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<h1>SEBI Circular: Procedure for Relaxation in Listing Equity Shares Without IPO Under Securities Contracts Rules, 1957.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) outlines the procedure for applying for relaxation from strict enforcement of certain listing requirements under the Securities Contracts (Regulation) Rules, 1957. It specifies conditions under which unlisted issuers can list equity shares without an initial public offer, particularly in cases involving court-sanctioned schemes of amalgamation or reconstruction. It also covers the listing of equity shares with differential rights and warrants offered with non-convertible debentures. Applications must be submitted through designated stock exchanges, which will provide recommendations to SEBI. The circular emphasizes compliance with existing regulations and investor protection.