1. The full text of “Model Equity Listing Agreement – for SME Exchange” is given at Annexure A. This agreement shall be executed for listing of specified securities issued or migrated on SME exchange, in terms of Chapter XA of the SEBI (ICDR) Regulations.

1. Certain relaxations are provided to the issuers whose securities are listed on SME exchange in comparison to the listing requirements in Main Board, which inter-alia include the following:

a. Companies listed on the SME exchange may send to their shareholders, a statement containing the salient features of all the documents, as prescribed in sub-clause (iv) of clause (b) of proviso to section 219 of the Companies Act, 1956, instead of sending a full Annual Report;

b. Periodical financial results may be submitted on “half yearly basis”, instead of “quarterly basis” and

c. SMEs need not publish their financial results, as required in the Main Board and can make it available on their website.

1. The above listing conditions are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.
2. The Model SME Equity Listing agreement specified in the „Annexure A‟ shall come into force with immediate effect. 6. All Stock Exchanges are advised to:

(i) execute the Listing Agreement with the issuing companies in line with the Model Listing agreement specified in the Annexure, without limiting or diluting any of the requirements thereof;

(ii) make necessary and consequential amendments, if any , to their bye-laws for the implementation of the above decision;

(iii) disseminate the same on their website for easy access to the Issuers and investors; and

(iv) communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.

SME Listing agreement

The objective of introducing ASBA is to ensure that the investor’s funds leave his bank account only upon allocation of shares in public issues. The ASBA process also ensures that only the requisite amount of funds are debited to the investor’s bank account on allotment of shares. In this mechanism, the need for refunds is completely obviated.

Using this interface the banks, participating in the IPO process would be able to upload the bids with respect to their customers, into the electronic book of BSE. The interface facilitates not only the controlling branch but also the designated branches of the banks to directly upload the bids into the electronic book at BSE. The ASBA application has been successfully tested with eleven banks.

SEBI vide its circular no. SEBI/CFD/DIL/DIP/31/2008/30/7 (July 30, 2008) introduced a supplementary process of applying in public issues, viz., the “Applications Supported by Blocked Amount (ASBA)” process.

The ASBA process shall be available in all public issues made through the book building route.

The main features of ASBA process are as follows:

1. Meaning of ASBA: ASBA is an application for subscribing to an issue, containing an authorisation to block the application money in a bank account.
2. Self Certified Syndicate Bank (SCSB): SCSB is a bank which offers the facility of applying through the ASBA process.

For more details on the ASBA process, please refer to the SEBI circular mentioned above.

The list of SCSBs are as below. For details of designated branches click on respective banks below:
 

• Corporation Bank
• HDFC Bank
• ICICI Bank Ltd
• State Bank of India
• Union Bank of India