Listing of Securities

What is listing;

Who can list;

What securities can be listed;

Process.

Legal Regime

SEBI;

Securities Contracts (Regulation) Act, 1956;

Securities Contracts (Regulation) Rules, 1957;

SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997;

SEBI (Prohibition of Insider Trading) Regulations, 1992;

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Listing Agreement-

Genesis and history of Listing Agreement;

Applicability and relevance;

Contract between Stock Exchange and listed companies.

Important Clauses of the Listing Agreement

Notifications / Intimations:

•     1. Advance notifications for certain corporate actions;
•    2. Notification after certain corporate actions (e.g. outcome of Board Meetings – dividend declaration, declaration of bonus, buy back of securities, change of business etc.);
•   3. Corporate actions requiring both intimation to stock exchanges and notification in newspapers;
•   4. Best practices – guidance of timing and mode of intimation – illustration by way of examples addressing common concerns for both the Stock Exchange and corporate.

Corporate Governance – Clause 49:

•    1. Adequacy of Indian Corporate Governance; and
•    2. Best practices.

Filings - Listing Agreement, Takeover Code and PIT Regulations - illustration by way of examples addressing common concerns for both the Stock Exchange and corporate

Recent Developments to the Listing Agreement – Impact