Legalaxy - September 2023

LEGAL MAXIM

Ejusdem Generis – 'of the same kind or nature'

SEBI REDUCES THE TIMELINE FOR LISTING OF SHARES IN PUBLIC ISSUE

Securities and Exchange Board of India ("SEBI"), in its board meeting held on June 28, 2023, had, inter alia, approved to reduce the time taken for listing of specified securities after the closure of public issue to 3 working days (T+3 days) as against the present requirement of 6 working days (T+6 days), 'T' being issue closing date. The same has been now notified by SEBI, vide its circular dated August 09, 2023.

This will benefit both the issuer and the investors. Issuers will have faster access to the capital raised, thereby enhancing the ease of doing business and the investors will have opportunity for having early credit and liquidity of their investments.