As a welcome development for the Indian start-up ecosystem and small and medium enterprises (SMEs), the Securities and Exchange Board of India (SEBI) recently notified the regulations for the listing of small and medium enterprises without any requirement for an initial public offering (IPO). These regulations are called the SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 (ITP regulations), and form part of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
The ITP regulations provide that eligible SMEs may list specified securities without having to comply with the requirements for listing of securities on a recognized stock exchange under rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, through the application of rule 19(7). This effectively means that listing by SMEs of specified securities covered under ITP regulations can be achieved without an IPO and the expenses associated with it.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
