Listing time 12 days after IPO: SEBI


Mumbai: Market regulator SEBI has made it mandatory for companies to list shares within 12 days after the closure of a public issue. The regulator said that this would be applicable to public issues opening on or after May 1. With this, the number of days between the closing of a public issue and its listing has been reduced by 10 days, from the existing 22 days. The ASBA (Application Supported by Blocked Amount) process would also undergo suitable modification to make it consistent with the new timelines, SEBI added. In a statement, SEBI said the new rule meant to make the "existing public issue process more efficient." The SEBI Chairman, C.B. Bhave, had said last year that the market regulator was looking at reducing the listing time to seven days. Market participants said that reducing the listing time to 12 days was a good move, a long-awaited one.