Step-wise procedure for listing of securities on the ITP
- Determine eligibility of the company to list on the ITP.
- The company should apply to the ITP in a specified format stating all the mandatory disclosures about the finances, assets, promoters and other necessary disclosures. List of documents to be submitted can be accessed here.
- The documents need to be approved by the board of directors and must be signed by
- Managing Director and
- the Chief Finance Officer or any other person who heads the finance function of the company.
- The disclosures will be published in the website of the stock exchange for a period of at least 21 days. However, this disclosure is much simpler and less onerous than in an IPO and has minimal regulatory intervention.
- The stock exchange may grant in-principle approval to such listing, and can list the securities once it has confirmed that the company has complied with applicable SEBI regulations and bye-laws of the stock exchange.
- The listed companies must compulsorily sign with both the central depositories - National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL).
When a company has received in-principle approval for listing of such securities, such company will be exempted from the requirement of minimum public shareholding of 25 percent.