Listing Process

Eligibility

Startup companies which are eligible to list -

• Companies intensive in use of technology, IT, IP, data analytics, bio-technology, nano-technology to provide products, services or business platforms with substantial value addition and with at least 25% of the pre-issue capital being held by QIBs or
• Any other company in which at least 50% of the pre-issue capital is held by QIBs.

Mandate

• Obtain necessary approvals from the Board of Directors
• Amend the Articles of Association

Appoint intermediaries & prepare Draft doc

• Appoint Merchant Banker and other intermediaries
• Audited financials to be prepared / restated as per Accounting Standards
• Draft document for issuance / listing to be filed with BSE and SEBI

Approval

• Obtain in-principle approval from BSE
• Resolve observations from SEBI, if any

Listing

• Enter into tripartite agreement with the Depositories to dematerialize the shares
• Company shall list the securities on SE within 30 days following observations from SEBI
• File the final Offer document in case of IPO
• Open the issue, in case of listing with IPO
• File the listing application and listing agreement with BSE

Comparison with Traditional Listing

Particulars Traditional Listing Hi-Tech Listing Initial Public Offering Compulsory Optional (with or without IPO) Financial eligibility criteria Min. Rs. 3 cr Net Tangible AssetsMin. Networth Rs. 1 cr Min. Av OPBT* Rs. 15 cr (in 3 of 5 years) None Use of Proceeds Restricted No restrictions Lock-in of promoter holdings 3 years 6 months Discretionary allotment institutional investors Not allowed Allowed Disclosures in offer document Detailed as prescribed As deemed appropriate by issuer Source of information Draft document Draft document Minimum application size Rs.10,000 - Rs.15,000 Rs. 10 lakh Minimum trading lot 1 share (no minimum value) Rs. 10 lakh Tax applicable on transactions STT (Securities Transaction Tax) STT (Securities Transaction Tax)

* Operating profit before tax