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FUTURES MARKET
What is the future?
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New rules of the game
BSE’s new listing guidelines for new companies
The Bombay Stock Exchange (BSE) recently came out with guidelines (with effect from 1 Dec. 2000) for all new companies seeking listing on BSE.They should have a minimum issued capital Rs 10 cr and a post-issue net worth of Rs 20 cr.
The governing board of the exchange has also decided that new companies in high technology (i.e., information technology, Internet, e-commerce, telecommunication, media including advertisement, entertainment, etc.) areas whose draft offer documents are received with effect from 1 Dec. 2000 should meet the following criteria:
The total income/sales from the main activity (which should be in the field of information technology, Internet, e-commerce, telecommunication, media including advertisement, entertainment, etc.) should not be less than 75% of the total income during the two immediately preceding years as certified by the auditors of the company The minimum post-issue paid-up equity capital should be Rs 5 cr The minimum market capitalisation should be Rs 50 cr. (The capitalisation will be calculated by multiplying the post-issue subscribed number of equity shares with the issue price).
Post-issue net worth (equity capital + free reserves excluding revaluation reserve) should be Rs 20 cr.
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