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of <h1>SEBI Circular: Stock Exchanges Must Refer Non-Compliant Listings u/r 19(2)(b) for Exemption, No Direct Listings Allowed.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) advises that stock exchanges should not directly list shares of companies that do not comply with Rule 19(2)(b) of the Securities Contract (Regulation) Act, 1957, including cases involving amalgamation, arrangement, demerger, or hive-off. Instead, such cases must be referred to SEBI for an appropriate exemption from the Rule, accompanied by the stock exchange's recommendations. This directive supersedes all previous instructions on the matter.
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