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Dissemination Board


Securities and Exchange Board of India (SEBI) vide circular no. CIR/ MRD/ DSA/ 14/ 2012 dated May 30, 2012 has provided an exit option to the de-recognised stock exchanges and recognised stock exchanges seeking voluntary surrender of recognition ("exiting RSEs").

Companies listed exclusively on exiting or de-recognised RSEs will be required to seek listing on atleast any other RSE that is not seeking de-recognition and exit in terms of the aforesaid SEBI Circular. As per the aforesaid SEBI Circular, companies failing to list on any other RSE, such companies will be treated as an unlisted company and shall be moved to Dissemination Board (DB) by such exiting or de-recognised RSE.

Dissemination Board (DB) at BSE Ltd:

BSE has launched a Dissemination Board mechanism on BSE India website ( enabling dissemination of bids/Offer placed by buyers and sellers of securities of companies that are listed exclusively on exiting or de-recognised RSEs using the services of the Trading Members of BSE..

BSE DB has the following features:

  • Obligations of Buyers and Sellers:
    • The buyers and sellers will be required to register themselves with a Trading Member of BSE and are required to be KYC (Know Your Client registration with KYC Registration Agency) compliant.
    • The buyers and sellers will provide their bids and offers only through the Trading Member with whom they have registered as referred in point (1) above.
    • The bid/ offers can be given only with respect to the securities of companies that are admitted to the BSE DB.

  • Obligations of Trading Members:
    • The Trading Member shall not co-mingle its broking activities with the activities conducted under the BSE DB guidelines. Clear segregation is required since arbitration mechanism, IPF (Investor Protection Fund) and TGF (Trade Guarantee Fund) are not available for the transactions done using BSE DB.

BSE DB Operational Framework:

  • Company related:
    • The companies admitted to BSE DB will not be listedwith BSE. Thus there will be no listing agreement executed by BSE with these companies.
    • There will be no monitoring of any compliance with respect to filings made by the company.
    • Information received (if any) from companies will be disseminated on the BSE DB platform.

  • Transaction related:
    • Trading Member(s) is/are provided a facility in the BEFS (BSE Electronic Filing System URL- for placing the bid/ offer requests for their client(s).
    • No direct interface will be provided to the buyer/ seller to upload their bid/ offer on BSE DB.
    • The bid/ offers will be displayed in a separate section for BSE DB on BSE Website (
    • Along with other details of the bid/ offer requests, the investors’/ Trading Members’ contact details will also be displayed.
    • Trading Members or investors can view bid/ offers posted on BSE DB and directly contact the counter party Trading Member(s)/ investor(s) to discuss and conclude the trade. There will be no matching of trades in the system.
    • Trading Members will have a facility to modify/ cancel the bids/offers and the updated status will be displayed on BSE DB platform.
    • On execution of trade, Trading Members shall be required to suitably update those bids/ offers on BEFS, which shall be accordingly updated on the BSE DB platform.
    • The bid/ offers posted on BSE DB will remain valid for a period of 1 week (7 calendar days) from the date of their posting after which such bid/ offers will be purged.
    • No contract note is required to be issued for such transactions.

  • Other Important Information about BSE DB Platform:
    • Trading Members shall act as "Point of Contact" for their registered clients for placing the bid/ offers placed by such clients and may impose such conditions as they may deem fit.
    • The Rules, Bye-laws and Regulations of BSE will not be applicable to such trades emanating from bids/ offers placed by buyers and sellers on BSE DB.
    • The trades resulting out of bids/offers posted on BSE DB will be cleared and settled outside BSE/ ICCL (Indian Clearing Corporation Ltd.) and BSE/ ICCL will not guarantee the clearing and settlement of such trades.
    • The buyers and sellers on BSE DB will not have any recourse to the investor grievance redressal mechanism, including arbitration and Investor Protection Fund (IPF), for trades executed pursuant to bid/ offers posted on BSE DB.
    • BSE will have no surveillance oversight on the bids and offers placed on BSE DB.

The Reader is advised to refer to and rely on the Circular/Guidelines issued by SEBI/the Exchange from time to time before using the facility of BSE DB.

SEBI Circulars
Subject Date
Exit Policy for De-recognized/Non-operational Stock Exchanges 30.05.2012
Guidelines in respect of exit option to Regional Stock Exchanges 29.12.2008

BSE Notices
Subject Date
Dissemination Board at BSE Live from August 7, 2012 07.08.2012
Guidelines for companies admitted to BSE Dissemination Board by exiting RSEs 19.06.2012