Dissemination Board
About Dissemination Board

Background:

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 (www.bseindia.com) 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- https://befs.bseindia.com/) 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 (www.bseindia.com)
    • 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
Fee for Dissemination Board of BSE

Rs.5,000/- (Rupees Five Thousand Only) per company plus applicable Service Taxes.

(Effective from October 13, 2014)

Mode of Payment:

  • RTGS/ NEFT
  • Remittance through Cheque/ Demand Draft : Cheque/ Demand Draft should be in favour of BSE Limited.


Check List and Formats for implementing SEBI Circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016
Sr.No Title Annexure
1 Overall Checklist and General Terms and Conditions  
2 Format for informing BSE the Plan of action A
Raise of Capital on BSE
3 Application for Raise of Capital B
4 Documents for Raise of Capital C
4a Checklist and Format for issuance of bonus shares C1
Providing Exit option to Investors
5 Application to BSE for Providing Exit Option to Investors D
6 Documents for Providing Exit Option to Investors E
6a Format for Buy Back of shares E1
6b Format where public shareholders are willing to continue as shareholders E2
6c Format where public shareholders are being reclassified as promoters E3
ELCs with 100% Promoter Holding
7 Application to BSE informing 100% Promoter Holding F
8 Documents Required to be submitted G
ELCs with Nil or Negative Valuation
9 Application to BSE informing Nil or Negative Valuation H
10 Documents Required to be submitted I
Fair Value Report
11 Format of Fair Value Report J
 
List of ELCs opting for Exit Option
1 List of companies opting for Exit Option  
 
List of ELCs removed from Dissemination Board of BSE after SEBI Circular of October 10, 2016
1 List of companies removed from DB of BSE  
 
List of ELCs not submitted plan of action as prescribed in SEBI Circular of October 10, 2016
1 List of ELCs not submitted Plan of Action to BSE  
 
List of ELCs not traceable at BSE
1 List of ELCs not traceable by BSE  
 
List of ELCs whose matter is sub-judice
1 List of ELCs whose matter is subjudice  
 
List of ELCs whose names are found as under liquidation on MCA website
1 List of ELCs whose names are found as under liquidation on MCA website  
 
List of ELCs whose names are found as under stike-off on MCA website
1 List of ELCs whose names are found as under stike-off on MCA website  
 
SEBI vide circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016 has provided the following

  • Permit Exclusively Listed Companies (ELCs) to raise capital to meet listing criteria of Nationwide stock Exchanges
  • Course of action to be followed by ELCs to give exit options to its public shareholders since these companies have not taken adequate steps to get listed on nationwide stock Exchanges and continue to be placed on Dissemination Board.
One of the requirements to be followed is promoters of ELCs in consultation with the designated stock exchanges to appoint "Independent Valuers" from panel of expert valuers of the designated stock Exchanges. Since, BSE would be the designated stock exchange for companies which are placed on its Dissemination Board it is necessary for BSE empanel valuers as directed by SEBI.

BSE vide notice 20161104-11 dated 04 Nov 2016 invited SEBI Registered Category I Merchant Bankers to file application with BSE. Pursuant to the said notice, BSE has been receiving applications from SEBI Registered Category I Merchant Bankers desirous of being appointed as Independent Valuers from panel of expert valuers at BSE.

The attached file contains names of applicants who have applied to BSE to act as Independent valuers as stated in SEBI circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016 and BSE notice 20161104-11 dated 04 Nov 2016.

With receipt of application, by BSE, the list will be updated on regular basis.
To get updated List of Independent Valuers at BSE click here

For further details, you may contact the following at BSE.

Mr. Atul Dhotre - Manager – Listing
Mail id : atul.dhotre@bseindia.com / direct.listing@bseindia.com
Tel. No.: +91-22-22728934
The last date of filing of plan of Action by Exclusively Listed Companies (ELCs), as per SEBI circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 10, 2016, expires on end of business hours of June 30, 2017.

Any Promoter or Director of ELC which are placed on Dissemination Board and has failed to demonstrate adequacy of efforts for providing exit to their shareholders in conformity with the exit mechanism as provided in the aforesaid SEBI circular would be liable for suitable action.

The detailed process and formats of Annexures for exercising the options mentioned in the aforesaid SEBI circular can be accessed at following url:

https://www.bseindia.com/investors/exercising_option.aspx?expandable=6

For any questions related to the above you may contact the following at BSE.

Name of the Official Email Id Contact No.
Atul Dhotre atul.dhotre@bseindia.com +91-22-22728934
Asmita Chacan asmita.chavan@bseindia.com +91 -22 22728266
Siddhi Keluskar Siddhi.Keluskar@bseindia.com +91-22-22725603
Pranav Singh pranav.singh@bseindia.com + 91-22-22728415
 
Common Mail id direct.listing@bseindia.com