{"id":17316,"date":"2026-03-20T04:55:52","date_gmt":"2026-03-20T04:55:52","guid":{"rendered":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/?p=17316"},"modified":"2026-03-20T04:58:54","modified_gmt":"2026-03-20T04:58:54","slug":"impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public","status":"publish","type":"post","link":"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/","title":{"rendered":"Impact of SEBI \/ stock-exchange regulations when an unlisted company considers going public"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"conversion-public-company\"><span class=\"ez-toc-section\" id=\"Conversion_Into_A_Publicly_Listed_Company\"><\/span>Conversion Into A Publicly Listed Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Conversion into a publicly listed company is, therefore, one of the most significant milestones in the corporate journey of any unlisted company in India. To begin with, going public is not just a fund-raising event; rather, it&#8217;s a highly regulated process administered by the Securities and Exchange Board of India along with the listing requirements under stock exchanges like NSE and BSE.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #0c0c0c;color:#0c0c0c\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #0c0c0c;color:#0c0c0c\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Conversion_Into_A_Publicly_Listed_Company\" >Conversion Into A Publicly Listed Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Need_For_SEBI_Approval_And_Observations\" >Need For SEBI Approval And Observations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Compliance_With_SEBI_ICDR_Regulations\" >Compliance With SEBI ICDR Regulations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Eligibility_Requirements\" >Eligibility Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Promoter_Contribution_Rules\" >Promoter Contribution Rules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Pricing_And_Allotment\" >Pricing And Allotment<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Corporate_Governance_Overhaul\" >Corporate Governance Overhaul<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-2\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Financial_Reporting_And_Audit_Requirements\" >Financial Reporting And Audit Requirements<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-3\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Corporate_Restructuring_Before_Listing\" >Corporate Restructuring Before Listing<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-4\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Increased_Disclosure_And_Transparency\" >Increased Disclosure And Transparency<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-5\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Stock_Exchange_Listing_Requirements_NSE_BSE\" >Stock Exchange Listing Requirements (NSE, BSE)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Compliance_With_Listing_Obligations\" >Compliance With Listing Obligations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-6\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Lock-In_Requirements_For_Promoters_And_Pre-IPO_Investors\" >Lock-In Requirements For Promoters And Pre-IPO Investors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-7\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Restrictions_On_Advertising_Marketing_And_Public_Communication\" >Restrictions On Advertising, Marketing, And Public Communication<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-8\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Enhanced_Compliance_Culture_And_Costs\" >Enhanced Compliance Culture And Costs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-9\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact_On_Promoters_And_Management\" >Impact On Promoters And Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Penalties_And_Enforcement_Risks\" >Penalties And Enforcement Risks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Impact-10\" >Impact<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.legalserviceindia.com\/Legal-Articles\/impact-of-sebi-stock-exchange-regulations-when-an-unlisted-company-considers-going-public\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p class=\"wp-block-paragraph\">Founders, CFOs, promoters, and investors intending to take their company through an IPO need to understand how these regulations influence the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It addresses all major compliance, disclosure, structural, and operational effects of SEBI and stock-exchange regulations when an unlisted company considers going public.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sebi-approval\"><span class=\"ez-toc-section\" id=\"Need_For_SEBI_Approval_And_Observations\"><\/span>Need For SEBI Approval And Observations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A company that is not listed should file a DRHP with SEBI before it launches an IPO.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI examines the DRHP for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accuracy of disclosures<\/li>\n\n\n\n<li>Completeness of financial information<\/li>\n\n\n\n<li>Risks and related-party transactions<\/li>\n\n\n\n<li>Corporate governance standards<\/li>\n\n\n\n<li>Compliance with ICDR (Issue of Capital and Disclosure Requirements) Regulations<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It issues observations, clarifications, or objections that the company has to address before permission is accorded.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-sebi-approval\"><span class=\"ez-toc-section\" id=\"Impact\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Requires detailed preparation and restructuring before filing<\/li>\n\n\n\n<li>Heightens scrutiny over every financial detail and operational aspect<\/li>\n\n\n\n<li>Extends timelines if compliance gaps exist<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"icdr-compliance\"><span class=\"ez-toc-section\" id=\"Compliance_With_SEBI_ICDR_Regulations\"><\/span>Compliance With SEBI ICDR Regulations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The regulations on ICDR by SEBI detail the manner in which companies can issue shares to the public.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"eligibility-requirements\"><span class=\"ez-toc-section\" id=\"Eligibility_Requirements\"><\/span>Eligibility Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Minimum net tangible assets<\/li>\n\n\n\n<li>Profitability or alternative route via QIB participation<\/li>\n\n\n\n<li>Clean corporate structure<\/li>\n\n\n\n<li>No default on dues to regulators<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"promoter-contribution\"><span class=\"ez-toc-section\" id=\"Promoter_Contribution_Rules\"><\/span>Promoter Contribution Rules<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Also, promoters must subscribe to a minimum post-issue percentage of capital and to lock-in periods, which prevent immediate selling upon listing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"pricing-allotment\"><span class=\"ez-toc-section\" id=\"Pricing_And_Allotment\"><\/span>Pricing And Allotment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Price band<\/li>\n\n\n\n<li>Book-building process<\/li>\n\n\n\n<li>Allocation to QIBs, NIIs, and retail investors<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"corporate-governance\"><span class=\"ez-toc-section\" id=\"Corporate_Governance_Overhaul\"><\/span>Corporate Governance Overhaul<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While unlisted companies can have flexible structures, SEBI has imposed stringent governance standards on listed ones.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Obligatory changes include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Appointment of the required number of independent directors<\/li>\n\n\n\n<li>Formation of audit, nomination, remuneration, Corporate Social Responsibility (CSR), and risk-management committees<\/li>\n\n\n\n<li>Adoption of a formal code of conduct and insider-trading policy<\/li>\n\n\n\n<li>CEO\/CFO certification of financial statements<\/li>\n\n\n\n<li>Compulsory board evaluations<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-governance\"><span class=\"ez-toc-section\" id=\"Impact-2\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Substantial enhancements in board structure, accountability, transparency, and policy frameworks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"financial-reporting\"><span class=\"ez-toc-section\" id=\"Financial_Reporting_And_Audit_Requirements\"><\/span>Financial Reporting And Audit Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The SEBI and stock exchanges impose strict financial disclosure norms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key requirements:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historical financial statements: normally 3 years, prepared according to Ind AS<\/li>\n\n\n\n<li>Restated financials by SEBI-registered merchant bankers<\/li>\n\n\n\n<li>Quarterly reporting post-listing<\/li>\n\n\n\n<li>Rigorous internal audit and control system<\/li>\n\n\n\n<li>Disclosure of key operational metrics<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-financial\"><span class=\"ez-toc-section\" id=\"Impact-3\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Requires strengthening of internal finance and audit teams, ERP systems, and reporting capabilities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"corporate-restructuring\"><span class=\"ez-toc-section\" id=\"Corporate_Restructuring_Before_Listing\"><\/span>Corporate Restructuring Before Listing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many unlisted companies have to restructure their corporate organization before going public.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Common pre-IPO restructuring activities:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Conversion from private limited to public limited company<\/li>\n\n\n\n<li>Simplification of shareholder structure<\/li>\n\n\n\n<li>Conversion of preference shares or convertible instruments<\/li>\n\n\n\n<li>ESOP pool creation and regulatory alignment<\/li>\n\n\n\n<li>Settlement of outstanding litigations<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-restructuring\"><span class=\"ez-toc-section\" id=\"Impact-4\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Legal, tax and operational restructuring can take months; therefore, early planning is paramount.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"disclosure-transparency\"><span class=\"ez-toc-section\" id=\"Increased_Disclosure_And_Transparency\"><\/span>Increased Disclosure And Transparency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI mandates comprehensive disclosures both under the DRHP and RHP, pertaining to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Business model and market size<\/li>\n\n\n\n<li>Promoter background<\/li>\n\n\n\n<li>Related-party transactions<\/li>\n\n\n\n<li>Risk factors<\/li>\n\n\n\n<li>Use of IPO proceeds<\/li>\n\n\n\n<li>Contracts, litigations, and contingent liabilities<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-disclosure\"><span class=\"ez-toc-section\" id=\"Impact-5\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Loss of confidentiality, exposure to public scrutiny, and reputational risks if issues exist.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"listing-requirements\"><span class=\"ez-toc-section\" id=\"Stock_Exchange_Listing_Requirements_NSE_BSE\"><\/span>Stock Exchange Listing Requirements (NSE, BSE)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Even SEBI-approved companies have to conform with the exchange-specific listing requirements, such as:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>Criteria<\/th><th>Requirements<\/th><\/tr><tr><td>Minimum criteria<\/td><td>Paid-up capital<\/td><\/tr><tr><td>Net worth<\/td><td>Number of shareholders<\/td><\/tr><tr><td>Profit track record<\/td><td>Or alternative criteria<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"lodr-compliance\"><span class=\"ez-toc-section\" id=\"Compliance_With_Listing_Obligations\"><\/span>Compliance With Listing Obligations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The company, post-listing, will have to adhere to SEBI LODR, or Listing Obligations and Disclosure Requirements, on the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Timely disclosures of price-sensitive information<\/li>\n\n\n\n<li>Quarterly financial results<\/li>\n\n\n\n<li>Shareholding pattern<\/li>\n\n\n\n<li>Corporate governance reports<\/li>\n\n\n\n<li>Investor grievance redressal<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-listing\"><span class=\"ez-toc-section\" id=\"Impact-6\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ongoing compliance requirements with substantial fines for delays or omissions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"lock-in\"><span class=\"ez-toc-section\" id=\"Lock-In_Requirements_For_Promoters_And_Pre-IPO_Investors\"><\/span>Lock-In Requirements For Promoters And Pre-IPO Investors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI stipulates the lock-in period for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Promoter shareholding &#8211; generally 1\u20133 years, depending upon type<\/li>\n\n\n\n<li>Pre-IPO investors typically 6 months<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-lockin\"><span class=\"ez-toc-section\" id=\"Impact-7\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Limits liquidity for stakeholders and impacts valuation negotiations before the IPO.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"advertising-restrictions\"><span class=\"ez-toc-section\" id=\"Restrictions_On_Advertising_Marketing_And_Public_Communication\"><\/span>Restrictions On Advertising, Marketing, And Public Communication<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI strictly governs publicity materials and interviews to avoid:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Misrepresentation<\/li>\n\n\n\n<li>Premature marketing<\/li>\n\n\n\n<li>Undue hype<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">During the IPO process, the company is considered to be in its \u201csilent period.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-advertising\"><span class=\"ez-toc-section\" id=\"Impact-8\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Requires PR discipline and careful legal review of all public statements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"compliance-costs\"><span class=\"ez-toc-section\" id=\"Enhanced_Compliance_Culture_And_Costs\"><\/span>Enhanced Compliance Culture And Costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Going public increases operation and compliance-related costs manifold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Costs include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Merchant bankers, lawyers, auditors, registrars<\/li>\n\n\n\n<li>Investor relations and compliance teams<\/li>\n\n\n\n<li>Ongoing disclosure and corporate governance costs<\/li>\n\n\n\n<li>Post-listing legal and regulatory compliance costs<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-costs\"><span class=\"ez-toc-section\" id=\"Impact-9\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">IPO preparation becomes a significant financial and administrative commitment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"management-impact\"><span class=\"ez-toc-section\" id=\"Impact_On_Promoters_And_Management\"><\/span>Impact On Promoters And Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Going public changes internal dynamics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key effects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loss of some control because of greater scrutiny from shareholders<\/li>\n\n\n\n<li>Performance pressure to deliver quarterly results<\/li>\n\n\n\n<li>Restrictions on related-party transactions<\/li>\n\n\n\n<li>Need for transparency in executive compensation<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"penalties\"><span class=\"ez-toc-section\" id=\"Penalties_And_Enforcement_Risks\"><\/span>Penalties And Enforcement Risks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Non-compliances with the norms of SEBI and the exchange result in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fines<\/li>\n\n\n\n<li>Suspension of trading<\/li>\n\n\n\n<li>Debarment of promoters\/directors<\/li>\n\n\n\n<li>Legal investigations<\/li>\n\n\n\n<li>Delays or cancellation of the IPO<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"impact-penalties\"><span class=\"ez-toc-section\" id=\"Impact-10\"><\/span>Impact<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The compliance function should be strong long before embarking on the IPO journey.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For an unlisted company, going public is far more than a capital-raising decision because it is a regulatory transformation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI and stock exchange regulations significantly influence:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Corporate structure<\/li>\n\n\n\n<li>Governance standards<\/li>\n\n\n\n<li>Disclosure requirements<\/li>\n\n\n\n<li>Financial reporting<\/li>\n\n\n\n<li>Internal controls<\/li>\n\n\n\n<li>Stakeholder responsibilities<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Stakeholder responsibilities This, along with smooth compliance, may require startup and mid-sized companies to prepare for an IPO at least 18\u201324 months in advance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Conversion Into A Publicly Listed Company Conversion into a publicly listed company is, therefore, one of the most significant milestones in the corporate journey of any unlisted company in India. To begin with, going public is not just a fund-raising event; rather, it&#8217;s a highly regulated process administered by the Securities and Exchange Board of<\/p>\n","protected":false},"author":247,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"two_page_speed":[],"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":""},"categories":[20],"tags":[],"class_list":["post-17316","post","type-post","status-publish","format-standard","category-company-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.8) - 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