Important Points for IC 99 - Asset Management Exam
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The company has to obtain in-principle approval from the intended recognised stock exchanges to get its securities listed. A company is required to complete the allotment of securities offered to the public and / or refund the application moneys within fifteen days from the date of closure of the issue.
According to the Companies Act, 2013 "Listed Company" means a company which has any of its securities listed on any recognised stock exchange.
Listing and the Companies Act 2013 : As per Section 40(1) of the Companies Act 2013, every company which intends to make public offer of shares or debentures should make an application to one or more recognised stock exchanges before making such offer.
The term "delisting" of securities means permanent removal of securities of a listed company from a stock exchange. SEBI has issued regulation called SEBI (Delisting of Equity Shares) Regulations, 2009.
Compulsory delisting refers to permanent removal of securities of a listed company from a stock exchange as a penalty measure at the behest of the stock exchange for not making submissions / comply with various requirements set out in the Listing agreement within the time frames prescribed.
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