The Bombay Stock Exchange (BSE) has tightened eligibility norms for companies seeking to list on its small and medium exchange (SME) platform, which includes mandatory visit by exchange officials to companies premises. In a circular, BSE said a visit to the company seeking to list on its SME's platform would be undertaken by the exchange before granting of approval to use its name in the offer document. Besides, companies are required to file a compliance certificate by a practising company secretary as per the guidance note issued by the Institute of Company Secretaries of India (ICSI) as and when such a certification is made applicable by the SME Platform of BSE.
Veto Switchgears IPO opens on Dec 3
Jaipur-based Veto Switchgears and Cables has proposed to enter the capital market with an initial public offering (IPO) of R25 crore. The issue, which will be the second IPO to be listed on EMERGE NSE's SME platform, opens on December 3 and closes on December 6. The price band is fixed at R48 and R50 and the minimum bid quantity of equity shares will happen in contract size of 3,000 shares. Veto Switchgears and Cables plans to utilise the proceeds to meet R&D expenditure, buy new machinery, finance the proposed modernization of existing plant at Hardwar, and meet working capital requirement. Keynote Corporate Services is the book running lead manager to the issue, whereas Indian Overseas Bank is the co-book running lead manager.
Bombay HC dismisses plea against SAT order
The Bombay High Court on Monday dismissed a writ petition that challenged orders passed by the Securities Appellate Tribunal (SAT) in the absence of a permanent presiding officer. The high court order assumes significance since it is more than an year since Justice NK Sodhi retired from the tribunal that deals with orders passed by the Securities and Exchange Board of India (Sebi). The order was passed by a division bench comprising Justice Mohit Shah and Justice Anoop Mohta on a petition filed by a stock broker Sandeep Jain who was penalised by Sebi and the order was upheld by SAT.