Securities And Exchange Board Of India - Subsection
Section 230(1) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(1)An issuer making an initial public offer shall ensure that:(a)it has made an application to one or more SME exchanges for listing of its specified securities on such SME exchange(s) and has chosen one of them as the designated stock exchange, in terms of Schedule XIX;(b)it has entered into an agreement with a depository for dematerialisation of its specified securities already issued and proposed to be issued;(c)all its existing partly paid-up equity shares have either been fully paid-up or forfeited;(d)all specified securities held by the promoters are in the dematerialised form;(e)it has made firm arrangements of finance through verifiable means towards seventy five per cent. of the stated means of finance for the project proposed to be funded from the issue proceeds, excluding the amount to be raised through the proposed public offer or through existing identifiable internal accruals.Explanation: "project" means the object for which monies are proposed to be raised to cover the objects of the issue.
