SEBI Sets Similar Deadlines For Listing Securities On The Basis Of Personal Planning
On October 5, market regulator Sebi on Monday set a uniform deadline for listing securities to be issued on the basis of the private placement, including municipal bonds. SEBI stated in a circular that this deadline would apply to non-convertible redeemable preference shares, debt securities, securitized debt instruments, and securities receivables and municipal corporation bonds. SEBI took this step after receiving several requests from various market participants to clarify the time period. After receiving the funds, the market regulator has decided that the allocation of securities should be completed till T + 2 trading days. T here means the date of closure of the issue. The circular further states that approval for this will have to be taken from the stock markets in ‘T + 4’ trading days. If there is more delay in listing the shares issued on the basis of personal planning, the issuer will have to pay a fine.
News Source: Livemint