Rights issue timelines shortened; exchanges must validate bids and enable automated validation for faster allotment. Rights issues must be completed within 23 working days from Board approval; issues must remain open between seven and thirty days. Annexure I sets a detailed timeline from Board approval through RE credit, dispatch of letter of offer, bid validation by Stock Exchanges, Depositories and Registrars, issue closure, reconciliation, allotment, fund transfers, listing and commencement of trading. Stock Exchanges and Depositories must develop an automated investor application validation system within six months. ASBA procedures and the roles of SCSBs, Stock Exchanges and RTAs for public issues apply mutatis mutandis to rights issues. Consequential amendments to the Master Circular and filing procedures are prescribed.
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Rights issue timelines shortened; exchanges must validate bids and enable automated validation for faster allotment.
Rights issues must be completed within 23 working days from Board approval; issues must remain open between seven and thirty days. Annexure I sets a detailed timeline from Board approval through RE credit, dispatch of letter of offer, bid validation by Stock Exchanges, Depositories and Registrars, issue closure, reconciliation, allotment, fund transfers, listing and commencement of trading. Stock Exchanges and Depositories must develop an automated investor application validation system within six months. ASBA procedures and the roles of SCSBs, Stock Exchanges and RTAs for public issues apply mutatis mutandis to rights issues. Consequential amendments to the Master Circular and filing procedures are prescribed.
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