New Delhi: Consequent to extensive consultation with the market participants, SEBI has decided to reduce the time taken for listing of specified securities after the closure of public issue to 3 working days (T+3 days) as against the present requirement of 6 working days (T+6 days) with ‘T’ being issue closing date.
SEBI has issued revised timelines for listing of specified securities and various activities involved in the public issue process.
The T+3 timeline for listing shall be appropriately disclosed in the Offer Documents of public issues.
The timelines for submission of application, allotment of securities, unblocking of application monies and listing shall prominently be made a part of pre-issue, issue opening and issue closing advertisements issued by the Issuer for public issues in terms of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations).
Notwithstanding anything contained in Schedule VI of the ICDR Regulations, the provisions of this circular shall be applicable on voluntary basis for public issues opening on or after September 1, 2023 and – mandatory for public issues opening on or after December 1, 2023.
In partial modification to circulars dated March 16, 2021 and April 20, 2022, the compensation to investors for delay in unblocking of ASBA application monies (if any) shall be computed from T+3 day.
–IANS
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