The Bombay Stock Exchange (BSE) on October 21, 2026, announced a common Standard Operating Procedure (SOP) for processing applications seeking approvals or No Objection Letters (NOCs) for further issues of securities. The SOP aims to ensure a uniform, consistent, coordinated and expeditious approval process for entities listed on multiple recognised stock exchanges, following consultation with the Securities and Exchange Board of India (SEBI).
Under the SOP, listed entities must continue to submit applications along with the requisite checklist documents simultaneously to all exchanges where their securities are listed, following the existing filing procedures and timelines. The exchanges will allocate applications to a Lead Stock Exchange on an alternate basis, while the other exchanges will act as Recipient Stock Exchanges. The Recipient Stock Exchanges will share their queries and concerns with the Lead Stock Exchange, which will communicate them to the listed entity. The company must submit its responses only to the Lead Stock Exchange, which will coordinate with the other exchanges for disposal of the application upon receiving a satisfactory response. The procedure covers preferential issues, rights issues, qualified institutions placements (QIPs), FCCBs, ADRs, GDRs, ESOPs, ESPS, sweat equity, bonus issues and schemes of arrangement, among other further issues.
The SOP applies only to companies listed on more than one recognised stock exchange. Exclusively listed companies will continue to follow the existing approval process without any change. Listed entities must comply with the revised mechanism for all further-issue applications submitted on or after November 1, 2026.
[BSE Notice No. 20261021-14]
