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<h1>No-objection letter process for schemes: stock exchanges must review, forward to the Board and issue letters within set timelines.</h1> Regulation 94 requires the designated stock exchange to forward draft schemes and prescribed documents to the Board, assess compliance with securities laws, submit a No-objection Letter to the Board within stipulated timelines, and issue a No-objection Letter to the listed entity after incorporating Board comments; such letters are valid for six months. The exchange must bring objections to the Court or Tribunal during scheme approval and, once the scheme is sanctioned, forward recommendations to the Board on the listed entity's submitted documents under regulation 37.