PMIMD/8755/2000
 May 31, 2000

DIVISION CHIEF 
PRIMARY MARKET DEPARTMENT

Executive Director/ Managing Director

All Stock Exchanges

Dear Sir,
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.

Yours faithfully,

Sd/-

P.R. RAMESH

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