SECURITIES AND EXCHANGE BOARD OF INDIA SECONDARY MARKET DEPARTMENT Mittal Court, B Wing, First Floor, 224, Nariman Point, Mumbai 400 021
SMDRP/Policy/Cir- 29 /01 May 22, 2001
The President/Executive Director/ Managing Director of all the Stock Exchanges
Dear Sir/Madam,
Sub: Practice of granting conditional listing permission
It has been brought to our notice that some stock exchanges have been granting conditional listing permission to the companies. Section 73 of the Companies Act, 1956 does not envisage any qualified conditional listing permission. Section 73 of the Companies Act, 1956 envisages a final decision of granting / refusing to grant listing permission. The stock exchanges are, therefore, advised to desist from the practice of granting conditional listing to the companies.
Yours faithfully,
P. K. BINDLISH Deputy General Manager Secondary Market Depositories Research & Publications Department E-mail: pkb@sebi.gov.in