Sebi cuts time period for filing application

Sebi on Monday reduced the time period to two months, from four months at present, for companies to submit an application with the markets regulator for obtaining a 'No Objection Certificate' (NOC) for release of one per cent of issue amount.

Under rules, the issuer company deposits one per cent of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the designated stock exchange.