Shifting of DSE Listed Companies on BSE™s Dissemination board

As you are all aware that Delhi Stock Exchange (DSE) has already been derecognised, vide SEBI Order dated 19th November 2014. SEBI has mandated that all companies exclusively listed on DSE, would be shifted to the Dissemination Board (DB) set up by BSE.

BSE, vide its Circular dated 9th July 2015 has informed that 1,334 Companies which were exclusively listed on DSE have now been shifted on BSE™s DB. The list of companies is attached as an Annexure.

Further, as per SEBI™s most recent Circular on the Subject, companies listed exclusively on Regional Stock Exchanges (RSEs), once shifted DB, shall be under an obligation to either provide liquidity to their shareholders or to provide exit to their public shareholders.

While, the former can be achieved by way of Direct Listing at Nationwide Stock Exchanges (viz. BSE/ NSE/ MCX-SX) and the latter can be attained by following the SEBI Delisting Regulations.

Companies that fail to achieve either of the above, their Promoters and Directors shall be under strict scrutiny from SEBI, whenever they approach SEBI next for any registrations/ approvals. So, remaining on the DB, without any further action of listing/ exit, would attach a stigma and severe repercussions for the Promoters and Directors of such companies.

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eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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