The Securities and Exchange Board of India vide its notification dated 5th July 2021 has decided to reduce the time period or processing of NOC applications to 2 months from the existing period of 4 months after listing for submitting the application.
As per its earlier guidelines, the issuer company is required to submit an application on its letterhead addressed to SEBI in the specified format specified, after the lapse of 4 months from listing on the Exchange, which was the last to permit listing, for the purpose of obtaining the NOC.
However, the time period of 4 months has now been reduced to 2 months.
Further, the merchant banker shall submit a certificate confirming that all the SCSBs involved in ASBA process have unblocked ASBA accounts. SEBI shall consider the application as incomplete if the application is not accompanied by a confirmation by merchant banker that all the accounts in ASBA have been ‘unblocked’.
