PUBLIC ISSUE AND LISTING OF SECURITIES :

Section 17A provides for public issue and listing of securities.

Without prejudice to the provisions contained in this Act or any other law for the time being in force, no securities of the nature referred to in sub-clause (ie) of clause (h) of section 2 shall be offered to the public or listed on any recognized stock exchange unless the issuer fulfils such eligibility criteria and complies with such other requirements as may be specified by regulations made by SEBI.

Every issuer intending to offer the certificates or instruments referred therein to the public shall make an application, before issuing the offer document to the public, to one or more recognized stock exchanges for permission for such certificates or instruments to be listed on the stock exchange or each such stock exchange.

Where the permission applied for listing has not been granted or refused by the recognized stock exchanges or
any of them, the issuer shall forthwith repay all moneys, if any, received from applicants in pursuance of the offer
document, and if any such money is not repaid within eight days after the issuer becomes liable to repay it, the
issuer and every director or trustee thereof, as the case may be, who is in default shall, on and from the expiry
of the eighth day, be jointly and severally liable to repay that money with interest at the rate of fifteen per cent per annum.

 

 

All the provisions of this Act relating to listing of securities of a public company on a recognized stock exchange shall, mutates mutandis, apply to the listing of the securities of the nature referred to in sub-clause (ie) of clause

(h) of section 2 by the issuer, being a special purpose distinct entity.