To,
The Presidents/Executive Directors All Stock Exchanges.
Dear Sir,
Disclosures in case of Listing of PSU’s shares.
As you would know, the Government has disinvested a certain percentage of its equity holdings in public sector units in favour of mutual funds and investment institutions. The equity thus disinvested would be listed on the stock exchanges. With a view to providing adequate information through disclosures to the investors and member brokers so that they can take informed investment decisions, we advise that the shares of PSUs should be listed by the stock exchanges and traded only after disclosure documents are submitted to and approved by the SEBI as well as stock exchanges. Hence, we advise you to inform the PSUs which approach your Exchange for listing of these shares to send a set of disclosure documents to SEBI and to your Exchange, particularly the relevant information required in the abridged prospectus ("Memorandum" under Section 56 (3) of the Companies Act, 1956) and the extent of equity sold to mutual funds and investment institutions.
Kindly acknowledge the receipt of this letter.
Yours faithfully, sd/-
U. C. Dikshit ADVISER
