Question
The Securities and Exchange Board of India (SEBI) has
reduced the timeline for listing of securities after the closure of public issue from six working days to three days However, third-party checks on UPI applications, non-UPI applications, submission of final certificates, finalization of rejections, and completion and approval of basis by the stock exchange should be done by ________.Solution
The Securities and Exchange Board of India (SEBI) has reduced the timeline for listing of securities after the closure of public issue from six working days to three days. According to the new norm, with T as the issue-closing date, the securities will now have to be listed on T+3 day versus the current T+6 days. This will be an option for public issues opening after September 1 and will be a mandatory requirement for issues opening after December 1. The application submission by investors, bid modification, validation of bid details with depositories, reconciliation of UPI mandate transactions, UPI mandate acceptance, and issue closure would be done on T day. However, third-party checks on UPI applications, non-UPI applications, submission of final certificates, finalisation of rejections, and completion and approval of basis by the stock exchange should be done by T+1 day. It was also stated that the issuance of fund transfer instructions in separate files for debit and unblock will need to be initiated and completed on T+1 day.
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