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TMI BlogReduction in time between issue closure and listingX X X X Extracts X X X X X X X X Extracts X X X X ..... ured is accurate, syndicate members may be permitted an additional day to amend some of the data fields entered by them in the electronic bidding system. 4. It is to be noted that syndicate members shall be responsible for any error in the bid details uploaded by them. In case of apparent data entry error by either syndicate member or collecting bank in entering the application number in their respective schedules other things remaining unchanged, the application may be considered as valid and such exceptions may be recorded in minutes of the meeting submitted to stock exchange(s). In the event of mistake in capturing the application number by either the syndicate member or collecting bank leading to rejection of application, the registrar may identify based on the bid form, the entity responsible for the error. Valid records in electronic file will be those for which money is received. 5. This circular contains indicative timelines for the various activities in the issue process. The non-ASBA process in this regard is given in Annexure I of the circular. Since the ASBA process also needs to be revised pursuant to the reduced timelines, the revised ASBA process is indicated in An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve timeline schedule for various activities in the proposed issue process(Non-ASBA) Sl. No. Details of Activities Due Date (Working Day) 1. Syndicate members upload bid details in the electronic bidding system of stock exchange(s). Syndicate members need to ensure that required documents are attached with the application form. Issue opening date to issue closing date (where T is issue closing date) 2. Issue closes. T 3. Stock exchange(s) to allow syndicate members to undertake modification of selected fields in the bid details already uploaded. Registrar to get the electronic bid details from the stock exchanges at the end of the day. T+1 4. Issuer, merchant banker and registrar to submit relevant documents to the stock exchange(s) except listing application, allotment details and demat credit and refund details for the purpose of listing permission. Syndicate members to forward a schedule (containing application number, payment instrument number and amount), application forms and payment instruments to collecting banks. Collecting banks may not accept bid schedule, bid applications and payment instrument after T+2 day. Registrar to give bid file recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit from depositories and submit the same to the stock exchange(s). Issuer and registrar to file confirmation of demat credit and refund dispatch with stock exchange(s). Issuer to make a listing application to stock exchange(s) and stock exchanges to give listing and trading permission. Issuer, merchant banker and registrar to publish allotment advertisement before the commencement of trading, prominently displaying the date of commencement of trading, in all the newspapers where issue opening/closing advertisements have appeared earlier. Stock exchange(s) to issue commencement trading notice. T+11 14. Trading commences T+12 *Working days will be all days excluding Sundays and bank holidays Annexure II Indicative timeline schedule for various activities in the proposed issue process (ASBA) Sl. No. Details of Activities Timeline/ Due date 1. An ASBA investor, intending to subscribe to a public issue, shall submit a completed ASBA form to a Self Certified Syndicate Bank (SCSB), with whom the bank account to be blocked, is maintained, through one of the following modes - (i) Submit the form physically with the Designated Branches (DBs) of the SCSB ("Physi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total amount blocked against the uploaded ASBAs.. T+2 9. The Registrar shall reconcile the compiled data received from the stock exchange(s) and all SCSBs (hereinafter referred to as the "reconciled data"). T+2 to T+6 10. The registrar shall then match the reconciled data with the depositories' database for correctness of DP ID, Client ID and PAN. In case any DP ID, Client ID or PAN mentioned in the bid file for ASBAs does not match with the one available in the depositories' database, such ASBA shall be rejected by the registrar. 11. . In case an ASBA investor wants to withdraw his/her ASBA after the bid closing date, he/she shall submit the withdrawal request to the registrar. The registrar shall delete the withdrawn bid from the bid file. 12. The registrar shall reject multiple ASBAs determined as such, based on common PAN. 13. The registrar shall finalise the basis of allotment and submit it to the Designated Stock Exchange for approval. T+7 14. Once the basis of allotment is approved by the Designated Stock Exchange, the registrar shall provide the following details to the CB of each SCSB, along with instructions to unblock the relevant bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X
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