SEBI vide circular No. SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016 prescribed procedures for removal of names of Exclusively Listed Companies (ELCs) from Dissemination Board of Nationwide Stock Exchanges. Subsequently, SEBI issued letter No. SEBI/HO/MRD/DSA/OW/P/2017/7699/2 dated April 06, 2017 clarifying certain issues faced by the Exclusively Listed Companies (ELCs) placed on Dissemination Board of Nationwide Stock Exchanges.
SEBI has issued a letter No. MRW/OW /2825/1 dated June 5, 2017 to Stock Exchanges clarifying regarding Exclusively Listed Companies (ELCs) placed on Dissemination Board of Nationwide Stock Exchanges.
The clarification received vide aforesaid SEBI letter is given by way of Frequently Asked Questions (FAQs) is attached as given below.
For any further details, please contact the following officials at BSE.
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Name of the Official
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Email Id
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Contact No.
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Atul Dhotre
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atul.dhotre@bseindia.com/ direct.listing@bseindia.com
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+91-22-22728934
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Siddiqa Raeen
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siddiqa.raeen@bseindia.com
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+91-22-22728154
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Bhushan Mokashi
Dy. General Manager
June 8, 2017
Frequently Asked Questions (FAQs)
1) In case an Exclusively Listed Company (ELC) placed on the Dissemination Board (DB) which is merged with another company listed on Nationwide Stock Exchange, then will it continue to remain on DB?
Ans: In such cases where an ELC got merged with another company, which is listed with the nationwide stock exchange then name of such company may be removed from the DB.
Provided such ELC submit copy of the Court/NCLT order approving the scheme of merger and the notice of the Nationwide Stock Exchange for such merger.
2) What is to be done in case the name of an ELC was inadvertently left out by exiting / exited Stock Exchange while transferring the name of an ELC to the DB of Nationwide Stock Exchanges?
Ans: In such case, the company shall submit letter of confirmation from exiting/exited Stock Exchange stating that the company was listed with Exchange as per notice no. XXXX dated XXXX. However, inadvertently name of the company was missed out from the list of the companies provided for placing on the DB.
On receipt of above mentioned confirmation from the exiting/exited Stock Exchange, an ELC may be shifted to the DB.
3) In case an ELC has been declared as defunct company by MCA, will it remain on the DB?
Ans: In such case, where the name of the company has been declared as defunct company by MCA, then the company may be removed from the DB after verifying from the MCA website.
4) If the Company has opted for the Exit Option process as prescribed under SEBI circular dated October 10, 2016, when the name of the ELC will be removed from the DB?
Ans: On completion of the Exit process as prescribed under SEBI circular dated October 10, 2016, name of the company may be removed from the DB. However, the amount deposited in the escrow account shall not be released before year.
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