Introduction

Bombay Stock Exchange is the oldest stock exchange in Asia What is now popularly known as the
BSE was established as "The Native Share & Stock Brokers' Association" in 1875.

Over the past 135 years, BSE has facilitated the growth of the Indian corporate sector by providing it
with an efficient capital raising platform.

Today, BSE is the world's number 1 exchange in the world in terms of the number of listed companies
(over 4900). It is the world's 5th most active in terms of number of transactions handled through its
electronic trading system. And it is in the top ten of global exchanges in terms of the market
capitalization of its listed companies (as of December 31, 2009). The companies listed on BSE
command a total market capitalization of USD Trillion 1.28 as of Feb, 2010.

BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification.
It is also the first Exchange in the country and second in the world to receive Information Security
Management System Standard BS 7799-2-2002 certification for its BSE On-Line trading System
(BOLT). Presently, we are ISO 27001:2005 certified, which is a ISO version of BS 7799 for Information
Security.

The BSE Index, SENSEX, is India's first and most popular Stock Market benchmark index. Exchange
traded funds (ETF) on SENSEX, are listed on BSE and in Hong Kong. Futures and options on the
index are also traded at BSE.

Preface
BSE INDICES

For the premier stock exchange that pioneered the securities transaction business in India, over a
century of experience is a proud achievement. A lot has changed since 1875 when 318 persons
by paying a then princely amount of Re. 1, became members of what today is called Bombay
Stock Exchange Limited (BSE).

Over the decades, the stock market in the country has passed through good and bad periods.
The journey in the 20th century has not been an easy one. Till the decade of eighties, there was
no measure or scale that could precisely measure the various ups and downs in the Indian stock
market. BSE, in 1986, came out with a Stock Index-SENSEX- that subsequently became the
barometer of the Indian stock market.

The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of BSE
National Index (Base: 1983-84 = 100). It comprised 100 stocks listed at five major stock
exchanges in India - Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE National Index
was renamed BSE-100 Index from October 14, 1996 and since then, it is being calculated taking
into consideration only the prices of stocks listed at BSE. BSE launched the dollar-linked version
of BSE-100 index on May 22, 2006.

With a view to provide a better representation of the increasing number of listed companies,
larger market capitalization and the new industry sectors, BSE launched on 27th May, 1994 two
new index series viz., the 'BSE-200' and the 'DOLLEX-200'. Since then, BSE has come a long
way in attuning itself to the varied needs of investors and market participants. In order to fulfill the
need for still broader, segment-specific and sector-specific indices, BSE has continuously been
increasing the range of its indices. BSE-500 Index and 5 sectoral indices were launched in 1999.
In 2001, BSE launched BSE-PSU Index, DOLLEX-30 and the country's first free-float based index
- the BSE TECk Index. Over the years, BSE shifted all its indices to the free-float methodology
(except BSE-PSU index).

BSE disseminates information on the Price-Earnings Ratio, the Price to Book Value Ratio and the
Dividend Yield Percentage on day-to-day basis of all its major indices.

The values of all BSE indices are updated on real time basis during market hours and displayed
through the BOLT system, BSE website and news wire agencies.

All BSE Indices are reviewed periodically by the BSE Index Committee. This Committee which
comprises eminent independent finance professionals frames the broad policy guidelines for the
development and maintenance of all BSE indices. The BSE Index Cell carries out the day-to-day
maintenance of all indices and conducts research on development of new indices.

Benefits of Listing

• Listing provides an opportunity to the corporates / entrepreneurs to raise capital to fund new proje
expansions/diversifications and for acquisitions.

• Listing also provides an exit route to private equity investors as well as liquidity to the ESOP-holding

Listing also helps generate an independent valuation of the company by the market.

• Listing raises a company's public profile with customers, suppliers, investors, financial institutions and the m
company is typically covered in analyst reports and may also be included in one or more of indices of the stock

• An initial listing increases a company's ability to raise further capital through various routes like preferential
issue, Qualified Institutional Placements and ADRs/GDRs/FCCBs, and in the process attract a wide and va
institutional and professional investors.

• Listing leads to better and timely disclosures and thus also protects the interest of the investors.

• Listing on BSE provides a continuing liquidity to the shareholders of the listed entity. This in turn helps
shareholder base.

• Companies listed on BSE generally find that the market perception of their financial and business strength is e

Guidelines for ListingChecklist

Listing means admission of securities to dealings on a recognised stock exchange. The securities may be of any publ
company, Central or State Government, quasi governmental and other financial institutions/corporations, municipalities

The objectives of listing are mainly to :

• provide liquidity to securities;

• mobilize savings for economic development;

• protect interest of investors by ensuring full disclosures.

The Bombay Stock Exchange (BSE) has a dedicated Listing Department to grant approval for listing of securities of co
in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation
1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws and Regulations o

BSE has set various guidelines and forms that need to be adhered to and submitted by the companies. These guide
help companies to expedite the fulfillment of the various formalities and disclosure requirements that are required a
stages of

• Public Issues

o Initial Public Offering

o Further Public Offering

• Preferential Issues

• Indian Depository Receipts

• Amalgamation

• Qualified Institutions Placements

Click here to Download Guidelines
A company intending to have its securities listed on BSE has to comply with the listing requirements prescribed by it.
the requirements are as under :
IMinimum Listing Requirements for New Companies
IIMinimum Listing Requirements for Companies already Listed on other Stock Exchanges
IIIMinimum Requirements for Companies Delisted by BSE seeking relisting on BSE
IVPermission to Use the Name of BSE in an Issuer Company's Prospectus
VSubmission of Letter of Application
VIAllotment of Securities
VIITrading Permission
VIIIRequirement of 1% Security
IXPayment of Listing Fees
XCompliance with the Listing Agreement
XICash Management Services (CMS) - Collection of Listing Fees
[I] Minimum Listing Requirements for New Companies

The following eligibility criteria have been prescribed effective August 1, 2006 for listing of companies on BSE, throu
Public Offerings (IPOs) & Follow-on Public Offerings (FPOs):

1. Companies have been classified as large cap companies and small cap companies. A large cap comp
company with a minimum issue size of Rs. 10 crore and market capitalization of not less than Rs. 25 crore.
 cap company is a company other than a large cap company.

a. In respect of Large Cap Companies

i. The minimum post-issue paid-up capital of the applicant company (hereinafter referred to
Company") shall be Rs. 3 crore; and

ii. The minimum issue size shall be Rs. 10 crore; and

iii. The minimum market capitalization of the Company shall be Rs. 25 crore (market capitalizat
be calculated by multiplying the post-issue paid-up number of equity shares with the issue pric

b. In respect of Small Cap Companies

i. The minimum post-issue paid-up capital of the Company shall be Rs. 3 crore; and

ii. The minimum issue size shall be Rs. 3 crore; and

iii. The minimum market capitalization of the Company shall be Rs. 5 crore (market capitalization
calculated by multiplying the post-issue paid-up number of equity shares with the issue price);

iv. The minimum income/turnover of the Company shall be Rs. 3 crore in each of the preceding t
months period; and

v. The minimum number of public shareholders after the issue shall be 1000.

vi. A due diligence study may be conducted by an independent team of Chartered Accoun
Merchant Bankers appointed by BSE, the cost of which will be borne by the compa
requirement of a due diligence study may be waived if a financial institution or a scheduled com
bank has appraised the project in the preceding 12 months.

2. For all companies :

a. In respect of the requirement of paid-up capital and market capitalization, the issuers shall be req
include in the disclaimer clause forming a part of the offer document that in the event of the
capitalization (product of issue price and the post issue number of shares) requirement of BSE not be
the securities of the issuer would not be listed on BSE.

b. The applicant, promoters and/or group companies, shall not be in default in compliance of th
agreement.

c. The above eligibility criteria would be in addition to the conditions prescribed under SEBI (Disclos
Investor Protection) Guidelines, 2000.

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[II] Minimum Listing Requirements for Companies already Listed on Other Stock Exchanges

The listing norms for companies already listed on other stock exchanges and seeking listing at BSE, made effect
August 6, 2002, are as under:
 1. The company shall have a minimum issued and paid up equity capital of Rs. 3 crore.

2. The company shall have a profit making track record for the preceding last three years. The revenues/profit
out of extra ordinary items or income from any source of non-recurring nature shall be excluded while calcul
profit making track record.

3. Minimum net worth shall be Rs. 20 crore (net worth includes equity capital and free reserves excluding rev
reserves).

4. Minimum market capitalisation of the listed capital shall be at least two times of the paid up capital.

5. The company shall have a dividend paying track record for at least the last 3 consecutive years and the
should be at least 10% in each year.

6. Minimum 25% of the company's issued capital shall be with Non-Promoter shareholders as per Clause 3
Listing Agreement. Out of above Non-Promoter holding, no single shareholder shall hold more than 0.5% of
up capital of the company individually or jointly with others except in case of Banks/Financial Institutions
Institutional Investors/Overseas Corporate Bodies and Non-Resident Indians.

7. The company shall have at least two years listing record with any of the Regional Stock Exchanges.

8. The company shall sign an agreement with CDSL and NSDL for demat trading.
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[III] Minimum Requirements for Companies Delisted by BSE seeking Relisting on BSETop
Companies delisted by BSE and seeking relisting at BSE are required to make a fresh public offer and comply with the
guidelines of SEBI and BSE regarding initial public offerings.

[IV] Permission to Use the Name of BSE in an Issuer Company's Prospectus

Companies desiring to list their securities offered through a public issue are required to obtain prior permission of BSE
the name of BSE in their prospectus or offer for sale documents before filing the same with the concerned office of the
Registrar of Companies.

BSE has a Listing Committee , comprising of market experts, which decides upon the matter of granting permission to
companies to use the name of BSE in their prospectus/offer documents. This Committee evaluates the promoters, com
project , financials, risk factors and several other aspects before taking a decision in this regard.

Decision with regard to some types/sizes of companies has been delegated to the Internal Committee of BSE.
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[V] Submission of Letter of Application

As per Section 73 of the Companies Act, 1956, a company seeking listing of its securities on BSE is required to submi
of Application to all the stock exchanges where it proposes to have its securities listed before filing the prospectus
Registrar of Companies.
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[VI] Allotment of Securities

As per the Listing Agreement, a company is required to complete the allotment of securities offered to the public within
of the date of closure of the subscription list and approach the Designated Stock Exchange for approval of the
allotment.

In case of Book Building issues, allotment shall be made not later than 15 days from the closure of the issue, failin
interest at the rate of 15% shall be paid to the investors.
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[VII] Trading PermissionTop
As per SEBI Guidelines, an issuer company should complete the formalities for trading at all the stock exchanges wher
securities are to be listed within 7 working days of finalization of the basis of allotment.
A company should scrupulously adhere to the time limit specified in SEBI (Disclosure and Investor Protection) Guidelin
for allotment of all securities and dispatch of allotment letters/share certificates/credit in depository accounts and refund
and for obtaining the listing permissions of all the exchanges whose names are stated in its prospectus or offer docume
the event of listing permission to a company being denied by any stock exchange where it had applied for listing of its
securities, the company cannot proceed with the allotment of shares. However, the company may file an appeal before
under Section 22 of the Securities Contracts (Regulation) Act, 1956.

[VIII] Requirement of 1% Security

Companies making public/rights issues are required to deposit 1% of the issue amount with the Designated Stock Exch
before the issue opens. This amount is liable to be forfeited in the event of the company not resolving the complaints o
investors regarding delay in sending refund orders/share certificates, non-payment of commission to underwriters, brok
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[IX] Payment of Listing Fees

All companies listed on BSE are required to pay to BSE the Annual Listing Fees by 30th April of every financial year a
Schedule of Listing Fees prescribed from time to time.

The schedule of Listing Fees for the year 2010-11, is given here under:

SCHEDULE OF LISTING FEES FOR THE YEAR 2010-11

Securities *other than Privately Placed Debt Securities

Sr. No.ParticularsAmount (Rs.)
1 Initial Listing Fees20,000.00
2 Annual Listing
(i) Companies with listed capital* upto Rs. 5

(ii) Above Rs. 5 crore and upto Rs. 10

(iii)Above Rs. 10 crore and upto Rs. 20

Companies which have a listed capital* of more than Rs. 20 crore are required to pay an a
fee @ Rs. 750 for every additional Rs. 1 crore or part
10,000.00

15,000.00

30,000.00

NOTE: In case of debenture capital (not convertible into equity shares) , the fees
25% of the above fees.
*includes equity shares, preference shares, fully convertible debentures, partly convertible debentures and any other
convertible into equity shares.

Privately Placed Debt Securities

Sl. No.ParticularsAmount (Rs.)
1 Initial Listing FeesNIL
2 Annual Listing
(i) Issue size up to Rs.5
(ii) Above Rs.5 crore and up to Rs.10

(iii) Above Rs.10 crore and up to Rs.20

Above Rs.20

Rs.2,500.00

Rs.3,750.00

Rs.7,500.00

Additional fee of Rs.200.00 for every additional Rs.1 crore or part

Subject to a maximum of Rs.30,000.00 per instrument.

The cap on the annual listing fee of debt instruments per issuer is Rs.5,00,000.00 per annum.

Mutual Funds
Sr. NoParticularsAmount (Rs.)
1Initial listing feeNIL
2Annual Listing Fee for tenure of the scheme :6 months or part thereof
Issue size up to Rs.100 CroresRs. 16,000
Above Rs.100 Crores and up to Rs.300 Crores.Rs. 29,000
Above Rs.300 Crores and up to Rs.500 Crores.Rs. 47,000
Above Rs.500 Crores and up to Rs. 1000 CroresRs. 78,000
Above 1000 CroresRs. 1,25,000

For tenure beyond 6 months, fees payable will be in multiple of 6 months fees.

APPLICABILITY

The above schedule of Listing Fee is uniformly applicable for all companies irrespective of whether BSE is the de
stock exchange or not.

PAYMENT DATE

The last date for payment of Listing Fee for the year 2010-11 is April 30, 2010. Failure to pay the Listing Fee (for equi
debt segment) by the due date will attract interest @ 12% per annum w.e.f. May 1, 2010.

SERVICE TAX

Service Tax is payable on the listing fee at the applicable rates.

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[X] Compliance with the Listing Agreement

Companies desirous of getting their securities listed at BSE are required to enter into an agreement with BSE called th
Agreement, under which they are required to make certain disclosures and perform certain acts, failing which the c
may face some disciplinary action, including suspension/delisting of securities. As such, the Listing Agreement is
importance and is executed under the common seal of a company. Under the Listing Agreement, a company und
amongst other things, to provide facilities for prompt transfer, registration, sub-division and consolidation of securities
proper notice of closure of transfer books and record dates, to forward 6 copies of unabridged Annual Reports, Balance
and Profit and Loss Accounts to BSE, to file shareholding patterns and financial results on a quarterly basis; to
promptly to the Exchange the happenings which are likely to materially affect the financial performance of the Compan
stock prices, to comply with the conditions of Corporate Governance, etc.

The Listing Department of BSE monitors the compliance by the companies with the provisions of the Listing Ag
especially with regard to timely payment of annual listing fees, submission of results, shareholding patterns and c
governance reports on a quarterly basis . Penal action is taken against the defaulting companies.
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[XI] Cash Management Services (CMS) - Collection of Listing Fees
In order to simplify the system of payment of listing fees, BSE has entered into an arrangement with HDFC Bank for co
of listing fees from 141 locations all over the country.Details of the HDFC Bank branches are available on our website s
www.bseindia.com as well as on the HDFC Bank website www.hdfcbank.com This facility is being provided free of cos

Companies intending to utilize this facility for payment of listing fee should furnish the information (as mentioned below
Cash Management Cash Deposit Slip. These slips are available at all the HDFC Bank branches.
Click here to view Cash Management Cash Deposit Slip
Download list of HDFC Branches for CMS

S.NoHEADINFORMATION TO BE PROVIDED
1. Client Name Bombay Stock Exchange Limited
2. Client Code BSELIST
3. Cheque No. mention the cheque No & date
4. Date date on which payment is being deposited with the bank.
5. Drawer state the name of the company and the company code No.The last digits mentioned in the
on the Bill is the company code No.e.g If the Ref. No in the Bill is mentioned as :
Bill/2004- 2005/4488, then the code No of that company is 4488
6. Drawee Bank state the bank on which cheque is drawn
7. Drawn
Location Mention the location of the drawee bank.
8. Pickup
Location Not applicable
9. No. of Insts Not applicable