The Governing Board in its meeting held on 17th October, 2002 approved the norms for re-consideration of applications of companies to use the name of the Exchange in the offer document, which have been rejected earlier by the Listing Committee or withdrawn by the companies themselves. The following would be the norms for reconsideration of such rejected/withdrawn applications:

1. If the application to use the name of the Exchange in the offer document of the company is rejected/withdrawn, the company can re-apply only after 2 years from the date of such rejection/withdrawal provided that the Listing Committee shall have a discretion to entertain the application earlier than 2 years on merits if there is a material change of circumstances.
2. If the application to use the name of the Exchange in the offer document of the company is rejected/withdrawn for the second time the company can re-apply only after 3 years from the date of such second time rejection/withdrawal provided that the Listing Committee shall have a discretion to entertain the application earlier than 3 years on merits if there is a material change of circumstances.

It may be noted that -

• The onus would be on the company to prove that there is a material change in the circumstances, which merits earlier review of its application.
• The above mentioned norms would be in addition to the existing norms for IPOs and the same would be applicable with immediate effect.
• All the applications will continue to be scrutinised by the Listing Committee of the Exchange.

November 08, 2002