CIR/CFD/DIL/ 4
/2013 dated January 23, 2013
To
To All Stock Exchanges
To All Registered Merchant Bankers
To All Registered Registrars to an Issue
To All Registered Bankers to an Issue
To All Registered Stock Brokers
1.
SEBI, vide Circular No. CIR/CFD/DIL/8/2010 dated October 12, 2010, enabled the
syndicate /sub-syndicate members to procure ASBA forms (hereinafter referred as
“Syndicate ASBA”) from the investors, upload the relevant details in the
bidding platform and forward the forms to the SCSBs for signature verification,
blocking of funds, etc., and thereafter, for forwarding the forms to the
registrar to the issue.
2.
Pursuant to the above, SEBI, vide Circular No. CIR/CFD/DIL/1/2011 date April
29, 2011, enabled the ASBA facility through syndicate / sub syndicate members
from 12 bidding centers and advised all the SCSBs which are providing ASBA
facility in any of these 12 centers, to name atleast one branch where syndicate
/ sub-syndicate members can submit the ASBA forms.
3.
Further, SEBI, vide Circular No. CIR/CFD/14/2012 dated October 04, 2012
introduced an additional mechanism for investors to submit application forms in
public issues using the stock broker (“broker”) network of Stock Exchanges, who
may not be syndicate members in an issue. The said Circular envisages enabling
the facility to submit the application forms in more than 1000 locations which
are part of the nationwide broker network of the Stock Exchanges, by March 1,
2013.
4.
In partial modification of the Circular No. CIR/CFD/DIL/1/2011 date April 29,
2011 and in order to facilitate syndicate / sub-syndicate members/
non-syndicate members to accept ASBA forms from investors in the locations:
a.
All the SCSBs having a branch in the location of broker centers of stock
exchanges, notified in terms of clause 6 of Circular dated October 4, 2012, are
required to name at least one branch before March 1, 2012, where syndicate /
sub-syndicate members/ non-syndicate members can submit the ASBA forms.
b.
The Stock Exchanges shall ensure that the details of the locations of their
broker centers, be disclosed on their websites and are regularly updated in
terms of Circular dated October 4, 2012.
5.
Merchant Bankers shall ensure that appropriate disclosures are made in the
offer document in this regard.
6.
All intermediaries are directed to comply with the instructions contained in
this circular.
7.
This circular shall be applicable for Red Herring Prospectus/ Prospectus /
Letter of Offer filed with Registrar of Companies/ Stock Exchanges, as the case
may be, on or after March 1, 2013.
8.
This circular is issued in exercise of the powers conferred under Section 11
read with Section 11A of the Securities and Exchange Board of India Act, 1992.
9.
This circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework” and “Circulars”.
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