“T+3 Listing Timelines for Public Issues”

SEBI has asked for disclosure of T+3 listing timelines in the offer documents of public issues. Currently, the listing requirement is six working days (T+6 days) post IPO.

The timelines for submission of application, allotment of securities, unblocking of application monies and listing will be made a part of pre-issue, issue opening and issue closing advertisements by the issuer. The registrar to an issue will undertake third-party verification of the applications by matching the PAN available in the demat account with that available in the bank account of the applicant.

The PAN linked to the bank account of the applicant will be part of the bidding data on the stock exchange platform.

The new listing time-frame will be voluntary for all public issues opening on or after September 1 and mandatory for all the issues that come after December 1.