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SEBI Further Extends Time Till June 30, 2017 For ELCs To Submit Action Plan

SEBI Circular SEBI/HO/MRD/DSA/CIR/P/2017/27 dated March 27, 2017 to all Recognised/Non-operational /Exited Stock Exchanges and all Exclusively Listed Companies on the Dissemination Board (shares of companies available for buying and selling and not for companies referred as vanishing companies)

1. SEBI vide circular dated October 10, 2016 provided a period of three months to the Exclusively Listed Companies (ELCs) on the Dissemination Board (DB) to submit an action plan to list or to provide exit to shareholders to the designated stock exchanges.

2. Further, SEBI vide circular dated January 05, 2017 extended the time to submit plan of action till March 31, 2017.
3. SEBI has been receiving representations seeking clarifications on raising of further capital and the process of exit of ELCs from the DB. Therefore, in the interest of the investors of such ELCs, it is decided to extend the time to submit the plan of action till June 30, 2017. All other conditions as mentioned in the SEBI circular dated October 10, 2016 remain unchanged.

4. This circular is issued in exercise of powers conferred under Section 11 (1) and 11(2) (j) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. This circular is available on SEBI website.

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