Listing timelines for privately placed securities shortened to standardize pre listing steps and accelerate ISIN activation and trading. Standardizes timelines for private placement issuance and listing of specified debt securities, requiring issuers to obtain in principle approval before providing placement materials or opening the issue. Prescribed stepwise actions cover bidding/issue, ISIN allocation, settlement and listing, with listing and ISIN activation required within three working days of issue closure. Depositories activate ISINs only after exchange listing approval and must use temporary frozen ISINs for re issuances until listing is confirmed. Issuers face penal interest for delays; exchanges and depositories must update systems and communicate requirements.
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Provisions expressly mentioned in the judgment/order text.
Listing timelines for privately placed securities shortened to standardize pre listing steps and accelerate ISIN activation and trading.
Standardizes timelines for private placement issuance and listing of specified debt securities, requiring issuers to obtain in principle approval before providing placement materials or opening the issue. Prescribed stepwise actions cover bidding/issue, ISIN allocation, settlement and listing, with listing and ISIN activation required within three working days of issue closure. Depositories activate ISINs only after exchange listing approval and must use temporary frozen ISINs for re issuances until listing is confirmed. Issuers face penal interest for delays; exchanges and depositories must update systems and communicate requirements.
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