ACKNOWLEDGEMENTS

A work without the blessing and the guidance of experienced is always half donea n d u n s a t i s f a c t o r y . T h e t a s k o f c o m p l e t i n g t h i s p r o j e c t n e e d s k n o w l e d g e , experience & guidance of the prominent person as mentioned in the subject line.My abundant and most sincere thanks goes to the honorable guide for providingme with the necessary facilities to carry out the project successfully.I would also like to thank Mr. Satish Matta, Faculty Guide, LIMT, Gr. Noida for familiarizing me with the concepts of management, which were of great help tocomplete this project. BHAWESH MISHRAMBA (3RD SEM) Roll No.: 0717270022

The main objective of this project is to gain an insight of National Stock Exchange& B omb ay S to ck Exchange tow ards the lis ting procedure and to explore thebenefits of listing on the stock exchanges with a comparative study. SCOPE The project would help a company to make familiar with listingp rocedure on NSE & BSE. The project would also tell the benefits of listing on the stock exchangesfor raising funds through equity share capital. 5

OBJECTIVE

METHODOLOGY The methodology used for the implementation of the assigned project is basedon secondary data & with the help of custom type pie explosion chart. LIMITATIONS The limitations of this project arise from the time period assigned to me in thisproject. Since I had to work only for two months.This project merely tells about the listing procedure of equities on NSE & BSE

PREFACE Learning Categories You, and practicing on that learning specialize you . The importance of any academic courses would gain advantage and the acceptanceof the true form, only through practical experiences. Hence it is quite necessary toput theories as into task. This is made possible with the summer training at any of the companies under the expert guidance of a competent person.The students are required to submit a report on the work done and knowledgegained during this period. The report is evaluated and marks awarded as per thecontents in the report.I was asked to work on project Comparison of listing procedure between NSE &

METHODOLOGY The methodology used for the implementation of the assignedproject is based on secondary data and with the help of custom typepie explosion chart.Research design for the descriptive study is of exploratory typeand the forms is given to dis cover th e pos s ible meas ure by d etail ed a n a l y s i s t h i s r e p o r t a l s o b a s e d o n d e s c r i p t i v e r e s e a r c h b e c a u s e i t provide the detailed knowledge about the BSE and NSE and its listingprocedure.S e c o n d a r y d a t a i s t o b e u s e d i n t h e r e s e a r c h , h a v e b e e n collec ted from various magazines , new s paper, w eb s ites and o th er source.Research design: descriptive type and analytical typeData collection method : seco ndary data collect method.

ABOUT NSE The National Stock Exchange (NSE) is India's leading stock exchange coveringv a r i o u s c i t i e s a n d t o w n s a c r o s s t h e c o u n t r y . N S E w a s s e t u p b y l e a d i n g institutions to provide a modern, fully automated screen-based trading systemwith national reach. The Exchange has brought about unparalleled transparency,speed & efficiency, safety and market integrity. It has set up facilities that servea s a m o d e l f o r t h e s e c u r i t i e s i n d u s t r y i n t e r m s o f s y s t e m s , p r a c t i c e s a n d procedures.NSE has played a catalytic role in reforming the Indian securities market in termsof microstructure, market practices and trading volumes. The market today usesstate-of-art information technology to provide an efficient and transparent trading,clearing and settlement mechanism, and has witnessed several innovations inproducts & services viz. demutualisation of stock exchange governance, screenbased trading, compression of settlement cycles, dematerialisation and electronictransfer of securities, securities lending and borrowing, professionalisation of trading members, fine-tuned risk management systems, emergence of clearingc o r p o r a t i o n s t o a s s u m e c o u n t e r p a r t y r i s k s , m a r k e t o f d e b t a n d d e r i v a t i v e instruments and intensive use of information technology. THE ORGANISATION The National Stock Exchange of India Limited has genesis in the report of theHigh Powered Study Group on Establishment of New Stock Exchanges, whichrecommended promotion of a National Stock Exchange by financial institutions(F Is ) to provid e acces s to inves tors from all acros s the country on an equal footing. Based on the recommendations, NSE was promoted by leading FinancialIns titut ions at the behes t o f th e G o v ernment of India and w as incorporated inNovember 1992 as a tax-paying company unlike other stock exchanges in thecountry.O n i t s r e c o g n i t i o n a s a s t o c k e x c h a n g e u n d e r t h e S e c u r i t i e s C o n t r a c t s (Regulation) Act, 1956 in April 1993, NSE commenced o p e r a t i o n s i n t h e Wholes ale D ebt M arket (WD M ) s egment in J une 1994. Th e C ap ital M arket (Equities) segment commenced operations in November 1994 and operations inDerivatives segment commenced in June 2000. Mission NSE's mission is setting the agenda for change in the securities markets in India The NSE was set-up with the main objectives of: establishing a nation-wide trading facility for equities, debt instruments andhybrids,

e n s u r i n g e q u a l a c c e s s t o i n v e s t o r s a l l o v e r t h e c o u n t r y t h r o u g h a n appro priate communication network, providing a fair, efficient and transparent securities market to investors using electronic trading systems, enabling shorter settlement cycles and book entry settlements systems, and meeting the current international standards of securities markets.The s tandards set by NS E in ter ms of market practic es and technology h av e b e c o m e i n d u s t r y b e n c h m a r k s a n d a r e b e i n g e m u l a t e d b y o t h e r m a r k e t participants. NSE is more than a mere market facilitator. It's that force which is guiding the industry towards new horizons and greater opportunities. Logo The logo of the NSE symbolises a single nationwide securities trading facility ensuring equal and fair access to investors, trading members and issuers all over the country. The initials of the Exchange viz., N, S and E have been etched on the logo and are d is tin ctly vis ible. The logo symbolis es us e of s tate of the art information technology and satellite connectivity to bring about the change withinthe securities industry. The logo symbolises vibrancy and unleashing of creative energy to constantly bring about change through innovation PROMOTERS 14

N S E h as been promoted by leading financial ins titutions , banks , ins urance com panies and other financial intermediaries: 1. Industrial Development Bank of India Limited 2. Industrial Finance Corporation of India Limited 3. Life Insurance Corporation of India 4. State Bank of India 5. ICICI Bank Limited 6. IL & FS Trust Company Limited 7. Stock Holding Corporation of India Limited 8. SBI Capital Markets Limited 9. The Administrator of the Specified Undertaking of Unit Trust of India 10. Bank of Baroda 11. Canara Bank 12. General Insurance Corporation of India 13. National Insurance Company Limited 14. The New India Assurance Company Limited 15. The Oriental Insurance Company Limited 16. United India Insurance Company Limited 17. Punjab National Bank 18. Oriental Bank of Commerce 19. Corporation Bank 20. Indian Bank 21. Union Bank of India 15

CORPORATE STRUCTURE NSE is one of the first de-mutualised stock exchanges in the country, where theownership and management of the Exchange is completely divorced from theright to trade on it. Though the impetus for its establishment came from policy makers in the country, it has been set up as a public limited company, owned bythe leading institutional investors in the country.F rom day one, NS E has adopted the form of a d emu tu al is ed exchange - theow ners hip, management and trading is in the h an d s o f three different s ets of people. NSE is owned by a set of leading financial institutions, banks, insurance companies and other financial intermediariesand is managed by professionals, w ho do not directly or indirectly trade on the Exchange. This h as co mp let elyel imin ated any conflict of interes t and helped N S E in aggres s iv ely p u r s u in g policies and practices within a public interest framework.T h e N S E m o d e l h o w e v e r , d o e s n o t p r e c l u d e , b u t i n f a c t a c c o m m o d a t e s involvement, support and contribution of trading members in a variety of ways. ItsBoardc o m p r i s e s o f s e n i o r e x e c u t i v e s f r o m p r o m o t e r i n s t i t u t i o n s , e m i n e n t professionals in the fields of law, economics, accountancy, finance, taxation, etc,public r ep r es en tativ es , nominees of S EB I and one full time executive of the Exchange. 16

Wh ile th e B oard deals w ith broad policy is s ues , decis ions relating to mar k et operations are delegated by the Board to various committeesconstituted by it.Such committees include representatives from trading members, professionals, the public and the management. The day-to-day management of the Exchange isdelegated to the Managing Director who is supported by a team of professional staff . 17

BOARD OF DIRECTORS
Chairman Mr. S. B. Mathur Administrat or of the SpecifiedUndertaki ng of Unit Trust of India

Managing Director Mr. Ravi NarainNational Stock Exchange of IndiaLtd. Deputy Managing Director Ms. Chitra RamkrishnaNation

al Stock Exchange of IndiaLtd

COMMITTEES

The Exchange has constituted various committees to advise it on areas such asgood market practices, settlement procedu res, risk containment

systems etc.These committ ees are manned b y industry professi onals, trading me mbers,Exchange staff as also representatives from the market regulator.

Executive Committee Committee On Trade Related Issues (COTI) Advisory Committee - Listing of Securities

Executive Committee
Objective: To manage the day-today operations of the Exchange Composition:1 . M r . R a v i N a r a i n Man aging Director National

Stock Exchange of India Ltd.Chairman2.Mr. Mukesh Kansal Managing Director M/s. K & A Securities (P) Ltd.Trading Member 3 . M r . H e m a n g R a j a Mana

ging Director Trading Member

M/s IL&FS Investsmart Ltd.4.Mr. Shailes h Saraf Wholetim

e Director M/s. Dynamic Equities Pvt. Ltd.Trading Member 5.Mr. C.Parthasarathy Director M/s. Karvy Stock Broking Ltd.Trading Member 6.Mr. R. P. ChitaleManagi

ng Partner M/s. M. P. Chitale & Co. CharteredAccounta ntsPublicRepresent ative7.Mr. Y. H. MalegamChartere d AccountantPublicR epresentative8.Mr. S.

VenkiteswaranSr . AdvocatePublicRep resentative9.Ms. C hitra Ramkrishna Deputy Managing Director National Stock Exchange of India Ltd.Other Nominee10.Mr.

P. M. Venkatasubraman ianEx-Managing Director, GICOther Nominee11.Mr. N. S.KannanChief Financial Officer & Treasurer ICICI Bank LimitedOther Nominee

ADVISORY COMMITTEE LISTING OF SECURITIES

24

Objective: To advise NSE on The suitability of the Companies for listing on the

Exchange within theparameters set out by the listing agreement To ensure that the applicant company has complied with all the conditionsset out i n the listing agree

ment as well as o ther formalities, S EBIregulations, etc. Systems and procedures to be adopted for listing of securitiesCompositi on:1 M r . N G a n g

a R a m Former Executive Director, Industrial Development Bank of India2 M r . U d a y K o t a k Executive Vice Chairman and Managing Director,Kotak

Mahindra Bank Ltd.3 M r . M R M o n d k a r Chairman, Mondkar Computers Pvt. Ltd.4 M r . S R a m a d o r a i Chief Executive Officer, Tata Consultancy Services5Mr. Prit

hvi HaldeaManag ing Director, Prime DatabasePraxis Cons. & Information Services Pvt. Ltd.6Mr. Prakash KarnikDirectorAsia, Electrapartners

Asia Pvt. Ltd.7 M r . S . V . P r a s a d Chief Executive Officer, Birla Sunlife Mutual Fund 8Mr. Pradip P. S h a h Chairman, Indasia Fund Advisors Pvt.

Ltd.9Mr. Vimal B handariExecutive Director, Infrastructure Leasing & Financial ServicesLtd.10Mr. J. RavichandranC ompany Secretary & Sr.Vice PresidentNational

Stock Exchange of India Ltd.11.Mrs. Chitra RamkrishnaDeput y Managing Director, Head of ListingNational Stock Exchange of India Ltd

National Securities Clearing Corporation Ltd. (NSCCL) The National Sec urities Clearing Co rporation Ltd. (NS CCL), a wholly ow nedsubsidiary of NSE, was

incorporated in August 1995. It was set up to bring andsustain confide nce in clearing an d settlement of se curities; to promote andmai ntain, short and consistent

settlement cycles; to provide counterparty riskguarantee, and to operate a tight risk containment system. NSCCL commencedclearin g operations in April 1996.NSCCL

carries out the clearing and settlement of the trades executed in theEquities and D erivatives segment s and operates Su bsidiary General L edger (SGL) for settlement

of trades in government securities. It assumes the counter-party risk of each member and guarantees fi nancial settlemen t. It alsoundertake s settlement of

transactions on other stock exchanges like, the Over the Counter Exchange of India.NSCCL has successfully brought about an up-gradation of the clearing

andsettlement pro cedures and has b rought Indian finan cial markets in line withinternational markets.
31

NSE.IT Ltd
. NSE.IT, a 100% subsidiary of National Stock Exchange of India Limited (NSE), isthe information technology arm of

the largest stock exchange of the country. Aleading edge technology user, NSE houses state-of-the-art infrastructure andskills. NSE.IT possesses the wealth of expertise

acquired in the last six years byrunning the trading and clearing infrastructure of largest stock exchange of thecountry. NSE.I T is uniquely posit ioned to provide p

roducts, services andsolutions for the securities industry. There has been a long felt need for top-ofthe-line products, services and solutions in the area of trading,

broker frontendand backoffice, clearing and settlement, webbased trading, risk management,treas ury management, asset liability man agement, banking, insurance etc.NSE

.IT's expertise in these areas is the primary focus. The company also plansto provide co nsultancy and imp lementation servic es in the areas of DataWarehousing , Business Contin

uity Plans, Stratu s Mainframe Facil ityManagement, Site Maintenance and Backups, Real Time Market Analysis &Financial News over NSE-Net, etc.NSE.IT is an

Export Oriented Unit with STP and plans to go global for various ITservices in due course. In the near future the company plans to release newproducts for

Broker Back-office Operations and enhance NeatXS / Neat iXS tosupport Straight Through Processing on the net.

India Index Services & Products Ltd. (IISL)

India Index Services and Products Limited (IISL), a joint venture between

NSEandCRISIL Lt d.(formerly the Credit Rating Infor mation Services o f IndiaLimited), was set up in May 1998 to provide a variety of indices and index relatedservices

and products for the Indian capital markets. It has a consulting andlicensing agreement with Standard and Poor's (S&P), the world's leading provider of

investible equity indices, for cobranding equity indices.IISL provid es a broad range of services, produ cts and profession al indexservices. It maintains over 80 equity indices

comprising broadbased benchmarkindices, sectoral indices an d customised indic es. Many investme nt and riskmanage ment products based on IISL indices have been

developed in the recentpast, within India and abroad. These include index based derivatives traded onNSE and Singapore Exchange (SIMEX)

and a number of index funds

National Securities Depository Ltd. (NSDL)

In order to solve t he myriad proble

ms associated wit h trading in physic alsecurities, NSE joined hands with the Industrial Development Bank of India (IDBI)and the Unit Trust of India (UTI ) to promote dema

terialisation of sec urities.

33

Together they set up National Securities Depository Limited (NSDL), the firstdepository in India.NSDL commenced operations in November 1996

and has since established anational infrastruc ture of internationa l standard to handle trading and settlementin dematerialised form and thus completely

eliminated the risks to investorsassociate d with fake/bad/stolen paper.

DotEx International Limited

DotEx was formed to provide worldclass internet trading platforms which allowsmembers of NSE to offer online trading facilities to their customers.

Members of NSE can service a larger clientele by using the automated risk managementfeatur es and thus increase volumes. Investors get comprehensive

and updatedinformation necessary to trade, along with a singleclick convenience to fulfil their obligations. The initial offering of DotEx is DotEx Plaza where

multiple marketparticipants such as members of NSE, depository participants and banks canoffer webbased services to their customers. A s a neutral aggreg

ator andinfrastruct ure provider, DotEx offers choice and convenience to investors. DotExwa s a joint venture between i-flex Solutions Ltd. and NSE.IT Ltd. Recently NSEhas

taken over the shareholding and management of DotEx.DotEx products may be classified under the following broad categories: Equity Trading Module

F&O Trading Module.

34

NSE Technology
Across the globe, developments in in formation, commu nication and netwo rktechnologies have created paradigm shifts in the securities

market operations.Techno logy has enabled organisations to b uild new sources o f competitiveadvan tage, bring about innovations in products and services, and to

provide for new business opportunities. Stock exchanges all over the world have realised thepotential of IT and have moved over to electronic trading systems,

which arecheaper, have wider reach and provide a better mechanism for trade and posttrade execution.NSE believes that technology will continue to provide

the necessary impetus for the organisatio n to retain its com petitive edge and ensure timeliness andsatisfaction in customer service. In recognition of the fact that

technology willcontinue to red efine the shape of the securities indu stry, NSE stresse s oninnovation an d sustained inves tment in technolo gy to remain ahea d of competition.

NSE's IT set-up is the largest by any company in India. It usessatellite communication technology to energise participation from around 400cities spread all over the

country. In the recent past, capacity enhancementmea sures were taken up in regard to the trading systems so as to effectivelymeet the requirements of

increased users and associated trading loads. Withupgradation of trading hardware, NSE can handle up to 1 million trades per day.NSE has also put in place NIBIS

(NSE's Internet Based Information System) for on-line real-time dissemination of trading information over the internet. In order to capitalise on inhouse expertise in

technology, NSE set up a separate company,NSE.IT, in October 1999. This is expected to provide a platform for taking up newIT assignments both within and outside India and attaining

global exposure.NEAT is a state-of-the-art client server based application. At the server end, alltrading information is stored in an inmemory database

to achieve minimumresponse time and maximum system availability for users. The trading server software runs on a fault tolerant STRATUS main frame

computer while the clientsoftware runs under Windows on PCs.The telecommunication s network uses X.25 protocol and is the backbone of theautomated trading system.

Each trading member trades on the NSE with other members through a PC located in the trading member's office, anywhere in India.The trading members on the

Wholesale Debt Market segment are linked to thecentral computer at the NSE through dedicated 64Kbps leased lines and VSATterminals. These leased lines

are multiplexed using dedicated 2 Mbps, optical-fibre links. The WDM participants connect to the trading system through dialuplinks.The Exchange uses

powerful RISC -based UNIX servers, procured from Digitaland HP for t he back office pro cessing. The lates t software platfor ms likeORACLE 7 RDBMS, GUPTA -

SQL/ORACLE FORMS 4.5 Front Ends, etc. havebeen used for the Exchange applications. The Exchange currently manages itsdata centre ope rations, system an

d database admini stration, design a nd

36

development of i n-house systems and design and i mplementation of telecommunication solutions.NSE is one of the largest interactive VSAT based stock exchanges in the

world.Today it supports more than 3000 VSATs and is expected to grow to more than4000 VSATs in the next year. The NSE- network is the largest private wide

areanetwork in the country and the first extended CBand VSAT network in the world.Currently m ore than 9000 use rs are trading on t he real timeonline NSEapplica

tion. There are over 15 large computer systems which include nonstopfault-tolerant computers and high end UNIX servers, operational under one roof to

support the NSE applications. This coupled with the nation wide VSAT networkmakes NS E the country's l argest Informati on Technology u ser.In an ongoing effort to improve

NSE's infrastructure, a corporate network hasbeen implemented, connecting all the offices at Mumbai, Delhi, Calcutta andChennai. This corporate network

enables speedy inter-office communicationsan d data and voice connectivity between offices.In keeping with the current trend, NSE has gone online on the Internet.

Apartfrom having a 2mbps link to VSNL and our own domain for internal browsing andemail purposes, we have also set up our own Web site. Currently, NSE isdisplaying its live

stock quotes on the web site (www.nseindia.co m) which areupdated online.

37

Equities
NSE started tradi ng in the equities segment (Capital Market segment) onNovember 3, 1994 and within a short span of 1 year became the l argestexchange in

India in terms of volumes transacted.Trading volumes in the equity segment have grown rapidly with average dailyturnover increasing from Rs.17 crores

during 1994-95 to Rs.4,328 crores during2003-04. During the year 2003-04, NSE reported a turnover of Rs.1,099,535crore s in the equities segment

accounting for 68.60% of the total Indian securitiesmarket.Th e Equities section provides you with an insight into the equities segment of NSE and also provides real-

time quotes and statistics of the equities market. Indepth information regarding listing of securities, trading systems & processes,clearing and settlement, risk management,

trading statistics etc are availablehere

LISTING
Listing means admission of securities of an issuer to trading privileges on a stockexchange

through a formal agreement. The prime objective of admission todealings on the Exchange is to provide liquidity and marketability to securities, asalso to provide a

mechanism for effective management of trading.Listing on NSE provides qua lifying companies with the broadest access toinvestors , the greatest market depth and

liquidity, costeffective access to capital,the highest visibility, the faires t pricing, and inve stor benefits. NSE tradingterminals are now situated in variouscities and townsacross

the length andbreath of India.Securities listed on the Exchange are required to fulfill the eligibility criteria for listing. Various types of securitiesof a

company are traded under a uniquesymbol and differentseries.NSE plays an important role in helping an Indian companies access equitycapital, by providing a liquid

and well-regulated market. NSE has about 800companies listed representing the length, breadth and diversity of the Indianeconomy which includes from hi-tech to

heavy industry, software, refinery, publicsector units, infrastructure, and financial servi ces. Listing on NS E raises acompany s profile among investors in India and abroad. Trade

data is distributedworldwid e through various news-vending agencies.

39

More importantly, each and every NSE listed company is required to satisfystringent financial, public distribution and management requirements. High

listingstandards foster investor confidence and also bring credibility into the markets.NSE lists securities in its Capital Market (Equities) segment and its

WholesaleDebt Market segment

LISTING PROCEDURE
An Issuer has to take various steps prior to making an application for listing itssecurities on the NSE. These

steps are essential to ensure the compliance of certain requirements by the Issuer before listing its securities on the NSE. Thevarious steps to be taken include:

1. Initial Discussions 2. Approval of Memorandum and Articles of Association 3. Approval of draft prospectus 4.

Submission of Application 5. Listing conditions and requirements 40

LISTING PROCEDURE
Initial Discussions
Authorised persons of the concerned Issuer should hold

discussions with NSEpersonnel regarding various requirements to be fulfilled by the Issuer for listing itssecurities. The discussions should particularly cover the

qualifications of theIssuer which are required for an Issuer to be admitted for listing on the NSE andto understand all the conditions that are precedent to listing on the

NSE. Theproposed Memorandum & Articles of Association and the draft prospectus maybe presented to the NSE for

examination before finalising them.

LISTING PROCEDURE
Approval of Memorandum and Articles of Association
Rule 19(2) (a) of the Securities

Contracts (Regulation) Rules, 1957 requires thatthe Articles of Association of the Issuer wanting to list its securities must containprovisions

as given hereunder.The Articles of Association of an Issuer shall contain the following provisionsnamely: a.that there shall be no forfeiture

of unclaimed dividends before the claimbecomes barred by law;b.that a common form of transfer shall be used;c.that fully paid shares shall be free from

all lien and that in the case of partly paid shares the Issuer's lien shall be restricted to moneys called or payable at a fixed time in respect of such

shares;d.that registration of transfer shall not be refused on the ground of thetransferor being either alone or jointly with any other person or

personsindebted to the Issuer on any account whatsoever;

42

e.that any amount paid up in advance of calls on any share may carryinterest but shall not in respect thereof confer a right to dividend or

toparticipate in profits;f.that option or right to call of shares shall not be given to any person exceptwith the sanction of the Issuer in general meetings.g.permis

sion for SubDivision/Consolidat ion of Share Certificate.Note: The Relevant Authority may take exception to any provision contained inthe Articles of

Association of an Issuer which may be deemed undesirable or unreasonable in the case of a public company and may require inclusion of specific

provisions deemed to be desirable and necessary.If the Issuer's Articles of Association is not in conformity with the provisions asstated above, the Issuer has to make amendments

to the Articles of Association.Howev er, the securities of an Issuer may be admitted for listing on the NSE on anundertaking by the Issuer that the amendments necessary in the

Articles of Association to bring Articles of Association in conformity with Rule 19(2)(a) of theSecurities Contract (Regulation) Rules, 1957 shall

be made in the next annualgeneral meeting and in the meantime the Issuer shall act strictly in accordancewith prevalent provisions of Securities Contract

(Regulation) Act, 1957 and other statutes.It is to be noted that any provision in the Articles of Association, which is not intune with sound corporate practice, has to be

removed by amending the Articlesof Association.

43

Listing Procedure
Approval of draft prospectus
The Issuer shall file the draft prospectus and application forms

with NSE. In caseNSE is not th e Regional Stock Exchange then th e draft prospectu s andapplication forms have to be filed simultaneously with the NSE when the same isfiled

with the Regional Stock Exchange pertaining to the issue, for the perusal of NSE. The draft prospectus should have been prepared in accordance with

thestatutes, notifications, circulars, guidelines, etc. governing preparation and issueof prospectus prevailing at the relevant time. The Issuers may

particularly bear inmind the provisions of Companies Act, Securities Contracts (Regulation) Act, theSEBI Act and the relevant subordinate

legislations thereto. NSE will peruse thedraft prospectu s only from the po int of view of chec king whether the draftprospectus is in accordance with the listing

requirements, and therefore anyapproval given by NSE in respect of the draft prospectus should not be construedas approval under any laws, rules, notifications,

circulars, guidelines etc. TheIssuers shall file a copy of the draft prospectus given by the respective RegionalStock Ex change with NSE . The Issuer shou

ld also submit th e SEBI

44

acknowledgment card or letter indicating observations on draft prospectus or letter of offer by SEBI

Listing Procedure

Submission of Application
For Issuers listing on NSE for the first time Listing of further Issues by Issuers

already listed on NSE Listing Fees Security deposit(for new & fresh issues and when NSE is the RegionalStock Exchange)

Supporting documents

Listing Procedure
Submission of Application (For Issuers listing on NSE for thefirst time)

Issuers desiring to list existing/new securities on the NSE shall make applicationfor admission of their securities to dealings on the

NSE in the forms prescribed in

45