(1)
The recognised stock exchange may delist the specified securities of an issuer listed without making a public issue upon non-compliance of the conditions of listing and in the manner as specified by the stock exchange.
(2)
No issuer promoted by the promoters and directors of an entity delisted under sub-regulation (1), shall be permitted to list on the [innovators growth platform] [Substituted 'institutional trading platform' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).] for a period of five years from the date of such delisting:
Provided that the provisions of this regulation shall not apply to another issuer promoted by any of the independent directors of such a delisted issuer.
[Part V: Migration To The Main Board] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/35, dated 23.9.2019 (w.e.f. 11.9.2008).] [292. Granting companies listed on the Innovators Growth Platform pursuant to an initial public offer, an option to trade under the regular category of the main board of the stock exchange. [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/35, dated 23.9.2019 (w.e.f. 11.9.2008).]
(1)
A company shall be eligible to trade under the regular category of the main board of the stock exchanges, subject to fulfillment of the conditions of the stock exchanges, if any, and the fulfillment of the following conditions:
(a) It has listed its specified securities for a minimum period of one year on the Innovators Growth Platform of a recognised stock exchange;
(b) It has minimum of two hundred shareholders, at the time of making the application for trading under the regular category;
(c) The company, any of its promoters, promoter group or directors are not debarred from accessing the capital market by the Board;
(d) None of the promoters or directors of the company is a promoter or director of any other company which is debarred from accessing the capital market by the Board;
(e) The company or any of its promoters or directors is not a wilful defaulter; and
(f) None of the promoters or directors of the Company is a fugitive economic offender.
(2)
A company shall be eligible to trade under the regular category of the main board of the stock exchanges, only if:
(a) it has net tangible assets of atleast three crore rupees, calculated on a consolidated basis, in each of the preceding three full years (of twelve months each), of which not more than fifty per cent. are held in monetary assets;
(b) it has an average operating profit of atleast fifteen crore rupees, calculated on a consolidated basis, during the preceding three years (of twelve months each), with operating profit in each of these preceding three years;
(c) it has a net worth of atleast one crore rupees in each of the preceding three full years (of twelve months each), calculated on a consolidated basis; and
(d) in case it has changed its name within the last one year, atleast fifty per cent of the revenue, calculated on a consolidated basis, for the preceding one full year has been earned by it from the activity indicated by its new name.
(3)
A company not satisfying the conditions laid down under sub-regulation (2) of regulation 292, shall, at the time of applying to trade under the regular category, have seventy five per cent. of its capital, as on date of application for migration, held by Qualified Institutional Buyers. Minimum promoters contribution
(4)
The promoters of the company shall hold atleast twenty per cent of the total capital:
Provided that in case the total capital held by the promoters is less than twenty per cent, alternative investment funds or foreign venture capital investors or scheduled commercial banks or public financial institutions or insurance companies registered with Insurance Regulatory and Development Authority of India may contribute to meet the shortfall in minimum contribution as specified, subject to a maximum of ten per cent of the total capital without being identified as promoter(s):
Provided further that the requirement of minimum promoters contribution shall not apply in case a company does not have any identifiable promoter. Lock-in period
(5)
(a) The minimum promoters contribution including contribution made by alternative investment funds or foreign venture capital investors or scheduled commercial banks or public financial institutions or insurance companies registered with the Insurance Regulatory and Development Authority of India, shall be locked in for a period of three years from the date on which trading approval in regular category of main board is granted, and any excess over and above the 20% of promoters holding shall be locked-in for a period of one year.
(b) Wherever the contributions made by such entities had been locked-in for a period of six months at the time of listing of shares of the Company on the Innovators Growth Platform, and the company is desirous of migrating to the regular trade category of the main board after completion of listing on the Innovators Growth Platform for one year, such period shall be deducted from the stipulated lock-in requirement of three years and one year, as may be applicable.
(c) The condition of lock in would not apply to a Company which has been listed on the Innovators Growth Platform for a minimum period of three years or more.]