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CS Executive · Capital Market and Securities Laws · Listing Obligations and Disclosure Requirements

A special purpose distinct entity intends to offer securities of the nature referred to in sub-clause (ie) of clause (h) of section 2 of the SCRA to the public. Under Section 17A, when must it apply to a recognised stock exchange for permission to list them?

The issuer must apply to one or more recognised stock exchanges for listing permission before it issues the offer document to the public, as Section 17A(2) of the SCRA provides. Applying after the issue or allotment is not permitted.

  1. ABefore issuing the offer document to the publicCorrect
  2. BWithin thirty days after the allotment of the securities
  3. COnly after the offer document has been issued and subscriptions received
  4. DAt the time of the first annual report after allotment

Explanation

Section 17A(2) requires the issuer intending to offer such certificates or instruments to the public to apply to one or more recognised stock exchanges before issuing the offer document. Applying after allotment or after the offer is open is contrary to the sub-section.

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