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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

BSE - Processing of waiver applications by the Exchanges in case of commonly listed entities

26-Aug-2025 | Notice No. 20250826-47

BSE has issued a circular regarding the processing of waiver applications by the Exchanges in case of commonly listed entities, effective from 1st September 2025.

This circular has been issued in reference to the provision of the SEBI Master circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, by listed entities which directs the Exchanges to put in place a framework to monitor submissions made by listed entities and to initiate actions such as levy of penalties, moving of security to 'Z' category, freezing of promoter holdings and suspension of trading in securities of non-compliant listed entities.

By virtue of this circular, BSE has informed that the Exchanges, in consultation with SEBI, have agreed that waiver applications received from commonly listed entities shall be segregated for streamlining the process of disposal of waiver requests and expeditious disposals, and the decision shall be binding on all other Exchanges. The procedural aspects of the said policy, including the applicable processing fees, which shall be effective for applications seeking waiver of SOP fines submitted to the exchanges on or after September 01, 2025, are specified in Annexure-I.

BSE has also emphasised that for commonly listed companies, names of companies which start with L to Z, the designated Stock Exchange will be BSE, and names of companies which start with numbers 5 to 9, the designated Stock Exchange will be BSE. And in case of Exclusively listed Companies, i.e., Companies listed on only one Exchange, the waiver shall be processed by the Exchange where the company is listed in manner specified in Annexure-I.

Also, BSE has provided an illustrative list of scenarios in which the application for waiver can be rejected.

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