Trading Members and Self Certified Scheduled Banks (SCSB’s) are hereby informed that SEBI vide its circular no. CIR/IMD/DF-1/20/2012 dated July 27, 2012 has inter alia directed to Stock Exchange to put in place necessary systems and infrastructure to provide system for making application to public issue of debt securities.
Accordingly, BSE has developed the module for making application to public issue of debt securities on its iBBS Platform (Internet based Book Building Software). This facility will be available for live sessions with effect from September 3, 2012.
Please find appended below the detailed operational instructions and guidelines for participation in the DEBT IPO segment at BSE.
For any further clarifications, Trading Members and Self Certified Scheduled Banks (SCSB’s) are advised to contact following Exchange officials –
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Name of Official
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Contact Number
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Department
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Email ID
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Radhika Khatau
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022-22728892
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Listing Sales
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radhika.khatau@bseindia.com
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Pavan Naik
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022-22728899
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Listing Sales
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pavan.naik@bseindia.com
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For and on behalf of BSE Limited
Bhushan Mokashi
Assistant General Manager
Contents
In accordance with SEBI Circular CIR. /IMD/DF-1/20/2012 dated July 27, 2012, the Exchange has now enabled DEBT PUBLIC ISSUE segment to all Trading Members of the Exchange on iBBS (Internet Based Book Building System) of the Exchange. All Trading Members and Self Certified Scheduled Banks (SCSB’s) are allowed to access this module. No separate payment of any charges is required currently to access the DEBT PUBLIC ISSUE segment on iBBS.
All Trading Members and Self Certified Scheduled Banks (SCSB’s) who are already registered with iBBS (internet based book building software) are allowed to access this module
Trading Members who are not registered with iBBS are required send the request for registration through email to BSE at the following email address from authorized email id :
§sandeep.pujari@ bseindia.com
§bsehelpdesk@bseindia.com
The DEBT PUBLIC ISSUE module on iBBS module can be accessed via internet. Internet explorer IE version above 6 is most preferred mode to access DEBT PUBLIC ISSUE module, the URL for the same is as under:
Trading Members can also access the DEBT PUBLIC ISSUE module through leased-line also, the URL for the same is as under:
The Exchange would make available the draft prospectus and issue details of the public issue on BSE India website under the forthcoming issues 1 to 2 days prior to issue opening.
The details of issue will be also available on the Issue Details page of the module (iBBS).
As prescribed in the SEBI circular dated July 25, 2012, the investors will have the following options for making application to public issues of debt securities:
1. Direct Applications by using online interface to be provided by Stock Exchanges with Online Payment Facility
2. Applications through Lead Managers/Syndicate Members/ Sub Syndicate Members / Trading Member of stock exchange(s) using ASBA facility
3. Applications through Banks using ASBA facility
4. Application through Lead Manager/Syndicate Member / Sub Syndicate Member / Trading Member of stock exchange(s) without use of ASBA facility.
5. Application through Lead Manager/Syndicate Member/ Sub Syndicate Member/ Trading Member of stock exchange(s) for applicants who intend to hold debt securities in physical form.
Note: In respect of option 1, the Exchange will issue a separate circular detailing the operational guidelines under the direct application method. For options 2 to 5 the following mentioned guidelines will be applicable.
The Exchange DEBT PUBLIC ISSUE module is accessible to all Trading Members and Self Certified Scheduled Banks (SCSB’s) registered with the Exchange.
§ Trading Members can place bid in ASBA as well as NON ASBA Mode.
§ Self Certified Scheduled Banks (SCSB’s) can bid in ASBA Mode only.
§ In ASBA mode only allotment mode DEMAT is allowed.
§ In NON ASBA mode both allotment mode Physical and DEMAT is allowed.
DEBT PUBLIC ISSUE module provides the following options for making application to public issues of debt securities:
Mode of allotment available for Banks and Members:
|
Type
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Allotment Mode
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MEMBER ASBA
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DEMAT
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MEMBER NON ASBA
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PHYSICAL and DEMAT
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BANK ASBA
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DEMAT
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In pursuance of the SEBI circular, following operating parameters are available for bidding in Debt IPO Segment. The order / bid entry screen fields that would be available to Trading Members and SCSB’s (banks) are given below. Trading Members and SCSBs are requested to note the following general instructions:
1. The IPO symbol will remain same across all series/options for a particular debt IPO issue.
2. The members and banks can enter orders for a single application having different series within one order entry screen.
3. The number of series / options can vary for different debt public issues.
Trading Members can submit applications in ASBA as well as NON-ASBA mode. The applications successfully accepted will be allotted a bid id or order no. The various fields for a manual order/bid entry are mentioned as follows:
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Manual Order Entry Screen Fields for Trading Members
|
|
Field Name
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Member ASBA
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Member NON ASBA
|
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DEMAT
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DEMAT
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PHYSICAL
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IPO Symbol
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Mandatory (Drop Down)
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Mandatory (Drop Down)
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Mandatory (Drop Down)
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Category
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Mandatory (Drop Down)
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Mandatory (Drop Down)
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Mandatory (Drop Down)
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Type
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No Action Mandatory DEMAT
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Mandatory (Drop Down) (DEMAT)
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Drop Down Mandatory (Physical)
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Application No*
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Mandatory
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Mandatory
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Mandatory
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DP Name*
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Mandatory (Drop Down)
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Mandatory (Drop Down)
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No Action
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DP ID*
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Mandatory
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Mandatory
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No Action
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Client/Benef ID*
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Mandatory
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Mandatory
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No Action
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|
Client Name
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Not Mandatory
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Not Mandatory
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Mandatory
|
|
Bank name*
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Mandatory (Drop Down)
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No Action
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No Action
|
|
Bank Location*
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Mandatory (Drop Down)
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No Action
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No Action
|
|
QTY for Series/Options
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Mandatory
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Mandatory
|
Mandatory
|
|
Cheque Recd
|
No Action
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No Action
|
No Action
|
|
Total Value
|
System Generated
|
System Generated
|
System Generated
|
|
Total Qty
|
System Generated
|
System Generated
|
System Generated
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Bank A/C No
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Not Mandatory
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Not Mandatory
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Not Mandatory
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CHEQUE No
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No Action for ASBA
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Mandatory
|
Mandatory
|
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PAN NO*
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Mandatory
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Mandatory
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Mandatory
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Banks can bid only in ASBA mode. The bids successfully accepted will be allotted a bid id or order no. The various fields for a manual bid entry are mentioned as follows:
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Bid Entry Screen Fields for Banks and Members
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Field Name
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Banks ASBA DEMAT ONLY
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IPO Symbol
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Drop Down Mandatory
|
|
Category
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Drop Down Mandatory
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|
Type
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No Action Mandatory DEMAT
|
|
Application No*
|
Mandatory
|
|
DP Name*
|
Drop Down Mandatory
|
|
DP ID*
|
Mandatory
|
|
Client/Benef ID*
|
Mandatory
|
|
Client Name
|
Not Mandatory
|
|
QTY for Series/Options
|
Mandatory
|
|
Cheque Recd
|
No Action
|
|
Total Value
|
System Generated
|
|
Total Qty
|
System Generated
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|
Bank A/C No
|
Not Mandatory
|
|
IFSC Code*
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Mandatory
|
|
Reference No
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Non Mandatory
|
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Pan No*
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Mandatory
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Successful orders would be available for modification and cancellation during the offer period. Orders can be modified or cancelled manually and via bulk upload facility.
Fields namely, Qty, Series, Application No, Sub-Category codes will not be allowed for modification during the offer.
Please Note: In case of cancellation of one or more orders (series) within an application, leading to total order quantity falling under the minimum quantity required for a single application will be liable for rejection by RTA. Hence Trading Members and SCSB’s are required to take precautions while cancellation of order(s) of an application.
The same is illustrated below in detail:
Example 1:
Minimum Application quantity is 5 NCDs (for all series/ options of NCDs, namely Series I, II and III either taken individually or collectively) and market lot multiple is 1 NCD.
|
Original Order
|
|
After Cancellation of Series 3 Qty=1
|
|
Bid Id
|
Application No 91234567
|
Quantity
|
|
Bid Id
|
Application No 91234567
|
Quantity
|
|
400
|
Series 1
|
2
|
|
400
|
Series 1
|
2
|
|
401
|
Series 2
|
2
|
|
401
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Series 2
|
2
|
|
402
|
Series 3
|
1
|
|
Total Quantity
|
4
|
|
Total Quantity
|
5
|
|
|
|
|
In the above example if the applicant has cancelled the order for series 3, then the total quantity for the application will come down to 4, in such cases the application of the applicant will be cancelled by the RTA for not meeting the requirement of minimum quantity per application.
Example 2:
Minimum Application quantity is 5 NCDs (for all series/ options of NCDs, namely Series I, II and III either taken individually or collectively) and market lot multiple is 1 NCD.
|
Original Order
|
|
After Cancellation of Series 3 Qty=1
|
|
Bid Id
|
Application No 91234568
|
Quantity
|
|
Bid Id
|
Application No 91234568
|
Quantity
|
|
400
|
Series 1
|
8
|
|
400
|
Series 1
|
8
|
|
401
|
Series 2
|
8
|
|
401
|
Series 2
|
8
|
|
402
|
Series 3
|
2
|
|
Total Quantity
|
16
|
|
Total Quantity
|
18
|
|
|
|
|
In the above example if the applicant has cancelled the order for series 3, then the total quantity for the application will come down to 16, in such cases the application of the applicant will be not be cancelled by the RTA since the requirement of minimum quantity per application is complied.
T+1 Modification facility will be available to Trading Members and SCSB’s. The T+1 modification can be done manually via the order book facility or using the bulk upload facility. The bulk upload file format for T+1 modification is the same as the upload file format for errors for trading members and banks please refer Annexure I & II. Only fields namely, DP Name, DP ID and Client/Benef ID will be available for modification on T+1 day.
Apart from manual order entry Trading Members and SCSB’s (banks) can bid using the file upload facility. Trading Members or Banks can upload comma or pipe separated .csv or .txt files. The bids successfully accepted will be allotted a bid id or order no. as mentioned earlier. The detailed upload file formats along with their response files (success and error) for trading members and scsb’s (banks) are given in Annexure I and Annexure II respectively.
The order book (bid book) download will be available in the Debt module in real time basis. Trading Members can download bid books for ASBA and NONASBA separately, namely MEM-ASBA and MEM-NON ASBA whereas Banks can download their ASBA bid book.
T+1 modification files will be in the same file format as the error files for trading members and banks. Only fields namely, DP Name, DP ID and Client/Benef ID will be allowed for modification.
A help file will be available for download to Trading Members and SCSBs in the iBBS DEBT Module.
§ Receipt of ASBA Applications by the Trading Members
Kindly note that the ASBA Applications being submitted with the Trading Members of the Stock Exchanges should be submitted at the Syndicate ASBA Centres (only in Specified Cities as mentioned in the Application Form).
Further, Trading Members should not accept the ASBA Forms if the SCSB where the ASBA Account, is maintained has not named at least one branch at that Specified City for the Trading Members of the Stock Exchange, to deposit ASBA Applications.
§ Receipt of Non-ASBA Applications by the Trading Members
The Trading Members of the Stock Exchange shall ensure that they shall accept Application Forms only in such cities/ towns where the banking branches (escrow banks) are available.
Trading Members are requested to refer the prospectus displayed on the Exchange, the issuer’s and the BRLM’s website for the above mentioned details. The same will be also given in the application forms by the issuer.
Trading Members are requested to note that they shall be liable for non-performance/ lapses with respect to applications for subscription in the issue that has been received and duly acknowledged by them, from the investors.
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