCRPS and refund or unblocking of application monies, as may be applicable, are done electronically. Completion before 6 pm on T+2 day 10 a) Issuer to make a listing application to stock exchange(s) and stock exchange(s) to give listing and trading permission. b) Stock exchange(s) to issue commencement of trading notice. Before 7:30 PM on T+2 day 11 Trading commences T+3 day - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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