Notice No.   20170727-18   Notice Date   27 Jul 2017
Category   Company related   Segment   Equity
Subject   Clarification for complying with SEBI Circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated


SEBI vide circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016 provided that the Exclusively Listed Companies (ELCs) on the Dissemination Board (DB) submit their plan of action to Designated Stock Exchange (DSE) to get listed on nationwide stock exchanges or provide exit to the investors.
Subsequently, SEBI vide its letters SEBI/HO/MRD/DSA/OW/P/2017/7699/2 dated April 06, 2017 and MRW/ OW / 2825 / 1 dated June 5, 2017 provided clarification with regard to certain issues faced by the ELCs on DB, same was disseminated on Exchange website vide circular no. 20170407-39 dated April 07, 2017 and 20170608-27 dated June 08 respectively.
In continuation of the same, SEBI vide its letter MRD/OW/DSA//2017/17463/1 dated July 25, 2017 has provided following further clarification:
1)      The ELC’s request to allow issue of bonus shares so as to raise capital may be considered subject to compliance with condition as mentioned in Companies. Act 2013 by the ELCs.
2)      The ELC’s request to allow buyback of shares by the company so as to provide exit to the public shareholders may be considered.
3)       Investors who are willing to be include in the category of promoters may be allowed. In this regard DSE may obtain an undertaking from the investors who wish to be classified as promoters and the exit obligation of the promoter may be reduced accordingly. 
4)      Investors who are willing to remain as shareholders of the company and do not want an exit may be allowed. In this regard, DSE may obtain an undertaking from the investors who do not want exit and the exit obligation of the promoters will be reduced accordingly.
5)      The ELCs which have requested further time to comply with the minimum public shareholding (MPS) requirement and have made representation to list, may not be considered.
6)      The cases of ELCs which have submitted High Court Order related to scheme of arrangement or were under the process of scheme of arrangement on or before October 10, 2016 may be kept on hold till such process is completed.
For further details/clarification, you may contact the following official at BSE.

Name of the Official
Email Id
Contact No.
Atul Dhotre
Siddiqa Raeen
Siddhi Keluskar

For, BSE Ltd.
Bhushan Mokashi                                                                                       Atul Dhotre
Addl. General Manager                                                                              Sr. Manager
Thursday, July 27, 2017