CIRCULAR
BSE SME Platform
DATE: 21-06-2012
To: All Trading Members of the BSE Ltd.
Ref:
1. Chapter XB of ICDR Regulations dated 13th April, 2010
2. SEBI Circular dated December 29, 2008 lines in respect of exit option to stock exchanges
3. SEBI Circular revised/modified - CIR/MRD/ DSA/14/2012 dated May 30, 2012
Please refer to the SEBI Regulations in above references on the “Migration of the listed issue from any Exchange to SME Exchange/ Platform” and “Exit Policy for De-recognized/ Non-operational Stock Exchanges”. The extracts of the same are given in Annexure – I for reference.
Regulation 106T of ICDR Regulations has laid down that the companies whose post-issue face value capital less than twenty five crore rupees may migrate its specified securities to SME exchange, if its shareholders approve such migration by passing a special resolution through postal ballot to this effect and if such issuer fulfils the eligibility criteria for listing laid down by the SME exchange.
In addition, SEBI has laid down the Regulations for De-recognised/ Non-Operational Exchanges and many of the companies on these Exchanges willbe aspiring for direct listing on the National Stock Exchanges.
In view of this, BSE Ltd has taken a decision to allow the direct listing on BSE SME Platform of the listed companies from Recognised Stock Exchanges, if they fulfil the eligibility criteria laid down in Annexure-II.
In case of any clarification on the subject matter of the Notice, please contact:
Ajay Thakur
Manager, BSE SME |