TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Listing) Regulations, 2024
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....ting of specified securities, debt securities, depository receipts and other permitted financial products on the recognised stock exchanges in the International Financial Services Centres in India. 3. Definitions (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly, - (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Banking Unit" means a unit licensed or permitted by the Authority to undertake permissible activities under International Financial Services Centres Authority (Banking) Regulations, 2020; (c) "business combination" means a merger or amalgamation or acquisition of shares or assets of one or more companies having business operations by a Special Purpose Acquisition Company; (d) "certificate of deposit" means a negotiable, unsecured money market instrument issued in dematerialised form or as a Usance Promissory Note against funds deposited at a Banking Unit for a maturity period upto one year; (e) "commercial....
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....ask Force as: (i) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or (ii) a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies; (o) "follow-on public offer (FPO)" or "further public offer" means an offer of specified securities by a Listed Entity to the public for subscription and includes an offer for sale of specified securities to the public by any existing holder of such specified securities in a listed issuer; (p) "green shoe option" means an option of allotting specified securities in excess of the specified shares offered in the public issue as a post-listing price stabilizing mechanism; (q) "group entity" means an entity of a business group that consists of a parent company or of any other type of legal person exercising control over the rest of the group, together with branches and/or subsidiaries; (r) "IFSCA" or "Authority" means the International Financial Services Centres Authority ....
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....have the same meaning as assigned to it under clause (69) of section 2 of the Companies Act, 2013: Explanation: The references to "promoter" under these regulations shall apply only in respect of companies incorporated under the Companies Act, 2013; (bb) "qualified institutions placement" means issue of specified securities to qualified institutional buyers on a private placement basis and includes an offer for sale of specified securities by the promoters or controlling shareholders on a private placement basis; (cc) "recognised stock exchange" means a stock exchange recognised by the Authority; (dd) "securities", for the purposes of these regulations, shall mean specified securities, debt securities and depository receipts listed or proposed to be listed on a recognised stock exchange; (ee) "Special Purpose Acquisition Company (SPAC)" means a company which does not have any operating business and has been formed with the primary objective to effect a business combination; (ff) "specified securities" means equity shares and convertible securities; (gg) "Superior Right equity shares" or "SR equity shares" means such cla....
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....ies or any other permitted financial product on a recognised stock exchange subject to the following conditions: (a) the issuer is incorporated or set up either in an IFSC or in India or in a Foreign Jurisdiction, in accordance with the relevant laws of its home jurisdiction; (b) the issuer operates in conformity with its constitution; and (c) the issuer is eligible to issue such securities or other financial products, that are proposed to be listed on the recognised stock exchange, in conformity with the relevant laws of its home jurisdiction. Provided that a public Indian company proposing to list its equity shares on a recognised stock exchange shall also be required to meet the eligibility criteria provided under Schedule XI of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024. Explanation: The following entities shall also be eligible to list its debt securities on a recognised stock exchange: (a) a supranational or a multilateral or a statutory institution; (b) a municipality or any similar body; and (c)....
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....by the Authority. Explanation: "Financial year" for the purposes of these regulations shall mean financial year followed by the issuer in accordance with the applicable laws of its home jurisdiction. 10. SR Equity Shares An issuer, which has issued SR equity shares, shall be allowed to make an initial public offer of its ordinary shares for listing on a recognised stock exchange, subject to the conditions that: (a) The issue of SR equity shares had been authorised by a resolution passed at a general meeting of the shareholders of the issuer; and (b) The SR equity shares have been held for a period of at least three months prior to the filing of the draft offer document. 11. Offer for Sale (1) In case of an offer for sale, the specified securities must have been held by the existing holders for a period of at least one year prior to the date of filing of the draft offer document: Provided that in case equity shares received on conversion are being offered for sale, the holding period of convertible securities or depository receipts, as the case may be, and the holding period of resultant equity shares, together, shall be considered for....
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....raft offer document; (c) the draft offer document shall be hosted on the websites of the Authority, the recognised stock exchange(s) where the specified securities are proposed to be listed, the issuer and the lead manager(s) of the issue. (2) Where size of the proposed issue is more than USD fifty million, (a) the issuer, through the lead manager(s), shall file a draft offer document along with applicable fee with the Authority; (b) the lead manager(s) shall also submit a due diligence certificate along with the draft offer document; (c) the draft offer document shall be hosted on the websites of the Authority, the recognised stock exchange(s) where the specified securities are proposed to be listed, the issuer and the lead manager(s) for seven working days, inviting comments from public; (d) the lead manager(s) shall file with the Authority details of material comments received by them or by the issuer from the public on the draft offer document during such period and the consequential changes, if any, that are proposed to be made pursuant thereto, in the draft offer document; (e) the Authority may issue observations,....
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.... (c) Introduction providing a brief overview of the offer details; (d) General information; (e) Capital Structure; Explanation: Capital structure shall include details of all shareholders holding five per cent or more of the pre-issue paid-up capital. (f) Particulars of the Issue: i. Objects of the Issue; ii. Requirement of Funds; iii. Funding Plan; iv. Business/Project Appraisal, if any; v. Deployment of Funds; vi. Basis of Issue Price; (g) Underwriting; (h) Tax implications for investors; (i) About the Issuer: i. Industry Description; ii. Business Description; iii. Organisational structure, Management, Key Managerial Personnel and Remuneration; iv. Shareholders' Agreements and Other material Agreements; v. Dividend Policy; (j) Financial Statements; (k) Material Related Party Transactions; (l) Legal and Other Information: i. Outstanding material litigation and material developments; ii. Pending material Government/Regulatory approvals; (m) Details of major group ....
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....sue size in favour of the following categories of persons and the same shall suitably be disclosed in the offer document: (a) employees; (b) directors; and (c) shareholders (other than controlling shareholders) of its group entities which are listed. 18. Pricing The issuer shall determine pricing, in consultation with the lead manager(s), either through fixed price or book building process and shall suitably disclose the same in the offer document: Provided that in case of listing of equity shares by a public Indian company, the issuer shall also comply with the requirements prescribed under schedule XI of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. 19. Offer period The initial public offer shall be kept open for at least one working day and not more than ten working days: Provided that in case the issuer has made a simultaneous offer in any other jurisdiction, the offer period may be for same period as applicable in the other jurisdiction. 20. Minimum public offer (1) Where the issuer is a company incorporated in India, including in an IFSC, such issuer shall comply with the minimum offer and allotment to p....
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....he recognised stock exchange(s) within such period, as specified by the recognised stock exchange(s): Provided that in case the issuer has made a simultaneous offer in any other jurisdiction, the specified securities shall be listed on the same date. 27. Post-issue report The issuer, through the lead manager(s), shall file a post-issue report with the recognised stock exchange(s) giving details including relating to number, value and percentage of all applications received, allotments made, basis of allotment, subscription, details of credit of specified securities, details relating to payments and refunds, and the date of filing of listing application, within ten working days from the date of closing of the issue. 28. Price stabilisation through green shoe option (1) An issuer may provide a green shoe option for stabilising the post listing price of its specified securities, subject to the following conditions: (a) the draft offer document contains all material disclosures about the green shoe option; (b) the issuer has appointed an investment banker or a broker dealer registered with the Authority as a stabilising agent, who shall be respons....
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....nd controlling shareholders of the issuer shall be locked-up for a period of one hundred and eighty days from the date of allotment in the initial public offer: Provided that the lockup provisions shall not apply with respect to the specified securities lent to stabilising agent for the purpose of green shoe option, during the period starting from the date of lending of such specified securities and ending on the date on which they are returned to the lender. (2) The shareholding of the SR Equity Shares shall be locked-up after the initial public offering, until the later of: a) their conversion to ordinary shares; and b) One year from the date of allotment in the initial public offer. (3) The specified securities that are locked-up may be pledged as a collateral security: Provided that such lockup shall continue pursuant to the invocation of the pledge and the transferee shall not be eligible to transfer the specified securities till the lockup period stipulated in these regulations has expired. 30. Other responsibilities of lead manager (1) The lead manager(s) shall prepare a schedule, listing the activity-wise all....
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....n securities held for a period of at least one year prior to the filing of the draft offer document with the Authority, and also subject to the following: (i) such equity shares being issued out of free reserves and share premium existing in the books of account as at the end of the financial year preceding the financial year in which the draft offer document is filed with the Authority; and (ii) such equity shares not being issued by utilisation of revaluation reserves or unrealized profits of the issuer. 34. Lead manager The issuer shall appoint lead manager(s) to the issue and other intermediaries in consultation with the lead manager(s). 35. In-principle approval from recognised stock exchange(s) (1) The issuer shall file an application with a recognised stock exchange seeking in-principle approval for listing of specified securities: Provided that where the application is made to more than one recognised stock exchange, the issuer shall choose one of them as the designated stock exchange. (2) The recognised stock exchange shall grant an in-principle approval or reject the application within fifteen days from the date of rec....
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....s to take an informed investment decision. (2) For the purpose of 'materiality' of disclosure under this regulation, the issuer shall provide the details of its 'materiality policy', wherever applicable, in the offer document and ensure the disclosure of all material information post filing of offer document and prior to listing. (3) The lead manager(s) shall exercise due diligence and satisfy themselves about all aspects of the issue including the materiality, veracity and adequacy of disclosures in the offer document. (4) The offer document shall contain the requisite disclosures relating to the public offer, including the following: (a) Offer Document Summary; (b) Risk factors; (c) Introduction providing a brief overview of the offer details; (d) General information; (e) Capital Structure; Explanation: Capital structure shall include details of all shareholders holding five per cent. or more of the paid-up capital; (f) Particulars of the Issue: i. Objects of the Issue; ii. Requirement of Funds; iii. Funding Plan; iv. Business/Project Appraisal, if any; ....
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....RITIES ALREADY LISTED IN OTHER JURISDICTION 41. Secondary Listing without public offer An issuer, having its specified securities listed in a jurisdiction outside IFSC, may list those specified securities on a recognised stock exchange(s), without making public offer, subject to the following conditions: (a) It shall file listing application, in the manner specified by the recognised stock exchange(s); and (b) It shall comply with the listing requirements of the recognised stock exchange(s) and such other conditions as may be specified by the Authority. 42. Listing with public offer (1) An issuer, having its specified securities listed in a jurisdiction outside IFSC, may list the specified securities on a recognised stock exchange(s) through a public offer. (2) The provisions relating to appointment of lead manager, in-principle approval from recognised stock exchanges, filing of offer document, offer timing, disclosures in offer document, reservations, pricing, offer period, minimum public offer, minimum subscription, anchor investor, underwriting, monitoring agency, allotment, listing, post-issue report, price stabilisation through gre....
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....er within a period of not more than twelve months from the date of issuance of observations by the Authority: Provided that if the offer is not made within the specified time period, a fresh draft offer document shall be filed. 47. Initial disclosures in the Offer Document (1) The offer document shall contain all material disclosures which are true, correct and adequate to enable the investors to take an informed investment decision. (2) For the purpose of 'materiality' of disclosure under this regulation, the issuer shall provide the details of its 'materiality policy', wherever applicable, in the offer document and ensure the disclosure of all material information post filing of offer document and prior to listing (3) The lead manager(s) shall exercise due diligence and satisfy themselves about all aspects of the issue including the materiality, veracity and adequacy of disclosures in the offer document. (4) The offer document shall contain the requisite disclosures relating to the public offer, including the following: a) Offer Document Summary; b) Risk factors; c) Introduction providing a brief overview of the....
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....n such a case adequate disclosure regarding underwriting arrangements shall be made in the offer document. (2) At least fifty per cent. (50%) of the underwriting commission shall be deferred until successful completion of the business combination, and shall be deposited in the escrow account. (3) In case of liquidation, the underwriter shall have no right on the deferred commission deposited in the escrow account. 52. Application and Allotment (1) The minimum application size in an initial public offer of SPAC shall be USD one hundred thousand. (2) Allotment to investors shall be on proportionate basis or discretionary basis, as disclosed in the offer document. (3) The issuer and lead manager(s) shall ensure that the specified securities are allotted, and the payments and refunds are completed within five working days from the date of closing of the issue. 53. Other provisions The provisions relating to listing, post-issue report, other responsibilities of lead manager and prohibition on payment of incentives provided for Initial Public Offers under PART A of Chapter III shall mutatis mutandis apply to initial public offer under....
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....of taxes payable). Explanation: A SPAC may have the option to not afford the redemption right to the shareholders who have not voted. (7) In the event of change in control of the SPAC, it shall provide the redemption option to the shareholders (other than sponsors) for converting their securities into a pro rata portion of the aggregate amount held in the escrow account (net of taxes payable). (8) The SPAC shall complete the business combination within the timeline disclosed in the offer document, which shall not exceed thirty six months from the date of listing on the recognised stock exchange(s). (9) Where the business combination is not completed within the specified time frame, the escrow account shall be liquidated, and specified securities shall be delisted in the manner as disclosed in the offer document: Provided that, in the event of liquidation and delisting, the sponsors shall not participate in the liquidation distribution. (10) A sponsor shall not transfer or sell any of his specified securities prior to the completion of a business combination. (11) The SPAC shall ensure that the businesses combination has....
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....eriod of one year from the date of closing of the business combination. (5) The shareholding of the controlling shareholders, directors and key managerial personnel of the resultant entity shall be locked up for a period of one year from the date of closing of the business combination. CHAPTER VII: RIGHTS ISSUE, PREFERENTIAL ISSUE AND QUALIFIED INSTITUTIONS PLACEMENT 57. Rights Issue, Preferential Issue and Qualified Institutions Placement A Listed Entity may make rights issues, preferential issues or qualified institutions placement of specified securities, subject to compliance with the requirements that may be specified by the Authority. CHAPTER VIII: LISTING OF DEPOSITORY RECEIPTS PART A: ELIGIBILITY 58. Eligibility An issuer incorporated outside an IFSC shall be eligible to make an issue of depository receipts only if - (i) It is authorised to issue depository receipts as per the applicable laws of its home jurisdiction; and (ii) The underlying securities represented by such depository receipts is in dematerialised form, fully paid and free from all encumbrances. PART B: PUBLIC OFFER OF DEPOSITORY RECEIPTS 59. Offer size ....
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....Remuneration; iv. Shareholders' Agreements and Other material Agreements; v. Dividend Policy; (k) Financial Statements; (l) Material Related Party Transactions; (m) Legal and Other Information; i. Outstanding material litigation and material developments; ii. Pending material Government/Regulatory approvals; (n) Details of major group entities including their business; (o) Other regulatory and statutory disclosures; (p) Any other material disclosures; Explanation: where the underlying securities of the issuer are listed on the stock exchange in its home jurisdiction, the issuer may provide reference to the relevant prospectus or other disclosures made to such stock exchange or to any relevant regulatory body. (5) The audited financial information of the issuer in the offer document shall be for at least last three financial years: Provided that the financial information may be provided for a lesser period if the issuer has not completed three years since its incorporation: Provided further that the latest financial statements provided in the offer document s....
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....pecified by the recognised stock exchange. (2) The issuer shall file the listing application with a recognised stock exchange along with applicable regulatory fee and the same shall be remitted to the Authority in the manner specified by the Authority. 70. Initial Disclosures (1) The offer document or information memorandum, as applicable, shall contain all material disclosures which are true, correct and adequate to enable the investors to take an informed investment decision. (2) The issuer shall ensure that the following disclosures are made in the offer document or information memorandum: a. Issuer Disclosures: i. General information; ii. Risk Factors; iii. Information about the issuer; iv. Business description; v. Organisational structure; vi. Management; vii. Major / controlling shareholders; viii. Audited Financial Statements; ix. Statutory auditor; x. Material outstanding litigations and defaults; b. Issue related disclosures: i. Details of debt securities; ii. Risk factors; iii. List of exchanges where the debt....
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....ies on a recognised stock exchange, the issuer shall comply with requirements such as appointment of trustee, creation of debenture redemption reserve and such other requirements as may be specified by the Authority or the recognised stock exchange(s). 74. Exempt Issuers A recognised stock exchange may, if satisfied on the basis of an application made by an issuer, relax the applicability of certain requirements of this chapter or chapter X, as the case may be, in accordance with its internal policy or guidelines, for the following issuers: (a) Supranational, multilateral or statutory institutions /organisations /agencies; (b) Entities whose securities are irrevocably guaranteed by a Sovereign; and (c) Any other entity as may be specified by the Authority. CHAPTER X: ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) LABELLED DEBT SECURITIES 75. Applicability (1) This chapter shall apply to Environmental, Social and Governance (ESG) labelled debt securities including "green", "social", "sustainability", "sustainability linked" debt securities or any other ESG labelled debt securities as may be specified by the Authority, which is listed or pr....
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....ails regarding the independent external reviewer are adequately disclosed and easily accessible to the investors. 77. Additional disclosures in Offer document / Information Memorandum (1) The issuer shall make the following additional disclosures in the offer document or information memorandum, as the case may be, in respect of ESG labelled debt securities (other than sustainability-linked debt securities): (a) A statement on ESG objectives of the issue of debt securities; (b) Details of process followed by the issuer for evaluating and selecting the project(s) and/or asset(s); (c) Proposed use of the proceeds of the issue including details of the project(s) and/or asset(s); and (d) Details of the systems and procedures to be employed for tracking the deployment of the proceeds of the issue. (2) The issuer shall make the following additional disclosures in the offer document or information memorandum, as the case may be, in respect of sustainability-linked debt securities: (a) The issuer shall disclose the rationale for issuance of sustainability-linked debt securities and consistency with issuers' overall sustainabi....
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....on on the performance of the selected Key Performance Indicator(s), including baselines where relevant; (b) any information enabling investors to monitor the level of ambition of the SPTs; and (c) a verification report by an independent external reviewer outlining the performance against the SPTs and the related impact, and timing of such impact, on the debt securities' financial and/or structural characteristics. CHAPTER XI: LISTING OF OTHER FINANCIAL PRODUCTS 79. Listing of Funds and Investment Trusts An issuer may list a fund or an investment trust on a recognised stock exchange in terms of IFSCA (Fund Management) Regulations, 2022. 80. Listing of Commercial Papers An issuer may list commercial paper on a recognised stock exchange in such manner and subject to such conditions as may be specified by the Authority. 81. Listing of Certificates of Deposit An issuer may list certificate of deposit on a recognised stock exchange in such manner and subject to such conditions as may be specified by the Authority. 82. Listing of other financial products An issuer may list such other financial product on a recognised stock exchange in such mann....
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....hat the relevant filings, reports, statements, documents and information are duly filed within the specified timelines and contain requisite information. k) The Listed Entity shall ensure that periodic filings, reports, statements, documents shall contain information that shall enable investors to track the performance of a Listed Entity over a period of time and shall provide sufficient information to enable investors to assess the current status of a Listed Entity. It shall include all material updates on the business, financial performance, management, etc. 85. General obligation of compliance The Listed Entity shall ensure that key managerial personnel, directors, promoters, controlling shareholders or any other person dealing with it comply with responsibilities or obligations as assigned to them under these regulations. 86. Compliance Officer and Obligations (1) A Listed Entity shall appoint a qualified company secretary as the compliance officer: Provided that where the entity is incorporated outside India, a company secretary or equivalent shall be appointed as compliance officer. (2) The compliance officer of the Listed Entity s....
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.... about Board Meeting (1) The Listed Entity shall give prior intimation about the meeting of the board of directors and immediately disclose outcome of the meeting of the board of directors, to the recognised stock exchange(s) in respect of any of the following proposals: (a) dividends; (b) buyback of securities; (c) decision with respect to fund raising or change in capital; (d) financial results; (e) decision on voluntary delisting by the Listed Entity from stock exchange(s); (f) any material business event such as acquisition, demerger, sale or purchase of assets/ businesses/ companies; and (g) material litigation. (2) The intimation required under sub-regulation (1) shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting. 90. Annual and Extraordinary General Meetings The Listed Entity shall immediately disclose to the recognised stock exchange(s) the proceedings of Annual and extraordinary general meetings, by whatever name called. 91. Change in Director, KMP, Auditor or Compliance Officer (1) The Listed Entity shall immedia....
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....n The Listed Entity shall submit its shareholding pattern to the recognised stock exchange(s), in such form and manner as may be specified by the Authority or the recognised stock exchange(s) on a quarterly basis, within fifteen working days from the end of each quarter. 96. Financial Statements (1) The Listed Entity shall disclose the audited standalone and consolidated financial statements for the full financial year to the recognised stock exchange(s) immediately after the approval of its board of directors, but in any event not later than three months of the end of financial year. (2) The Listed Entity shall disclose the financial statements for each of the first three quarters of its financial year to the recognised stock exchange(s) immediately after the approval of its board of directors, but in any event not later than forty five days after the end of each quarter. (3) The Listed Entity shall prepare its financial statements in accordance with IFRS or US GAAP or Ind AS or other accounting standards as applicable in its home jurisdiction: Provided that a Listed Entity preparing financial statements as per the accounting standards of ....
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....t apply to the Listed Entities having market capitalisation of less than USD 50 million. (2) The sustainability report specified in sub-regulation (1) shall be prepared based on: (a) internationally accepted reporting standards such as Global Reporting Initiative, International Sustainability Standards Board, Task Force on Climate-related Financial Disclosures; (b) Business Responsibility and Sustainability Reporting; or (c) any other standards that may be specified by the Authority. 101. Corporate actions (1) The Listed Entity shall inform the recognised stock exchange(s) in advance of any proposed corporate actions such as stock split, consolidation, dividend, bonus issues or similar events. (2) The Listed Entity shall give notice of the record date for such corporate action to the recognised stock exchange(s), wherever applicable at least three working days in advance, specifying the purpose of the record date. 102. Meetings of shareholders and voting (1) The Listed Entity shall provide the remote e-voting facility to its shareholders in respect of all shareholders' resolutions. (2) The Listed Enti....
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....an three months of the end of financial year. (2) The Listed Entity shall disclose the financial statements for each of the first three quarters of its financial year to the recognised stock exchange(s) immediately after the approval of its board of directors, but in any event not later than forty five days after the end of each quarter. (3) The Listed Entity shall prepare its financial statements in accordance with IFRS or US GAAP or Ind AS or other accounting standards as applicable in its home jurisdiction: Provided that a Listed Entity preparing financial statements as per the accounting standards of its home jurisdiction (other than IFRS, US GAAP and Ind AS) shall be required to reconcile the same with IFRS. 108. Material or price sensitive events (1) The Listed Entity shall immediately make disclosure to the recognised stock exchange(s) of any event or information concerning it or any of its subsidiaries or associates which, in the opinion of the board of directors of the Listed Entity, is material or price sensitive. Explanation 1: The Listed Entity shall consider the following criteria for determination of materiality of event....
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....f such exchange and home regulator; b) It shall release all disclosures in English to the recognised stock exchange(s) simultaneously with their release to its home exchange or home regulator where it has a primary listing; and c) It shall comply with such other requirements as may be specified by the Authority or recognised stock exchange(s). 114. Voting Rights The voting rights of the depository receipts holders shall be exercised in accordance with the depository agreement. 115. Dissemination by recognised stock exchange(s) The recognised stock exchange(s) shall ensure that the disclosures made by the Listed Entities are immediately disseminated on their websites. PART E - LISTING OBLIGATIONS AND CONTINUOUS DISCLOSURE REQUIREMENTS FOR DEBT SECURITIES 116. Material or price sensitive events (1) The issuer shall immediately disclose to the recognised stock exchange(s) all events which are material or price sensitive. (2) The issuer shall immediately disclose to the recognised stock exchange(s) the following events: (a) any redemption or cancellation of the debt securities; (b) details of any interest payment(s....
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.... are listed; and (b) The recognised stock exchange(s) shall ensure clearing and settlement of the trades. CHAPTER XIV: MISCELLANEOUS 123. Listing agreement The entity desirous of listing its securities and permitted financial products on the recognised stock exchange(s) shall execute a listing agreement with such stock exchange, in such form and manner as specified by such stock exchange. 124. Refusal of admission to list A recognised stock exchange may, at its discretion, reject an application for admission to list securities or permitted financial products, if it considers that- (a) listing of such securities or permitted financial products would be detrimental to investors' interests; or (b) the issuer does not comply or will not comply with any requirement specified by the Authority or the recognised stock exchange. 125. Suspension (1) A recognised stock exchange may suspend the trading of securities or permitted financial products where it appears that: (a) the issuer is in non-compliance with the regulatory provisions specified by the Authority or the recognised stock exchange; (b) the issuer has been....