Issuers of non-convertible securities must get in-principle approval from a primary stock exchange per SEBI Regulations 2021.
The Securities and Exchange Board of India (SEBI) Regulations, 2021, mandates that issuers seeking to list non-convertible securities must apply for and obtain in-principle approval from one or more stock exchanges. If applying to multiple exchanges, the issuer must designate one as the primary exchange. For subsequent issues, the issuer may select a different designated stock exchange, provided they comply with the regulatory requirements.
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