Mar 31, 2017

Sigh of Relief for Exclusively Listed Companies(ELCs)

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SEBI’s extension of last date till 30th June 2017 was, in itself, a big relief for all the ELCs and their Promoters. Now, another relieving dose for all such companies by BSE.

In line with SEBI relaxation, BSE has come forward and has done away with the Exit Application Processing Fees of Rs. 3 Lacs/ Rs. 5 Lacs (in cas of 100% Promoters holding) for applying for removal of name of ELC from its dissemination board(DB).

Now Exit from both the exchanges i.e. BSE Limited as well as NSE is free of any statutory fees.

These extensions/ relaxations have been made on account of receipt of representations from varied For a. However, these must be availed within the mandated timelines, else would have severe repercussions. Companies that fail to avail either of the two options (on or before 30th June, 2017) as well as their Promoters, Directors and any companies promoted by any of them shall be debarred from accessing capital markets for the period of 10 years. In addition, their Shares will be frozen and their bank accounts/other assets to be attached.

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