CONTENTS 1. Introduction 1 2. Exchange Operations 3 Capital Market Segment 3 Futures & Options Segment 3 Wholesale Debt Market Segment 4 3. Listing Of Securities on WDM Segment 7 Procedure and Conditions for listing of securities on WDM 7 Criteria for listing on the WDM segment 8 Annexures I. Listing Application II. III. Draft of the Listing Agreement Draft of the Supplementary Listing Agreement
1 INTRODUCTION Overview: India is in midst of an era of liberalization and globalisation of its economy/financial markets. The setting up of National Stock Exchange (NSE) is an important step in the process of securities market reforms. While India has had a long history of securities trading, the markets have not kept pace with the changing trends and requirements to reach their full potential. Particular issues of concern in the securities industry have been lack of transparency, lack of trading facilities fair and accessible to all, undercapitalized trading members, dated procedures/practices and long/uncertain settlement cycles. NSE emerged as an endeavor by some of the institutional investors within the country to address these issues. The Objectives of the NSE are: To establish a nation wide trading facility for equities, debt instruments and hybrids. To ensure equal access to investors all over the country through an appropriate communication network. To provide a fair, efficient and transparent securities market to investors using electronic trading systems. To enable shorter settlement cycles and book entry settlement system. To meet the current international standards of securities markets. Trading System: The trading system of the NSE, known as NEAT (National Exchange for Automated Trading), is a fully automated screen based trading system that enables members across the country to trade simultaneously with enormous ease and efficiency. In one stroke it has done away with the need for people to congregate on the floor of an exchange to trade and has instead taken the exchange floor to the investor s doorstep. The NSE trading software was originally developed by TCAM Systems Inc., New York for the Vancouver Stock Exchange. Subsequently, the system was enhanced and modified for the use in several stock exchanges around the world. WDM Segment: Brochure 1
The telecommunications network is the backbone of any automated trading system and the same is true for NSE also. Each Trading Member trades on the NSE with other members through a computer that may be located at the Trading Member s office or anywhere in India. The Trading Members of the exchange trade through VSATs (Very Small Aperture Terminals). Some Trading Members are connected through dedicated high speed 64 kbps telephone lines also. The Exchange provides a facility for screen based trading with automated order matching. The trading system operates on a price time priority. Orders are matched automatically by the computers keeping the system transparent, objective and fair. Where an order does not find a match, it remains in the system and is displayed to the whole market till a fresh order comes in or the earlier order is cancelled or modified. The trading system provides tremendous flexibility to the users in terms of the type of orders than can be placed on the system. Several time related, price related or volume related conditions can easily be placed on an order. The trading system also provides complete on-line market information through various inquiry facilities. The various screens on the Trading System provide comprehensive information like the total order depth in a security, the best buys and sells available in the market, the quantity traded in that security, the high price, the low price and the last traded price etc. This information is updated online on real time basis providing valuable inputs for investment decisions. It is thus possible for investors to know the actual position of the market before placing orders. Investors can also know the fate of the orders almost as soon as they are placed by the Trading Members on the NEAT system. WDM Segment: Brochure 2
2 EXCHANGE OPERATIONS The Exchange currently operates three market segments, namely Capital Market Segment, Futures and Options Segment and the Wholesale Debt Market Segment. Details of these segments are given below: CAPITAL MARKET SEGMENT The Capital Market segment provides trading facilities in equities, convertible debentures etc. This segment commenced trading on November 3, 1994. Trading commenced in over 200 securities. As of end December 2003, the number of securities traded exceed 1300. Trading volumes on the capital market segment have grown rapidly. The average daily net traded value has increased from Rs.7 crore in November 1994 to over Rs.107898 crores for the month of December 2003. Trading facilities in this segment are available in about 360 cities and the number is gradually increasing. The clearing and settlement operations in CM segment of the Exchange are managed by its wholly owned subsidiary, namely the National Securities Clearing Corporation Limited (NSCCL). A key factor in the growth of NSE has been the short and tight settlement cycles. The Exchange operates a well defined settlement cycle and there have been no deviations/deferments in this regard. The Clearing Corporation has managed to keep the level of bad delivery below 2.5% and the uncertified bad deliveries have been less than 0.3% on an average in contrast to over 10% reported in other exchanges in the country. The NSCCL operates a settlement fund with a corpus of over Rs.1,200 crores. This settlement fund works like a self insurance mechanism. The members contribute to the settlement fund and in the unlikely event of member default or their failure to meet settlement obligations, the fund is used to complete the settlement. This virtually eliminates the counterparty default on NSE. To further reduce the systemic risk, NSE has arranged a comprehensive insurance scheme covering the major Systemic risks of all Trading members in the Capital Market Segment. FUTURES & OPTIONS (F & O) SEGMENT NSE has introduced trading in derivatives for the first time in India. This segment facilitates trades in derivative products such as stock index based futures, stock index based options, stock options, stock futures, and interest rate derivative products. Trading facilities in Futures & Options Segment of the Exchange are available at all centres where Capital Market operations have been extended. All clearing and Settlement functions for the F&O market segment are handled by NSCCL. WDM Segment: Brochure 3
WHOLESALE DEBT MARKET SEGMENT Wholesale Debt Market or the money market as it is commonly referred to, is a market where pure debt instruments such as Government securities, Treasury bills, Public sector bonds, Corporate debentures, Commercial paper, Institutional bonds, Securitised Debt etc. are traded. Trading facilities in this segment are presently available in Mumbai, New Delhi, Calcutta and Chennai. The Exchange plans to extend this to other Metros also. The WDM segment commenced operations on June 30, 1994 with 224 securities carrying an outstanding issue size of Rs.1,35,000 crores. This has now increased to over 1600 securities with an outstanding value of about Rs.9,52,800 crores as on December 2003. Average daily traded volume have increased from Rs.2.40 crore in June 1994 to around Rs.300 crore in December 2003. The principal investors in this market are the banks, institutions and primary dealers followed by corporates and mutual funds. Recognising this feature of the market, the Wholesale Debt Market system provides for two kinds of entities on the segment: Trading Members who meet the admission criteria for membership to the WDM segment. They can place orders and execute trades on the system on their own or on behalf of the clients. On admission they gain the right to trade on the NSE WDM system. Participants take direct settlement responsibility for the trades executed on the Exchange on their behalf by a trading member. They consist of large investors such as Indian and Foreign banks, Financial institutions, Primary dealers, Mutual funds and Corporates who are not Trading members of the NSE and cannot therefore directly transact on NEAT. These Participants effect transactions through NSE WDM members. The exchange has set up systems to contain market risk by ensuring that the primary responsibility of settlement rests directly with participants and by closely monitoring the settlements. In addition, every participant can set up counterparty exposure limits to ensure that all his trades executed are within their exposure limits. Participants are required to register with the exchange and are provided connectivity to the Exchange with which they can view the market on-line through a screen, set up their counterparty exposure limits and also provide the settlement details to the exchange. The Exchange has registered 56 trading members and 86 participants on the WDM segment as on December 31, 2003. WDM Segment: Brochure 4
Securities Available in WDM Segment: All Government securities and Treasury bills are automatically deemed to be listed as and when they are issued. Other securities, either publicly issued or privately placed could be listed if eligible as per exchange rules. Clearing and Settlement Trades on the Wholesale Debt Market are settled gross on a trade for trade basis i.e. each transaction is settled individually and cumulating or netting of transactions is not allowed. Each trade has a unique settlement date specified upfront at the time of order entry and used as a matching parameter. It is mandatory for trades to be settled on the predefined settlement date. The Exchange currently allows settlement periods ranging from same day (T+0) settlement to a maximum of three (T+2) days. Exchange also permits Repurchase (REPO) trades for a repo term upto 14 days for eligible securities and participants. The Clearing Corporation of India Limited (CCIL), promoted by the banks and financial institutions, was incorporated in April 2001 to support and facilitate clearing and settlement of trades in government securities (and also trades in forex and money markets). It facilitates settlement of transactions in government securities (both outright and repo) on gross basis and settlement of funds on net basis simultaneously. It acts as a central counterparty for clearing and settlement of government securities transactions done on NDS. It provides guaranteed settlement for transactions in government securities including repos through improved risk management practices viz, daily mark to market margin and maintenance of settlement guarantee fund. Only a Bank/Financial Institution/Primary Dealer/Mutual Fund or a Statutory Corporation or body corporate which is a member of NDS and which has opened an SGL Account and a Current Account with RBI can apply for CCIL's membership for the Securities segment. In case of securities other than government securities, there is a bilateral settlement between the parties to the trade. Settlements of transactions are closely monitored by the Exchange through obtaining settlement details by trading members and participants. In case of deferment of settlement or cancellation of trade, trading members and participants are required to seek prior approval from the Exchange. Trends towards a retail debt market There has been a significant growth in both the wholesale & retail segment of the debt market. The WDM segment caters to large trades in the whole range of debt securities. The method of trading, the size of trades, etc. on this segment is designed with the large banks, WDM Segment: Brochure 5
institutional investor in mind. In order to encourage members to develop a retail investor base and draw specific focus to this category of investors, a separate retail debt segment has been established. The segment initially focuses on government securities, and trades in this segment are for small lot sizes. All trades on this segment are settled on a net basis through the clearing corporation. WDM Segment: Brochure 6
WDM Segment: Brochure 7 3 LISTING OF SECURITIES ON WDM SEGMENT Listing means admission of a security to trading privileges on a Stock Exchange after entering into a formal agreement with the Issuer. The agreement contains all the quantitative and qualitative requirements to be met by the issuer. The principal objective of listing is to provide liquidity and marketability to securities and ensure effective monitoring of trading for the benefit of all participants in the market. Listing is beneficial to the Issuer since a listed Issuer gets public recognition and wider distribution of its holding. The distinct benefits of listing on NSE to the Issuers would be an access to trading privileges for its securities in the fully automated trading system as also access to the nationwide market through a single listing. Besides, the exchange provides periodical information to the issuers about the trades taking place in these securities. Procedure and Conditions for listing of securities on WDM segment: 1. All Listing are subject to compliance with Byelaws, Rules and other requirements framed by the Exchange from time to time in addition to the SEBI and other statutory requirements. 2. The Issuer of security proposed for listing has to forward an application in the format prescribed in Annexure I of this booklet. 3. Every issuer, depending on the category and type of security has to submit alongwith application, such supporting documents/information as specified in Annexure I of this booklet and as prescribed by the Exchange from time to time. 4. On getting an in-principle consent of the exchange the issuer has to enter into a listing agreement in the prescribed format under its common seal. 5. Upon listing, the Issuer has to comply with all requirements of law, any guidelines/directions of Central Government, other Statutory or local authority. 6. The Issuer shall also comply with the post listing compliance as laid out in the listing agreement and shall also comply with the rules, bye-laws, regulations and any other guidelines of the Exchange as amended from time to time. 7. Listing on WDM segment does not imply a listing on CM segment also or vice versa. 8. If the equity shares of an issuer are listed on other stock exchanges but not listed on Capital Market segment of the Exchange, though eligible, then the debt securities of the said issuer will not be permitted to be listed on the WDM segment. 9. The Exchange reserves the right to change any of the requirements indicated in this booklet / document without prior notice.
Criteria for listing on the WDM segment: The security proposed for listing on the WDM segment of the NSE should comply with the requirements indicated hereunder: Issuer Public Sector Undertaking: Eligibility Criteria for Listing Public Issue Private Placement Min. 51% holding by Central Govt., and/or State Govts. and/or Govt. Company Less than 51% shareholding Statutory Corporation under Special Act of Parliament/State Legislature, Local bodies/ authorities: Min. 51% holding by Central Govt and/or State Govts. and/or Govt. Company Less than 51% shareholding Financial Institutions u/s 4A of Companies Act, 1956 including Industrial Development Corporations: SLR Bonds Non-SLR Bonds Banks: Scheduled banks and Networth of Rs.50cr or above As applicable to Corporate As applicable to Corporate As applicable to PSU As applicable to Corporate Eligible Eligible Eligible As applicable to Corporate As applicable to Corporate As applicable to Corporate As applicable to Corporate Credit rating Credit rating Credit rating WDM Segment: Brochure 8
Corporates: Issuer Eligibility Criteria for Listing Public Issue Private Placement Paid up capital of Rs.10 crore or Market capitalization of Rs.25 crore (Networth in case of unlisted companies) Infrastructure Companies: Tax Exemption and recognition as infrastructure company under related statutes/regulations. Mutual Fund Units: Any SEBI registered Mutual Fund/Scheme: Investment objective to invest predominantly in debt or Scheme is traded in secondary market as Debt instrument. Eligible Eligible Eligible Credit rating Credit rating Eligible An Issuer shall ensure compliance with SEBI circulars issued on regulating the listing of privately placed debt instruments and are reproduced below. WDM Segment: Brochure 9
Deputy General Manager Market Regulation Department Policy Email:-sundaresanvs@sebi.gov.in Tel : 22845355 Fax: 22845761 SEBI/MRD/SE/AT/36/2003/30/09 September 30, 2003 The Executive Directors/Managing Director/Administrators Of All Stock Exchanges Dear Sir/Madam, Sub: Secondary Market for Corporate Debt Securities. 1. Companies have been issuing debt securities on private placement basis from time to time. In order to provide greater transparency to such issuances and to protect the interest of investors in such securities, it has been decided that any listed company making issue of debt securities on a private placement basis and listed on a stock exchange shall be required to comply with the following:- 1.1. The company shall make full disclosures (initial and continuing) in the manner prescribed in Schedule II of the Companies Act, 1956, SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the Listing Agreement with the exchanges. However, if the privately placed debt securities are in standard denomination of Rs.10 Lakhs, such disclosures may be made only through web sites of the stock exchange where the debt securities are sought to be listed. 1.2. The debt securities shall carry a credit rating of not less than investment grade from a Credit Rating Agency registered with the Board. 1.3. The company shall appoint a debenture trustee registered with SEBI in respect of the issue of the debt securities. 1.4. The debt securities shall be issued and traded in demat form. 1.5. The company shall sign a separate listing agreement with the exchange in respect of debt securities and comply with the conditions of listing. 1.6. All trades with the exception of spot transactions, in a listed debt security, shall be executed only on the trading platform of a stock exchange. 1.7. The trading in privately placed debts shall only take place between Qualified Institutional Investors (QIBs) and High Networth Individuals (HNIs), in standard denomination of Rs.10 lakhs. 1.8. The requirement of Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 will not be applicable to listing of privately placed debt securities on exchanges, provided all the above requirements are complied with. 1.9. If the intermediaries registered with SEBI associate themselves with the issuance of private placement of unlisted debt securities, they will be held accountable for such issues. They will also be required to furnish periodical reports to SEBI in such format as may be decided by SEBI. 2. The stock exchanges are directed to: 2.1 make necessary amendments to the listing agreement, bye-laws, rules and regulations for the implementation of the above decision immediately, as may be applicable. WDM Segment: Brochure 10
2.2 bring the provisions of this circular to the notice of the listed companies/member brokers/clearing members of the Exchange and also to disseminate the same on the website for easy access to the investors; and 2.3 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. 3. This circular is being issued in exercise of powers conferred by section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with section 10 of the Securities Contracts (Regulation) Act 1956, 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 WDM Segment: Brochure 11
Deputy General Manager Market Regulation Department Policy Email:-sundaresanvs@sebi.gov.in Tel : 22164465; Fax: 22164482 SEBI/MRD/SE/AT/46/2003 December 22, 2003 The Executive Directors/Managing Director/Administrators Of All Stock Exchanges Dear Sir/Madam, Sub: Secondary Market for Corporate Debt Securities - Clarifications 1. SEBI had issued a circular No.SEBI/MRD/SE/AT/36/2003/30/09 dated September 30, 2003 stipulating the conditions to be complied in respect of private placement of debt securities. These conditions governed three aspects, viz., issuance, listing and trading of privately placed debt securities. 2. The said circular was issued by SEBI after a consultative paper on the subject was placed on the web site of SEBI for public comments. Subsequent to the issuance of the circular, market participants have made representations and suggestions and sought clarifications on the various provisions of the circular from SEBI. A series of meetings were also held with them. Meanwhile, SEBI has vide press release dated November 25, 2003 granted a transition period up to March 31, 2004 to those issuer companies who had issued privately placed debt securities but did not list those securities prior to September 30, 2003 (the date of the circular) to enable them to comply with the provisions of the circular. 3. The clarifications sought and representations covered the following aspects : 3.1 Applicability of the circular to i. Type of issuer companies ii. Prospective and existing issues iii. Tenor of the debt instruments 3.2 Extent of disclosures and applicability of DIP Guidelines 3.3 Association of SEBI registered intermediaries, including merchant bankers 3.4 Vetting of Offer document 3.5 Whether the requirement of 1% deposit with the stock exchange/s is mandatory 3.6 Applicability of minimum subscription clause as per DIP guidelines 3.7 Credit rating 3.8 Listing through a separate listing agreement 3.9 Denomination for issuance and market lot for trading 3.10 Trading of securities on the stock exchanges. 4. The clarifications to the above are as follows: 4.1 Applicability of the circular i. Type of Issuer companies a) The SEBI circular dated September 30, 2003 would be applicable to all listed companies which have any of their securities, either equity or debt, offered through an offer document, i.e., through a public issue and listed on a recognized stock exchange and also includes Public Sector Undertakings whose securities are listed on a recognized stock exchange. b) Further, unlisted companies/statutory corporations/other entities, if they so desire, may get their privately placed debt securities listed in the stock exchanges, by complying with the relevant provisions of the said circular. WDM Segment: Brochure 12
ii. Prospective and existing issues a) The SEBI circular is applicable to all debt securities that have been and would be issued on a private placement basis on or after the date of the circular, i.e., September 30, 2003. b) The circular would also apply to those issuer companies whose outstanding debt securities were issued prior to September 30, 2003. However, such issuer companies are required to comply with the provisions of the circular before March 31, 2004 for which transition time was provided vide press release dated November 25, 2003. c) If, however, the issuer companies do not comply with the aforesaid conditions for listing of such securities before March 31, 2004, then such securities would remain unlisted and, would, therefore, not be permitted for trading in the Stock Exchange trading platform from April 01, 2004. iii. Tenor of the debt instruments The SEBI circular would not be applicable for private placement of debt securities having a maturity of less than 365 days. 4.2 Extent of disclosures and applicability of DIP Guidelines a) As already stipulated in the circular dated September 30, 2003 the issuer companies shall make full disclosures (initial and continuing) in the manner prescribed in Schedule II of the Companies Act, 1956, Chapter VI of the SEBI (DIP) Guidelines, 2000 and the listing agreement with the stock exchanges. b) Such disclosures may be made through the web site of the stock exchanges where the debt securities are sought to be listed if the privately placed debt securities are issued in the standard denomination of Rs. 10 lakhs. c) The issuer companies which make frequent private placements of debt securities would be permitted to file an umbrella offer document on the lines of a Shelf prospectus as applicable for a public issue. d) As regards financial disclosures, issuer companies which are not in a position, for genuine reasons, to disclose audited accounts upto a date not earlier than six months of the date of the offer document, in terms of provisions of Clause 6.18 of SEBI (DIP) Guidelines, 2000 may disclose the audited accounts for the last financial year and un-audited accounts for the subsequent quarters with a limited review by a practicing Chartered Accountant. e) It is also being clarified that the provisions other than Chapter VI of SEBI (DIP) Guidelines, 2000 will not be applicable for privately placed debt securities. 4.3 Association of SEBI registered intermediaries, including merchant bankers a) The appointment of intermediaries (other than debenture trustee) for private placement of debt securities is not mandatory. b) Since engaging the services of an intermediary (other than debenture trustee) is not mandatory, the appointment of such an intermediary would be left to the discretion of the issuer company, as it deems fit. WDM Segment: Brochure 13
c) There is no prohibition on SEBI registered intermediaries to be associated with the privately placed unlisted debt securities. However, such intermediaries would be accountable for their activities. Further, they would be required to furnish periodical reports to SEBI in such format as specified by SEBI from time to time. 4.4 Vetting of offer document There is no requirement of vetting of the offer document by SEBI. 4.5 Whether the requirement of 1% deposit with the stock exchange/s is mandatory There is no requirement to deposit 1% of the issue size of the privately placed debt securities with the stock exchanges. 4.6 Applicability of minimum subscription clause as per DIP guidelines This clause will not be applicable for privately placed debt securities. 4.7 Credit rating The debt securities shall carry a credit rating from a Credit Rating Agency registered with SEBI. 4.8 Listing through a separate listing agreement The separate Listing Agreement for listing the privately placed debt securities is being finalised. Till such time, the issuance process would be allowed and the securities may be listed on the basis of disclosures subject to the issuer company furnishing an undertaking to the Stock Exchanges stating, inter-alia, that the issuer company shall sign the Listing Agreement as soon as the same comes into force. 4.9 Denomination for issuance and market lot for trading a) The privately placed debt securities need not necessarily be issued in denomination of Rs. 10 lakhs. b) The securities shall be issued in demat form. WDM Segment: Brochure 14
c) However, if an investor is allotted securities of Rs.1 lakh or less, such securities may be issued in physical form at the option of the investor. It shall be disclosed by the issuer companies that such investors would not be able to trade in such securities through the stock exchange mechanism. 4.10 Trading of securities on the stock exchanges a) The trading in the privately placed debt securities would be permitted in standard denomination of Rs. 10 lakhs in the anonymous, order driven system of the stock exchanges in a separate trading segment. The marketable lot would be Rs. 10 lakhs. b) All class of investors would be permitted to trade subject to the said standard denomination/marketable lot. c) The trades executed on spot basis shall be required to be reported to the stock exchange/s. 5. The stock exchanges are directed to: make necessary amendments to the listing agreement, bye- laws, rules and regulations for the implementation of the above decision immediately, as may be applicable and necessary. bring the provisions of this circular to the notice of the listed companies/member brokers/clearing members of the Exchange and also to disseminate the same on the website for easy access to the investors; and 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 January, 2004. 6. 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 Any other information/clarification in respect of listing on the WDM segment of the exchange may be obtained from: Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: 2659 8100 14 Fax: 2659 8237 38 WDM Segment: Brochure 15
Annexure I Listing Application for WDM Segment Steps for Listing Instruments Issued After September 30, 2003: 1. NSE receives Issuers intimation about its proposed issue on day T 2. NSE issues a letter for documentation requirements for in principle approval on T + 1 day 3. The Issuer fulfills these requirements on T + 3 day 4. NSE provides the in-principle approval for listing on T + 4 day 5. Issuer applies for listing after allotment of instruments 6. NSE list the instruments within 48 hrs of receipt of completed application Documents Required for Issue of In-principle Approval: 1. Copy of Offer Document prepared as per Chapter VI of SEBI (DIP) Guidelines 2000 and Schedule II of Companies Act, 1956. 2. Self certification from the managing director or company secretary confirming that the offer document has been prepared as per Chapter VI of SEBI (DIP) Guidelines 2000 and Schedule II of Companies Act, 1956 and all other applicable rules and regulations 3. An undertaking from the managing director or company secretary that the issuer will enter into a new listing agreement for these debt instruments as and when finalized by SEBI 4. Soft copy of the offer document in pdf format OR 1. Copy of the draft offer document prepared as per Chapter VI of SEBI (DIP) Guidelines 2000 and Schedule II of the Companies Act, 1956, if available. 2. Confirmation for the credit rating of the proposed issue. 3. Confirmation for the appointment of the debenture trustee. 4. Copy of the previous year s annual report in case of the issuer seeking listing of its debt instruments on WDM segment for the first time. Listing Application Requirements: (To be submitted after the closure of the issue and allotment of securities) 1. The listing application documentation comprises Check list, Part A, Part B and Listing Agreement (Initial or Supplementary as the case may be). (Initial Listing Agreement to be signed at the time of first listing and the Supplementary Listing Agreement for all subsequent listings) 2. Part A is to be submitted separately for each part / series / instrument. 3. Part B need not be submitted for subsequent listing by the same issuer, provided there has been no change in their contents. WDM Segment: Brochure 16
4. In case, the space provided in the application is not sufficient, information may be provided in separate sheets with appropriate reference to the concerned clause in the application. 5. Please affix rubber stamp of the issuer and initials of the signatory on every page of the application and the supporting documents. 6. Use photocopies of the form in case of multiple applications. 7. The application form can be downloaded from the web site of NSE (www.nseindia.com) Important The application packet shall contain the Check list, application form (Part A and B), Listing Agreement and other supporting documents in the same sequence as mentioned in the Check list. The Check list shall be ticked in support of the documents submitted. No item shall be left blank and if not applicable shall either be crossed (X) or mention not applicable (NA). The Exchange reserves the right to ask for documents other than those mentioned in the check list WDM Segment: Brochure 17