This is with reference to the guidance received from the Securities and Exchange Board of India (SEBI), regarding systemic improvements in the bidding process of SME Public Issues and the Exchange notices no. 20240603-40 dated June 3, 2024 and 20240606-34 dated June 6,2024
Trading Members, Syndicate Members, Sub-Syndicate Member, Self-Certified Syndicate Banks (SCSBs), Depository Participants, Other Intermediaries and Registrar and Transfer Agent are requested to note the following changes shall be mandatory in bidding and processing for SME Public Issues:
I. Rejection of Duplicate PAN Bids
Multiple bids in different categories/ same category/ different application nos. with same PAN shall be rejected upfront on the Exchange book building platform with appropriate remarks.
Ø Exceptions:
1. Individual Category (IND)
· Bidding by the Individual Investor in the reserved categories like Employee, Shareholder, and Policyholder in addition to Individual category with same PAN shall be allowed.
2. QIB Category
· Bidding with multiple applications with same PAN and same category but different demat details shall be allowed.
II. PAN Validation
Application with PAN having fourth character as "P" or "H" shall be allowed to bid in categories like Individual (IND) and Shareholder (SHA) and application with PAN having fourth character as "P" shall be allowed to bid in categories like Policyholder (POL) and Employee (EMP) only. For all other categories, application with PAN having fourth character as "P" or "H" shall be rejected.
III. PAN and DP Id and Client ID Mismatch
Applications with PAN and DP ID and/ or Client ID Mismatch status and inactive/ suspended/ closed/ frozen depository accounts shall not form part of LIVE Demand Data displayed for the Issue on the Exchange website. Also, such applications shall not be part of Final Bid Book shared by the Exchange with Registrar and Transfer Agent of the Issue. Modification of PAN/DP Id & Client Id w.r.t. mismatch applications only shall be permitted during the bidding period.
IV. Validation for Reserved Category Bids
The Exchange book building platform shall verify the eligibility of the applicant prior to acceptance of bid for the reserved categories like Employee (EMP), Shareholder (SHA), Policyholder (POL) etc. based on the details shared by the company/ issuer.
Trading Members, Syndicate Members, Sub-Syndicate Member, Self-Certified Syndicate Banks (SCSBs), Depository Participants, Other Intermediaries and Registrar and Transfer Agent are requested to note that the Exchange has made the necessary changes on the IBBS Platform (Internet based Book Building Platform of BSE).
The above requirement/ changes shall be mandatory for SME public issues opening for subscription on or after June 21, 2024.
You may contact us for any further details on the email ids provided below:
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Activities
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Email ID
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Regulations & Business Rules
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listing.sales@bseindia.com
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Functionality of Public Issue module
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ibbs.ops@bseindia.com
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Sandeep Pujari Mangesh Tayde
DGM- Trading Operations DGM- Listing Business Relationship
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