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ARTICLE · 21 NOVEMBER 2018

Roadmap To A Shorter Listing Period

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In the United States, settlement of securities issued pursuant to a public issue takes place within 3 days from the issue closure.

IndiaFinance and Banking
Sudhir Bassi
Sudhir Bassi
Oishik Bagchi
Oishik Bagchi
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In the United States, settlement of securities issued pursuant to a public issue takes place within 3 days from the issue closure. Over a period, the Securities and Exchange Board of India (SEBI) had reduced the timeline for listing from 12 working days to 6 working days from the date of issue closure (T+6 Timeline). SEBI by its recent circular dated 1 November 2018 (Circular) has laid down the roadmap for further shortening the timeline for listing to 3 working days from the date of issue closure (T+3 Timeline), which shall be implemented in a phased manner.

The key impediments in achieving shorter timeline for listing include time taken for (i) physical movement of application forms amongst the intermediaries; (ii) validation of demographic details of the investors post issue closure; and (iii) blocking of funds by application supported by block amount (ASBA) process post bidding on the electronic bidding platform (Electronic Book), and consequent need for

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