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Listing in MSE
Listing means admission of securities to dealings / trading on a Stock Exchange through an agreement. The objective of listing is to create liquidity and marketability to securities.
MSE will provide a nation-wide trading facility for the companies listed on its Exchange, which will provide easy access to investors, easy access to capital, market depth and liquidity for the benefit of the investing public.
Companies desirous of listing their securities on the Exchange are required to fulfill the eligibility criteria for listing and shall comply with the SEBI (Disclosures and Investors Protection) Guidelines, 2000.
Listing Procedure – Further Issues
Amendments to Listing Agreements
Eligibility Criteria – for Companies Listed on Other SE’s.
MSE Listing Agreement - Equity
MSE Listing Agreement - Debt Securities
Listing Agreement - Securitised Debt Instruments
Listing procedure - NewTop
Before making an application for listing at MSE, the company has to comply with certain requirements and the various steps to be taken are as follows:
After taking the above steps, the company may send the following information for processing
1. A brief note on the promoters and management.
2. Company profile.
3. Copies of the Annual Report for last 3 years.
4. Copies of the Draft Offer Document.
5. Memorandum & Articles of Association.
Madras Stock Exchange Ltd.,
30, Second Line Beach,
Ph. No. (044) 25228951 / 52 / 53
Approval of Memorandum and Articles of Association
Rule 19(2) (a) of the Securities Contracts (Regulation) Rules, 1957 requires that the Articles of Association of the Issuer wanting to list its securities must contain provisions as given hereunder:
The Articles of Association of an Issuer shall contain the following provisions namely:
1.That option or right to call of shares shall not be given to any person except with the sanction of the company in General Meeting.
2.That a common form of transfer shall be used;
3.That any amount paid up in advance of calls may entail a right for interest but will not confer a right to dividend or to participate in the profits of the company;
4.That fully paid shares shall be free from all lien and that in the case of partly paid shares the Issuer's lien shall be restricted to moneys called or payable at a fixed time in respect of such shares;
5.That registration of transfer shall not be refused on the ground of the transferor being either alone or jointly with any other person or persons indebted to the company on any account whatsoever;
6.No unclaimed dividend shall be forfeited by the Board and the company shall comply with the provisions of Section 205(A) of the Companies Act, 1956, in respect of such dividends;
7.Permission for Sub-Division/Consolidation of Share Certificate.
The Articles of Association of the company shall also contain the following:
1. No fee shall be charged for issue of new share / debenture certificates in replacement of those which are old, decrepit, worn out or where the cages on the reverse for recording transfers have been fully utilized.
2. No fee shall be charged for effecting transmission of shares / debentures.
3. Debenture / Debenture Stock, Loan / Loan Stock, Bonds or other securities conferring the right to allotment or conversion into shares or the option or right to call for allotment of shares shall not be issued except with the sanction of the company in General Meeting.
Note: The Relevant Authority may take exception to any provision contained in the Articles of Association of an Issuer which may be deemed undesirable or unreasonable in the case of a public company and may require inclusion of specific provisions deemed to be desirable and necessary.
If the Issuer's Articles of Association is not in conformity with the provisions as stated above, the Issuer has to make amendments to the Articles of Association in the ensuing General Meeting. However, the securities of an Issuer may be admitted for listing on the MSE on an undertaking that the amendments necessary in the Articles of Association will be made in the ensuing General Body Meeting to bring Articles of Association in conformity with Securities Contract (Regulation) Rules, 1957.
Approval of draft prospectus:
The Issuer shall file the draft prospectus and application forms with MSE. The draft prospectus should have been prepared in accordance with the statutes, notifications, circulars, guidelines, etc. governing preparation and issue of prospectus prevailing at the relevant time. The Issuers may particularly bear in mind the provisions of Companies Act, Securities Contracts (Regulation) Act, the SEBI Act and the relevant subordinate legislations thereto.
MSE does not in any manner warrant, certify or endorse the correctness or completeness of any of the contents of this offer document, or warrant that the company’s securities will be listed or will continue to be listed on the Madras Stock Exchange, or take any responsibility for the financial or other soundness of this company, its promoters, its management or any scheme or project of the company.
It should not, for any reason, be deemed or construed that this offer document has been cleared or approved by MSE. Every person who desires to apply for or otherwise acquires any securities of the Company may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Madras Stock Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.
Submission of Application (For Issuers listing on MSE for the first time)
Companies desires to list existing/new securities on the Madras Stock Exchange shall make application for admission of their securities to dealings on the MSE in the forms prescribed in this regard as per details given hereunder or in such other form or forms as the Relevant Authority may from time to time prescribe in addition thereto or in modification or substitution thereof.
1. Articles of Association;
2. Application form for Listing;
3. Shareholding Pattern
4. Listing Agreement
Such other documents as may be prescribed by MSE from time to time;
Listing Procedure – Further Issues:Top
Submission of Application (Listing of further Issues by Issuers already listed on MSE)
Companies whose securities are already listed on the MSE shall apply for admission to listing on the MSE of any further issue of securities made by them. Separate forms are prescribed for each type of issues or in such other form(s) as the Relevant Authority may from time to time prescribe in addition thereto or in modification or substitution thereof.
Applications for Listing and for various types of issues and the documents to be submitted are prescribed as :
2.Documents to be submitted for:
Schedule of Listing Fees:Top
The listing fees depend on the paid up share capital of the Company. The listing fee payable to MSE for the time being are as under:
A. Initial Listing Fee
B. Listing Fee for an year or part thereof
(i) Companies with paid-up Share and/or Debenture Capital upto Rs.1 crore
(ii) Above Rs.1 crore and upto Rs.5 crore
(iii) Above Rs.5 crores and upto Rs.10 crores
(iv) Above Rs.10 crores and upto Rs.15 crores
(v) Above Rs.15 crores and upto Rs.20 crores
(vi) Above Rs.20 crores and upto Rs.30 crores
(vii) Above Rs.30 crores and upto Rs.40 crores
(viii) Above Rs.40 crores and upto Rs.50 crores
(ix) Above Rs.50 crores**
Amendments to Listing Agreements (w.e.f. Jan. 2007):Top
Sl.No. Sebi Circulars Year