The Calcutta Stock Exchange
Listing Guide

For IPOs

  • The Committee of the Exchange at its Meeting held on 22nd March, 1996 had decided that with effect from 1st April, 1996 in respect of new companies, the threshold limit for listing will be issued equity capital of Rs. 5.00 crores and above.
  • It has now been decided that with effect from 9th June, 2000 in respect of new companies in high technology (i.e. information technology, internet, E-commerce, telecommunication etc.) the following criteria will be applicable regarding threshold limit:
  • The total income/sales from the main activity, which should be in the field of information technology, internet, E-Commerce & telecommunication, should not be less than 90% of the total income during the two immediately preceding years as certified by the Auditors of the company;
  • The minimum post issue paid up capital should be Rs. 3.00 crores;
  • The minimum market capitalization should be Rs. 25.00 crores. (The market capitalization will be calculated by multiplying the post issue subscribed number of equity shares with the issue price)

Direct Listing (i.e. Existing listed company with other Stock Exchange/Exchanges now seeking listing on CSE)

1. The company should have minimum issued and paid up equity capital of Rs.15 lacs and/or Minimum Net worth of Rs.1 crore (Net worth includes Equity capital and free reserves excluding revaluation reserves) in immediately preceding financial years. 2. Track record of distributable profits in terms of sec. 205 of Companies Act, 1956 for at least two years out of immediately preceding three financial years and each financial year has to be a period of at least 12 months. Extraordinary income will not be considered for the purpose of calculating distributable profits. Companies not fulfilling the aforesaid criteria will be given conditional listing and such companies which will not be able to fulfill the aforesaid criteria within next 3 financial years (excluding the Financial Year of listing) will be compulsorily delisted from this Exchange. 3. Public shareholding as per SCRA, SCRR and Listing Agreement. Minimum 25% of the company's issued capital should be with Non-Promoters shareholders as per Clause 35 of the Listing Agreement. 4. The criteria for minimum number of shareholders for enlistment at CSE would not be considered for direct listing of companies till 31st March 2015 and thereafter, the present criteria for minimum 100 number of shareholders would be insisted for direct listing. 5. The company should have at least three years listing record with any of the Regional Stock Exchange. 6. No regulatory investigation should be pending against the company. In case of penalty levied by any regulatory body the company should have paid the total penalty before making the application with CSE. A certificate from the Director/ Company Secretary to be provided at the time of application for listing with CSE. 7. The company should have complied with the major clauses of the listing agreement of the existing exchange for last three years. 8. Trading in compulsory DEMAT, minimum 50% of the public shareholding to be in demat form & 100% of the promoted holding to be in demat form.

Conditions for the Scrips to be traded in Rolling Segment

  • Kindly note that SEBI vide Circular Ref. No. Cir/ISD/3/2011 dated 17th June 2011 has identified the following conditions for allowing the scrips to be traded in Rolling segment latest by the quarter ended September 2011:
    • 1. The shares of the company should be listed with both the depositories (proof of connectivity with both the depositories/ credit confirmation from both the depositories).
    • 2. SEBI should notify to the exchanges with regard to shifting of the shares of the company to the Rolling segment (SEBI Circular to be produced).
    • 3. Fifty Percent (50 %) of Non Promoter holding should be demated (Certificate from RTA to be produced).
    • 4. Hundred Percent (100%) of the Promoter Holding should be demated (Certificate from RTA to be produced).