9th August 2017
SUB: Action against Exclusively Listed Companies and its Promoters/Directors pending Exit Offer to the Shareholders
To all Listed Companies
Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. SEBI/HO/MRD/DSA/CIR/P/2017/92 dated August 01, 2017 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein
“SEBI vide circular dated October 10, 2016, provided options to the Exclusively Listed Companies (“ELCs”) on Dissemination Board (“DB”) to raise capital for meeting the capital requirement for getting listed on the nationwide stock exchanges or to provide exit to investors. An exit mechanism for investors in such ELCs was also specified in the aforesaid circular. Further, ELCs were required to furnish the plan of action by January 09, 2017 to the Designated Stock Exchanges (DSEs), which was subsequently extended till June 30, 2017.”
For the aforesaid purposes, “Exclusively Listed Companies” refer to those companies whose equity shares were exclusively listed at a recognized stock exchange at the time of exit of such exchange and were subsequently moved to the Dissemination Board of NSE and BSE and whose shares are available for buying and selling on Dissemination Board.
SEBI may also take any other appropriate action(s) against the promoters/directors of Exclusively Listed Companies for non-compliance with SEBI circular dated October 10, 2016.
This is for information.
CS Chandrani Datta