May 31, 2000
PRIMARY MARKET DEPARTMENT
Executive Director/ Managing Director
All Stock Exchanges
Sub : Reference of cases for relaxation of Rule 19(2)(b) of Securities Contract (Regulation) Act, 1957
You are advised that listing of shares of companies which do not comply with the provisions of Rule 19(2)(b) of the SCRA (including cases of amalgamation, arrangement, demerger, hive-off etc) should not be directly done by the stock exchanges. Such cases should invariably be referred to SEBI for appropriate exemption from the Rule, along with the recommendations of the Stock Exchange.
This advice supercedes all the other earlier instructions in this regard.