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Benefits of Listing on NSE

• A premier market place


• Visibility
• Largest exchange
• Unprecedented reach
• Modern infrastructure
• Transaction speed
• Short settlement cycles
• Broadcast of corporate announcements
• Trade statistics for listed companies
• Investor service centers
• Nominal listing fees

A premier marketplace
The sheer volume of trading activity ensure that the impact cost is lower on the Exchange
which in turn reduces the cost of trading to the investor. NSE’s automated trading system
ensure consistency and transparency in the trade matching which enhances investors
confidence and visibility of our market.

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Visibility
The trading system provides unparallel level of trade and post-trade information. The best 5
buy and sell orders are displayed on the trading system and the total number of securities
available for buying and selling is also displayed. This helps the investor to know the depth of
the market. Further, corporate announcements, results, corporate actions etc are also
available on the trading system.

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Largest exchange
NSE is the largest exchange in the county in terms of trading volumes. During the year 2006-
2007, NSE reported a turnover of Rs. 1,945,285 crores in the equities segment.

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Unprecedented reach
NSE provides a trading platform that extends across the length and breadth of the country.
Investors from 360 centres can avail of trading facilities on the NSE Trading Network. The
Exchange uses the latest in communication technology to give instant access from every
location.

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Modern infrastructure
NSE introduced for the first time in India, fully automated screen based trading. The Exchange
uses a sophisticated telecommunication network with over 9000 trading terminals connected
through VSATs (Very Small Aperture Terminals).

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Transaction speed
The speed at which the Exchange processes orders, results in liquidity and best available
prices. The Exchange's trading system on an average processes 8000 orders per minute. The
highest number of trades in a day of 63,89,264 was recorded on october 03, 2007.

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Short settlement cycles


The Exchange has successfully completed more than 1900 settlements without any delays.

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Broadcast facility for corporate announcements


The NSE network is used to disseminate information and company announcements across the
country. Important information regarding the company is announced to the market through
the Broadcast Mode on the NEAT System as well as disseminated through the NSE website.
Corporate developments such as financial results, book closure, announcements of bonus,
rights, takeover, mergers etc. are disseminated across the country thus minimizing scope for
price manipulation or misuse.

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Trade statistics for listed companies


Listed companies are provided with monthly trade statistics for all the securities of the
company listed on the Exchange.

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Investor service centers


Six investor-service centers opened by NSE across the country cater to the needs of investors.

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Nominal listing fees


The listing fee charged by the Exchange is much lower compared to the listing fees charged by
other exchanges.

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Eligibility Criteria for Listing
IPOs by Companies

Qualifications for listing Initial Public Offerings (IPO) are as below:

1. Paid up Capital

The paid up equity capital of the applicant shall not be less than Rs. 10 crores * and
the capitalisation of the applicant’s equity shall not be less than Rs. 25 crores**

* Explanation 1

For this purpose, the post issue paid up equity capital for which listing is sought shall
be taken into account.

** Explanation 2

For this purpose, capitalisation will be the product of the issue price and the post issue
number of equity shares. In respect of the requirement of paid-up capital and market
capitalisation, the issuers shall be required to include, in the disclaimer clause of the
Exchange required to put in the offer document, that in the event of the market
capitalisation (Product of issue price and the post issue number of shares) requirement
of the Exchange not being met, the securities would not be listed on the Exchange.

2. Conditions Precedent to Listing:

The Issuer shall have adhered to conditions precedent to listing as emerging from
inter-alia from Securities Contracts (Regulations) Act 1956, Companies Act 1956,
Securities and Exchange Board of India Act 1992, any rules and/or regulations framed
under foregoing statutes, as also any circular, clarifications, guidelines issued by the
appropriate authority under foregoing statutes.

3. Atleast three years track record of either:

a. the applicant seeking listing; or


b. the promoters****/promoting company, incorporated in or outside India or
c. Partnership firm and subsequently converted into a Company (not in existence as a
Company for three years) and approaches the Exchange for listing. The Company
subsequently formed would be considered for listing only on fulfillment of conditions
stipulated by SEBI in this regard.

For this purpose, the applicant or the promoting company shall submit annual reports
of three preceding financial years to NSE and also provide a certificate to the
Exchange in respect of the following:

• The company has not been referred to the Board for Industrial and Financial
Reconstruction (BIFR).

• The networth of the company has not been wiped out by the accumulated losses
resulting in a negative networth
• The company has not received any winding up petition admitted by a court.

****Promoters mean one or more persons with minimum 3 years of experience of


each of them in the same line of business and shall be holding at least 20% of the
post issue equity share capital individually or severally.

4. The applicant desirous of listing its securities should satisfy the exchange on the
following:

a) No disciplinary action by other stock exchanges and regulatory authorities


in past three years

The applicant, promoters/promoting company(ies), group companies, companies


promoted by the promoters/promoting company(ies) have not been in default in
payment of listing fees to any stock exchange in the last three years or has not been
delisted or suspended in the past, and has not been proceeded against by SEBI or
other regulatory authorities in connection with investor related issues or otherwise.

b) Redressal Mechanism of Investor grievance

The points of consideration are:

o The applicant, promoters/promoting company(ies), group companies,


companies promoted by the promoters/promoting company(ies) track record
in redressal of investor grievances
o The applicant’s arrangements envisaged are in place for servicing its investor.
o The applicant, promoters/promoting company(ies), group companies,
companies promoted by the promoters/promoting company(ies) general
approach and philosophy to the issue of investor service and protection
o defaults in respect of payment of interest and/or principal to the
debenture/bond/fixed deposit holders by the applicant, promoters/promoting
company(ies), group companies, companies promoted by the
promoters/promoting company(ies) shall also be considered while evaluating a
company’s application for listing. The auditor’s certificate shall also be
obtained in this regard. In case of defaults in such payments the securities of
the applicant company may not be listed till such time it has cleared all
pending obligations relating to the payment of interest and/or principal.

c) Distribution of shareholding

The applicant’s/promoting company(ies) shareholding pattern on March 31 of last


three calendar years separately showing promoters and other groups’ shareholding
pattern should be as per the regulatory requirements.

d) Details of Litigation

The applicant, promoters/promoting company(ies), group companies, companies


promoted by the promoters/promoting company(ies) litigation record, the nature of
litigation, status of litigation during the preceding three years period need to be
clarified to the exchange.
e) Track Record of Director(s) of the Company

In respect of the track record of the directors, relevant disclosures may be insisted
upon in the offer document regarding the status of criminal cases filed or nature of the
investigation being undertaken with regard to alleged commission of any offence by
any of its directors and its effect on the business of the company, where all or any of
the directors of issuer have or has been charge-sheeted with serious crimes like
murder, rape, forgery, economic offences etc. ”

Note:

a) In case a company approaches the Exchange for listing within six months of an IPO, the
securities may be considered as eligible for listing if they were otherwise eligible for listing at
the time of the IPO. If the company approaches the Exchange for listing after six months of an
IPO, the norms for existing listed companies may be applied and market capitalisation be
computed based on the period from the IPO to the time of listing.
Eligibility Criteria for Listing
Securities of Existing Companies Checklist for Eligibility

Existing Companies listed on other stock exchanges

1. Paid up Capital & Market Capitalisation

a. The paid-up equity capital of the applicant shall not be less than Rs. 10 crores
* and the market capitalisation of the applicant’s equity shall not be less than
Rs. 25 crores**

Provided that the requirement of Rs. 25 crores market capitalisation under this
clause 1(a) shall not be applicable to listing of securities issued by Government
Companies, Public Sector Undertakings, Financial Institutions, Nationalised
Banks, Statutory Corporations and Banking Companies who are otherwise
bound to adhere to all the relevant statutes, guidelines, circulars, clarifications
etc. that may be issued by various regulatory authorities from time to time.

or

b. The paid-up equity capital of the applicant shall not be less than Rs. 25 crores
* (In case the market capitalisation is less than Rs. 25 crores, the securities of
the company should be traded for at least 25% of the trading days during the
last twelve months preceding the date of submission of application by the
company on at least one of the stock exchanges where it is traded.)

or

c. The market capitalisation of the applicant’s equity shall not be less than Rs. 50
crores. **

or

d. The applicant Company shall have a net worth of not less than Rs.50 crores in
each of the three preceeding financial years. The Company shall submit a
certificate from the statutory auditors in respect of networth as stipulated
above***.

* Explanation 1 For this purpose the existing paid up equity capital as well as
the paid up equity capital after the proposed issue for which listing is sought
shall be taken into account.

** Explanation 2 The market capitalisation shall be calculated by using a 12


month moving average of the market capitalisation over a period of six
months immediately preceding the date of application. For the purpose of
calculating the market capitalisation over a 12 month period, the average of
the weekly high and low of the closing prices of the shares as quoted on the
National Stock Exchange during the last twelve months and if the shares are
not traded on the National Stock Exchange such average price on any of the
recognised Stock Exchanges where those shares are frequently traded shall be
taken into account while determining market capitalisation after making
necessary adjustments for Corporate Action such as Rights / Bonus
Issue/Split.
*** Explanation 3 Networth means Paid up equity capital + Free Reserves i.e.
reserve, the utilization of which is not restricted in any manner may be taken
into consideration excluding revaluation reserves – Miscellaneous Expenses not
written off – Balance in profit and loss account to the extent not set off.

2. Conditions Precedent to Listing:

The applicant shall have adhered to conditions precedent to listing as emerging from
inter-alia, Securities Contracts (Regulations) Act 1956, Companies Act 1956, Securities
and Exchange Board of India Act 1992, any rules and/or regulations framed under
foregoing statutes, as also any circular, clarifications, guidelines issued by the
appropriate authority under foregoing statutes.

3. Atleast three years track record of either:

a. the applicant seeking listing; or or


b. the promoters****/promoting company, incorporated in or outside India or

For this purpose, the applicant or the promoting company shall submit annual reports
of three preceding financial years to NSE and also provide a certificate to the
Exchange in respect of the following:

o The company has not been referred to the Board for Industrial and Financial
Reconstruction (BIFR)
o The networth of the company has not been wiped out by the accumulated
losses resulting in a negative networth.
o The company has not received any winding up petition admitted by a court.

**** Promoters mean one or more persons with minimum 3 years of experience of
each of them in the same line of business and shall be holding at least 20% of the
post issue equity share capital individually or severally.

2. The applicant should have been listed on any other recognised stock exchange for
atleast last three years

3. The applicant has paid dividend in atleast 2 out of the last 3 financial years
immediately preceding the year in which listing application has been made

or

The applicant has distributable profits ( as defined under section 205 of the Companies
Act, 1956) in at least two out of the last three financial years (an auditors certificate
must be provided in this regard).

or
The networth of the applicant is atleast Rs. 50 crores******

While considering the profitability / ability to distribute dividend, the non recurring
income/extraordinary income shall be excluded from the total income. Further in case
of companies where networth criteria is satisfied on account of shares being issued at
a premium for consideration other than cash, such cases be referred to the Listing
Advisory Committee (LAC) for consideration.

*** Explanation 4.

Networth means: Paid up equity capital plus Reserves excluding revaluation reserve
minus Miscellaneous Expenses not written off minus balance in profit and loss account
to the extent not set off

"Provided that Clause 4 and Clause 5 shall not be applicable for listing of:

a) Equity shares and securities convertible into equity issued by

i. a banking company including a local area bank (i.e. Private Sector Banks) set up
under sub-clause (c) of Section 5 of the Banking Regulation Act, 1949 and which has
received license from the Reserve Bank of India or

ii. a corresponding new bank set up under the Banking Companies (Acquisition and
Transfer of Undertakings) Act, 1970, Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1980, State Bank of India Act, 1955 and the State Bank of India
(Subsidiary Banks) Act, 1959 (i.e. Public Sector Banks) or

iii. an infrastructure company – (a) whose project has been appraised by a Public
Financial Institution or Infrastructure Development Finance Corporation (IDFC) or
Infrastructure Leasing and Financial Services Limited (IL&FS) and (b) not less than 5%
of the project cost is financed by any of the institutions referred to in clause (a) above,
jointly or severally, irrespective of whether they appraise the project or not, by way of
loan or subscription to equity or a combination of both.

b) Securities other than equity shares or securities convertible into equity shares at a
later date issued by Government Companies, Public Sector Undertakings, Financial
Institutions, Nationalised Banks, Statutory Corporations, Banking Companies and
subsidiaries of Scheduled Commercial Banks.”

4. The applicant desirous of listing its securities should also satisfy the Exchange on the
following:

a. No Disciplinary action has been taken by other stock exchanges and


regulatory authorities in the past three years

The applicant, promoters/promoting company(ies), group companies,


companies promoted by the promoters/promoting company(ies) have not been
in default in payment of listing fees to any stock exchange in the last three
years or has not been delisted or suspended in the past and has not been
proceeded against by SEBI or other regulatory authorities in connection with
investor related issues or otherwise.

b. Redressal mechanism of Investor grievance

The points of consideration are:

 The applicant, promoters/promoting company(ies), group companies,


companies promoted by the promoters/promoting company(ies) track
record in redressal of investor grievances

 The applicant’s arrangements envisaged are in place for servicing its


investor

 The applicant, promoters/promoting company(ies), group companies,


companies promoted by the promoters/promoting company(ies)
general approach and philosophy to the issue of investor service and
protection

 defaults in respect of payment of interest and/or principal to the


debenture/bond/fixed deposit holders by the applicant,
promoters/promoting company(ies), group companies, companies
promoted by the promoters/promoting company(ies) shall also be
considered while evaluating a company’s application for listing. The
auditor’s certificate shall also be obtained in this regard. In case of
defaults in such payments, the securities of the applicant company
may not be listed till such time it has cleared all pending obligations
relating to the payment of interest and/or principal.

c. Distribution of shareholding

The applicant company/promoting company(ies) shareholding pattern on


March 31 of preceding three years separately showing promoters and other
groups’ shareholding pattern should be as per the regulatory requirements.

d. Details of Litigation

The applicant, promoters/promoting company(ies), group companies,


companies promoted by the promoters/promoting company(ies) litigation
record, the nature of litigation, status of litigation during the preceding three
years need to be clarified to the exchange.

e. Track Record of Director(s) of the Company

In respect of the track record of the directors, relevant disclosures may be


insisted upon in the offer document regarding the status of criminal cases filed
or nature of the investigation being undertaken with regard to alleged
commission of any offence by any of its directors and its effect on the business
of the company, where all or any of the directors of issuer have or has been
charge-sheeted with serious crimes like murder, rape, forgery, economic
offences etc.

f. Change in Control of a Company/Utilisation of funds raised from public

In the event of new promoters taking over listed companies which results in
change in management and/or companies utilising the funds raised through
public issue for the purposes other than those mentioned in the offer
document, such companies shall make additional disclosures (as required by
the Exchange) with regard to change in control of a company and utilisation of
funds raised from public.

Note:

a) Where an unlisted company merges with a company listed on other stock


exchanges and the merged entity seeks listing on the NSE, the Exchange may
grant listing to the merged entity only if the listed company (prior to the
merger with the unlisted company) meets all the criteria for listing on its own
account or the unlisted company meets the requirements for listing on the
Exchange, except for the market capitalisation condition, on its own account.
In case either of the above conditions are not met then such company may be
considered for listing after a minimum period of 18 months or after the
publication of two annual reports whichever is later, provided it satisfies the
criteria at that point of time.

Listing Fees

The listing fees depend on the paid up share capital of your Company:

Particulars Amount (Rs.)


Initial Listing Fees 7,500
Annual Listing Fees
Companies with paid up share and/or debenture capital:
Of Rs.1 crore 4,200
Above Rs.1 crore and up to Rs.5 crores 8,400
Above Rs.5 crores and up to Rs.10 crores 14,000
Above Rs.10 crores and up to Rs.20 crores 28,000
Above Rs.20 crores and up to Rs.50 crores 42,000
Above Rs.50 crores 70,000

Companies which have a paid up capital of more than Rs. 50 crores will pay additional listing
fees of Rs. 1400 for every increase of Rs. 5 crores or part thereof in the paid up
share/debenture capital.

Kindly draw your Cheques/Demand Drafts favouring National Stock Exchange of India Limited,
payable in Mumbai.
NSE started trading in the equities segment (Capital Market segment) on November 3, 1994
and within a short span of 1 year became the largest exchange in India in terms of volumes
transacted.

Trading volumes in the equity segment have grown rapidly with average daily turnover
increasing from Rs.17 crores during 1994-95 to Rs.6,253 crores during 2005-06. During the
year 2005-06, NSE reported a turnover of Rs.1,569,556 crores in the equities segment.

The Equities section provides you with an insight into the equities segment of NSE and also
provides real-time quotes and statistics of the equities market. In-depth information regarding
listing of securities, trading systems & processes, clearing and settlement, risk management,
trading statistics etc are available here.
What's New

Securities listed and admitted to dealings

Date of
Sr.No. Symbol Series Company Name ISIN Code
Listing

1 TELEDATAGL EQ Teledata Informatics Limited INE480B01022 17-Jan-2008

Precision Pipes And Profiles Company


2 PPAP EQ INE095I01015 11-Jan-2008
Limited

3 ARIES EQ Aries Agro Limited INE298I01015 11-Jan-2008

4 PATINTLOG EQ Patel Integrated Logistics Limited INE529D01014 11-Jan-2008

5 DTIL EQ Dhunseri Tea & Industries Limited INE477B01010 11-Jan-2008

6 MANAKSIA EQ Manaksia Limited INE015D01022 08-Jan-2008

7 BGRENERGY EQ BGR Energy Systems Limited INE661I01014 03-Jan-2008

8 BURNPUR EQ Burnpur Cement Limited INE817H01014 03-Jan-2008

9 BRIGADE EQ Brigade Enterprises Limited INE791I01019 31-Dec-2007

10 ECLERX EQ eClerx Services Limited INE738I01010 31-Dec-2007

11 TRIL EQ Transformers And Rectifiers (India) Limited INE763I01018 28-Dec-2007

12 ICIBK1107 N1 ICICI Bank Limited INE090A08MR7 24-Dec-2007

13 ICIBK1107 N2 ICICI Bank Limited INE090A08MS5 24-Dec-2007

14 ICIBK1107 N4 ICICI Bank Limited INE090A08MU1 24-Dec-2007

15 ICIBK1107 N3 ICICI Bank Limited INE090A08MT3 24-Dec-2007

16 MADHAV EQ Madhav Marbles and Granites Limited INE925C01016 20-Dec-2007

17 KALYANIFRG EQ Kalyani Forge Limited INE314G01014 20-Dec-2007

18 HITECHPLAS EQ Hitech Plast Limited INE120D01012 20-Dec-2007

19 JYOTHYLAB EQ Jyothy Laboratories Limited INE668F01023 19-Dec-2007

20 COLPAL EQ Colgate Palmolive (India) Ltd INE259A01022 17-Dec-2007


Procedure and Conditions for Listing on Wholsale Debt Market (WDM)

1. All Listing are subject to compliance with Byelaws, Rules and other requirements
framed by the Exchange from time to time in addition to the SEBI and other statutory
requirements.

2. The Issuer of security proposed for listing has to forward an application in the format
prescribed in Annexure I of this booklet.

3. Every issuer, depending on the category and type of security has to submit alongwith
application, such supporting documents/information as specified in Annexure I of this
booklet and as prescribed by the Exchange from time to time.

4. On getting an in-principle consent of the exchange the issuer has to enter into a listing
agreement in the prescribed format under its common seal.

5. Upon listing, the Issuer has to comply with all requirements of law, any
guidelines/directions of Central Government, other Statutory or local authority.

6. The Issuer shall also comply with the post listing compliance as laid out in the listing
agreement and shall also comply with the rules, bye-laws, regulations and any other
guidelines of the Exchange as amended from time to time.

7. Listing on WDM segment does not imply a listing on CM segment also or vice versa.

8. If the equity shares of an issuer are listed on other stock exchanges but not listed on
Capital Market segment of the Exchange, though eligible, then the debt securities of
the said issuer will not be permitted to be listed on the WDM segment.

9. The Exchange reserves the right to change any of the requirements indicated in this
booklet / document without prior notice.
Eligibility Criteria For Listing

Issuer Eligibility Criteria for Listing

Public Issue Private Placement

Public Sector Undertaking:


As applicable to As applicable to
corporates corporates
• Min. 51% holding by Central Govt, and/or State
Govts. and/or Govt. Company.
As applicable to As applicable to
• Less than 51% shareholding corporates corporates

Statutory Corporation under Special Act of


Parliament/State Legislature, Local bodies / authorities:
As applicable to As applicable to
• Min. 51% holding by Central Govt and/or State PSUs corporates
Govts. And/or Govt.Company
As applicable to As applicable to
• Less than 51% shareholding corporates corporates

Financial Institutions u/s 4A of Companies Act. , 1956


including Industrial Development Corporations:

Eligible Credit rating


• SLR Bonds

• Non-SLR Bonds

Banks:

• Scheduled banks, and Eligible Credit rating

• Networth of Rs. 50 cr or above

Corporates :

• Paid up capital of Rs. 10 crore ,or


Eligible Credit rating
• Market capitalization of Rs. 25 crore.

(Networth in case of unlisted companies)

Infrastructure Companies:

Eligible Credit rating


• Tax exemption & recognition as Infrastructure
Company under related statues/regulation.

Mutual Fund Units: Any SEBI registered Mutual Fund/ Eligible Eligible
Scheme:

• Investment objective to invest predominantly in


debt or

• Scheme is traded in secondary market as Debt


instrument.

An Issuer shall ensure compliance with SEBI circularsissued on regulating the listing of
privately placed debt instruments and are reproduced below.
Listing Fees

The listing fees depend on the issue size:

Particulars Amount (Rs.)


Initial Listing Fees 7,500
Annual Listing Fees
Issue size:
Of Rs.1 crore 2,100
Above Rs.1 crore and up to Rs.5 crores 4,200
Above Rs.5 crores and up to Rs.10 crores 7,000
Above Rs.10 crores and up to Rs.20 crores 14,000
Above Rs.20 crores and up to Rs.50 crores 21,000
Above Rs.50 crores 35,000

Issuers which have applied for listing of issue size more than Rs. 50 crores would be charged
an additional listing fees of Rs. 700 for every increase of Rs. 5 crores or part thereof in the
issue size (in Rs.) subject to a maximum of Rs. 50,000/-.

Annual listing fee payable by an Issuer is limited to a maximum of Rs. 7.50 lacs.