Permission from stock exchanges required before public offer; prospectus disclosure, segregated subscription accounts and restricted use of funds enforced.

Companies must obtain permission from recognised stock exchange(s) before a public offer and disclose the exchange(s) in the prospectus. Subscription monies must be kept in a separate scheduled bank account and used only to adjust allotments where the securities are permitted to be dealt with in the specified exchange(s) or to repay applicants within the time set by the securities regulator if allotment cannot be made. Waiver clauses are void. Company and officer liability applies for noncompliance, and payment of commission is allowed subject to prescribed conditions.

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