Clarification on the news item published in the Economic Times

Oct 10, 2007
News Clarifications


October 10, 2007


The Resident Editor

The Economic Times

Times of India Building


Mumbai – 400 001



Sub: Clarification


This is with reference to the story headlined “QIP norms to follow US model, offer faster nod” by your Bureau, published in the Mumbai edition of Economic Times on October 10, 2007. In this connection, we would like to clarify as follows:


“The headline is misleading. Qualified Institutions Placement (QIP) and Fast Track Issuance of securities (FTIs) are two different issues. What Chairman, SEBI said was the Primary Market Advisory Committee has suggested some changes to QIP, (an existing product) which would be taken to the SEBI Board for approval. On the FTIs, he said that the framework for FTIs is expected to be ready by the end of October. FTIs, are on the lines of Well Known Seasoned Issuers (WKSIs) in the United States, by which listed companies can raise capital by filing the prospectus with SEBI and stock exchanges and proceed with the issue without waiting for any clearance.”


It is requested that the above clarification may be published in your newspaper for the benefit of your esteemed readers.


Thanking you,


Yours faithfully,

for Securities and Exchange Board of India



N. Hariharan

Dy. General Manager (Communications)