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The Securities and Exchange Board of India (Sebi) on Wednesday cut the the timeline for listing of shares after the closure of Initial Public Offering. The timeline has been cut to three days from the six at present. The new listing rules will come into effect from September 1 on voluntary basis and mandatorily from December 1, Sebi said in a circular. The reduction in timelines for listing and trading of shares will benefit both issuers as well as investors.
Issuers will have faster access to the capital raised thereby enhancing the ease of doing business and the investors will have the opportunity for having early credit and liquidity for their investment.

“It has been decided to reduce the time taken for listing of specified securities after the closure of public issue to three working days (T+3 days) as against the present requirement of 6 working days (T+6 days). ‘T’ being issue closing date,” Sebi said.    The regulator said that the compensation to investors for the delay in unblocking of ASBA application money shall be computed from T+3 day.  Sebi said that Registrar to an Issue would undertake third-party verification of the applications by matching the PAN available in the demat account with the PAN available in the bank account of the applicant.

In instances of mismatch, such applications would continue to be considered invalid applications for finalising the basis of allotment.  The move came after the board of Sebi approved a proposal in this regard in June.