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July 2010

Conditions of listing for issuers seeking listing on SME Exchange

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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New Page 2

Part D : COMPANY
LAW

65 Conditions of listing for issuers seeking listing on SME
Exchange

In recognition of the need for making finance available to
small and medium enterprises, SEBI has decided to encourage promotion of
dedicated exchanges and/or dedicated platforms of the exchanges for listing and
trading of securities issued by SMEs. Consequently, SEBI amended SEBI (ICDR)
Regulations, 2009 and specified the new ‘Model Equity Listing Agreement’ to be
executed between the SME issuer and the stock exchange.

The key highlights of the amendments to listing requirements
are :

(a) Companies listed on the SME exchange may send to their
shareholders a statement containing the salient features of all the documents,
as prescribed in sub-clause (iv) of clause

(b) of proviso to S. 219 of the Companies Act, 1956,
instead of sending a full annual report.

(b) Periodical financial results may be submitted on a
‘half-yearly basis’, instead of a ‘quarterly basis’.

(c) SMEs need not publish their financial results, as
required in the main board and can make it available on their website.


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