Summary: The National Stock Exchange of India (NSE) has issued a circular applicable to all listed entities on the NSE EMERGE platform, effective from April 1, 2023. These entities are required to submit a certificate, certified by their statutory auditor and approved by the audit committee, detailing the utilization of issue proceeds. The certificate must specify object-wise amounts as disclosed in the offer document, the actual utilization of funds, and any variations, following the prescribed format in Annexure A. This submission must accompany the financial results and be continued until the proceeds are fully utilized or the intended purpose is achieved. The circular does not apply to entities where a monitoring agency has been appointed. The aim is to ensure transparency in the use of funds raised by listed entities.
National Stock Exchange of India
Circular Ref No: NSE/CML/2024/23 Date: September 05, 2024
The Company Secretary,
All Listed Entities on NSE EMERGE
Subject: Disclosure for utilization of issue proceeds for Listed Entities on NSE EMERGE
The listed entity on NSE EMERGE platform w.e.f. April 01, 2023 onwards, shall submit to the Stock Exchange along with the financial results, a certificate indicating the utilisation of the issue proceeds certified by Statutory Auditor (post approval by the Audit Committee of listed entity) specifying the object wise amount as disclosed in the Offer Document(s) and the actual utilization of funds, along with any variation(s), if any as per the format prescribed in “Annexure A”.
The aforesaid certificate shall be submitted until the issue proceeds have been fully utilised or the purpose for which the proceeds were raised has been fulfilled.
This circular shall be applicable with immediate effect. Further, the circular shall not apply to the listed entity wherein the monitoring agency has been appointed.
Yours faithfully,
For National Stock Exchange of India Limited
Reema Punjani
Manager
Annexure A
| Sr. No. | Object as disclosed in the Offer Document | Amount disclosed in the Offer Document | Actual Utilised Amount |
Unutilised Amount |
Remarks |
| 1 | Object 1 | ||||
| 2 | Object 2 | ||||
| 3 | Object 3 | ||||
| Total | |||||
[Note: In case the object being investment in the subsidiary(ies), the details of utilisation of issue proceeds by its subsidiary(ies) shall be certified by respective Statutory Auditor of that subsidiary(ies)].
