Process of Onboarding
An issuer can access the platform either with a public issue or without a public issue.
- An issuer seeking to issue and list its specified securities shall file a draft offer document along with necessary documents with the Board in accordance with these regulations along with the fees as specified in Schedule III of these regulation
- The draft offer document shall disclose the broad objects of the issue
- The basis of issue price shall include disclosures, except projections, as deemed fit by the issuer in order to enable the investors to take informed decisions and the disclosures shall suitably contain the basis of valuation
Minimum public shareholding norms and minimum offer size
- The issuer shall be in compliance with minimum public shareholding requirements specified in the Securities Contract (Regulations) Rules, 1957
- The minimum offer size shall be INR 10 Crore (Rupee ten crore)
Minimum application size
- The minimum application size shall be INR 2 lac (Rupees two lakh) and in multiples thereof
Allocation and allotment
- The number of allottees in the initial public offer shall at least be 50 (fifty)
- The allotment to institutional investors as well as non-institutional investors shall be on a proportionate basis
Any under-subscription in the non-institutional investor category shall be available for subscription under the institutional investors’ category
- An issuer seeking listing of its specified securities without making a public offer, shall file a draft information document along with the necessary documents with the Board in accordance with these regulations along with the fee as specified in Schedule III of these regulations.
- The draft information document shall contain disclosures as specified for the draft offer documents in these regulations as specified in Part A of Schedule VI
- The regulations relating to the following as stated under the Chapter of Initial Public Offer on Main Board shall not be applicable
- issue opening or closing;
- sub-regulation (2) of regulation 5;
- dispatch of issue material; and
- other such provisions related to offer of specified securities to the public.
- The issuer shall obtain an in-principle approval from the stock exchanges on which it proposes to get its specified securities listed
- The issuer shall list its specified securities on the recognised stock exchange(s) within thirty days:
- from the date of issuance of observations by the Board; or
- from the expiry of the period stipulated in sub-regulation (4) of regulation 25, if the Board has not issued any such observations
- The issuer which has received an in-principle approval from the stock exchange for listing of its specified securities, shall be deemed to have been waived by the Board under sub-rule (7) of rule 19 from the requirement of minimum offer to the public as per the provisions of clause (b) of sub-rule (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957 for the limited purpose of listing on the IGP
- Provisions relating to minimum public shareholding shall not be applicable
- The draft and final information document shall be approved by the board of directors of the issuer and shall be signed by all directors, the Chief Executive Officer, i.e., the Managing Director or Manager within the meaning of the Companies Act, 2013 and the Chief Financial Officer, i.e., the Whole-time Finance Director or any other person heading the finance function and discharging that function
- The signatories shall also certify that all disclosures made in the information document are true and correct
- In case of mis-statement in the information document or any omission therein, any person who has authorized the issue of information document shall be liable in accordance with the provisions of the Act and regulations made thereunder
Trading Lot Sizes
The minimum trading lot on the stock exchange shall be INR 2 lacs (Rupees Two lakh rupees only) and in multiples thereof.