{"id":250816,"date":"2021-07-05T18:30:01","date_gmt":"2021-07-05T13:00:01","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=250816"},"modified":"2021-07-06T09:52:45","modified_gmt":"2021-07-06T04:22:45","slug":"sebi-issues-circular-resolving-issue-of-no-objection-certificate-for-release-of-1-of-issue-amount","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/05\/sebi-issues-circular-resolving-issue-of-no-objection-certificate-for-release-of-1-of-issue-amount\/","title":{"rendered":"SEBI issues circular resolving issue of No Objection Certificate for release of 1% of Issue amount"},"content":{"rendered":"<p style=\"text-align: justify;\">The Securities and Exchange Board of India has issued a <a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/jul-2021\/issue-of-no-objection-certificate-for-release-of-1-of-issue-amount_50898.html\">circular dated 05.07.2021<\/a> reducing the time-period for processing of NOC applications to 2 months from the existing period of 4 months after listing for submitting the application, as stated in Circular No. CIR\/OIAE\/1\/2009 dated November 25, 2009, wherein SEBI had laid down guidelines for obtaining NOC for release of 1% of issue amount.\u00a0 As per point 2 of the said circular, the issuer company is required to submit an application on its letterhead addressed to SEBI in the format specified in Annexure \u2013A, after lapse of 4 months from listing on the Exchange, which was the last to permit listing, for the purpose of obtaining the NOC.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The same time-period of 4 months has been reduced to 2 months vide circular dated 05.07.2021 and is subject to the condition that all issue related complaints have been resolved by the merchant banker\/ issuer. In addition\u00a0 to\u00a0 the\u00a0 requirements\u00a0 laid\u00a0 down\u00a0 for\u00a0 processing\u00a0 of\u00a0 NOC\u00a0 applications\u00a0 in\u00a0 the aforementioned circular, the merchant banker shall submit a certificate confirming that all the\u00a0 SCSBs\u00a0 involved\u00a0 in\u00a0 ASBA\u00a0 process\u00a0 have\u00a0 unblocked\u00a0 ASBA\u00a0 accounts.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">SEBI shall consider application as incomplete if the application is not accompanied by a confirmation by merchant banker that all the accounts in ASBA have been \u2018unblocked\u2019.<\/p>\n<hr \/>\n<p><span style=\"color: #003366;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Board of India has issued a circular dated 05.07.2021 reducing the time-period for processing of NOC applications to <\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-250816","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI issues circular resolving issue of No Objection Certificate for release of 1% of Issue amount | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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