Timing of NOC submission: listed entities must file lender or trustee NOCs before receiving the stock exchange no objection letter. The circular clarifies that the NOC from lending scheduled commercial banks, financial institutions or the debenture trustee in relation to schemes of arrangement by listed entities must be submitted before the listed entity receives the stock exchange no objection letter under the Listing Obligations and Disclosure Requirements; stock exchanges are instructed to notify listed companies and publish the clarification.