The Securities and Exchange Board of India on Friday decided to allow a timeline of 18 months, to exclusively listed companies of de-recognised / non operational / exited stock exchanges to obtain listing on nation-wide stock exchanges.
SEBI stated that exclusively listed companies shall not undergo any material changes in their shareholding pattern, which suggests change of control, at the time of listing on nationwide stock exchanges.
SEBI said that, for the purpose of direct listing, the exclusively listed companies which were filing returns for the last two financial years with their respective RoCs would be treated as a compliant company.
It also stipulated that the requirement of NOC or any other documents from non-operational / exited stock exchanges would not be insisted upon by the nation-wide exchange, which is providing the listing platform.
All the promoters and directors of these companies, who have failed to provide the trading platform or exit to its shareholders, even after the extended time of 18 months “will have to undergo stricter scrutiny for their any future association with securities market,” SEBI reminded.
