CIRCULAR
SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/0161 November 21, 2024
To,
All listed entities
All Recognized Stock Exchanges
All registered Merchant Bankers
Madam / Sir,
Subject: Withdrawal of Master Circular on issuance of No Objection Certificate (NOC)
for release of 1% of Issue Amount
1. In order to facilitate ease of doing business to Issuer company, the requirement to deposit
1% of the issue size available for subscription to the public with the designated stock
exchange by the Issuer company under regulation 38 (1) of SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (ICDR Regulations) has been dispensed
with.
2. Consequent to amendment of ICDR Regulations vide gazette notification dated May 17th
2024, the Master Circular no. SEBI/HO/OIAE/IGRD/P/CIR/2022/0151 dated November
07, 2022 on Issuance of No Objection Certificate for release of 1% of Issue Amount stands
withdrawn.
3. However, the Stock Exchanges shall frame a joint standard operating procedure (SoP) for
release of 1% security deposit that were deposited with stock exchanges by the issuer
prior to abovementioned amendments in ICDR Regulations, 2018.
4. The circular shall be applicable with immediate effect.
5. The Stock Exchanges are accordingly advised to:
a. bring the provisions of this circular to the notice of all the companies whose
securities are listed in the exchange and also to disseminate the same on the
website of the stock exchange.
b. make amendments to the relevant bye-laws, rules and regulations for the
implementation of the terms of this circular, if necessary.
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6. This Circular is issued in exercise of powers conferred under Section 11(1) 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.
7. This Circular is available at www.sebi.gov.in under the link “LegalCirculars”.
Yours faithfully,
Raj Kumar Das
Deputy General Manager
Corporation Finance Department
Policy and Development-2
+91-22-26449253
rajkd@sebi.gov.in
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