OTC EXCHANGE OF INDIA

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Deputy General Manager
Market Regulation Department
Email:-sundaresanvs@sebi.gov.in
Tel : 22845355 Fax: 22845761
MRD/Policy/Cir – 35 /2003/29/09
September 29, 2003

The Executive Directors/Managing Director/Administrators
of All Stock Exchanges

Dear Sir/Madam,

Sub : Listing of further issue of capital

1. SEBI had, vide its circular no. SMDRP/Policy/Cir-15 /2001 dated 
March 08, 2001 mandated, inter alia, that a listed company shall be 
required to obtain 'in-principle' approval for listing from the stock 
exchanges before issuing further shares or securities.
2. The Government of India vide circular No.F.No.1/9/SE/2003 dated 
April 23, 2003 has, inter alia, withdrawn the requirement relating to 
compulsory listing by companies on regional stock exchange. Keeping in 
view the letter and spirit of the said circular, it has been decided that 
if a company is listed on any stock exchange which is having nationwide 
trading terminals, it would be a sufficient compliance of the aforesaid 
SEBI circular, if it obtains ‘in-principle’ approval from such stock 
exchange(s) for further issue of shares or securities. Where the company 
is not so listed on any stock exchange having nationwide trading 
terminals, it shall continue to obtain ‘in-principle’ approval from all 
the exchanges where it is listed as was provided in the aforesaid Circular 
dated March 08, 2001.
3. This shall come into force with immediate effect. 
4. The stock exchanges are directed to, 
4.1 amend the listing agreement by submitting the relevant clause with 
the following :
“The company agrees to obtain ‘in-principle’ approval for listing from the 
exchanges having nationwide trading terminals where it is listed, before 
issuing further shares or securities. Where the company is not listed on 
any exchange having nationwide trading terminals, it agrees to obtain such 
‘in-principle’ approval from all the exchanges in which it is listed 
before issuing further shares or securities.” 
4.2 bring the provisions of this circular to the notice of the member 
brokers/clearing members/listed companies of the Exchange and also to 
disseminate the same on the website for easy access to the investors; and 

4.3 communicate to SEBI, the status of the implementation of the 
provisions of this circular in Section II, item no. 13 of the Monthly 
Development Report for the month of October 2003. 
5. This circular is being issued in exercise of powers conferred 
by 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. 

Yours faithfully,


V S SUNDARESAN