Circular MRD/CIR/2018/3928 of the Securities and Exchange Board of India dated 7th August, 2018 on the issue of securities [C11-Q2K]

MRD/CIR/2018/3928

Securities and Exchange Board of India

Mumbai, dated the 7th August, 2018

CIRCULAR

To

All adjudicating officers,

Subject: The issue of securities by issuers under the Securities and Exchange Board of India Act, 1992, regarding.

In exercise of the powers conferred by section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the issue of securities by issuers.

2. The matter has been examined. Every issuer carrying on the issue of securities shall make an application in Form A to the Securities Appellate Tribunal within thirty days, accompanied by a fee of twenty-five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the issue of securities is undertaken, and the Securities Appellate Tribunal shall dispose of it within thirty days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)