LISTING REQUIREMENTS OF K.S.E Submitted to: Sir, Waqas Ahmad.

By: Muhammad Sohail Reg No: 5382

Faculty of management Sciences, international Islamic university Islamabad.

it has to be subscribed by at least 500 applications.  The company seeking listing is required to fulfill the relevant requirement of the Exchange under  the Listing Regulations and the disclosures as required under the Second Schedule of the  Companies Ordinance 1984 & Companies (Issue of Capital) Rules.NORMAL COUNTER MAJOR REQUIREMENTS OF LISTING  Minimum paid up capital of Rs. . TIME FRAME FOR LISTING  The listing application completed in every respect along with offering document requires 2 to 3  Weeks for clearance of the offering documents by the Exchange. it shall comply with the requirements as set out in Appendix .  In case where the shares of the Company are issued / offered through Book Building.  The companies are allocated dates for publication of offering document / public subscription on  receipt of approval under the relevant Laws from the Securities & Exchange Commission of  Pakistan.4 to the Listing Regulations of the Exchange.  Provisions of Listing Regulation 6 relating to minimum fresh public offering through prospectus as  well as the minimum public offering requirements by way of Offers For Sale as laid down under  The Companies (Issue of Capital) Rule. 1996. 200 million for a company seeking listing  To succeed public offer of equity.  The offering document has to be cleared by KSE before it is submitted to the Securities &  Exchange Commission of Pakistan for approval.  The companies are formally listed within 30 days of close of public subscription. 1996.

250 million Rs.2. 250 million & up to Rs.000 million Rs.0025% on excess over Rs.000/. in respect of each financial year of the Exchange.000 million Rs.000+0. pay a sum of Rs.000 million Rs. subject to a maximum of Rupees one million and Five hundred thousand: (*) Explanation: For the purpose of this sub-clause. 500 million Rs. 1.1.500+0. commencing From 1st July and ending on 30th June next.000+0.000+0. 50 Million Above Rs.000 million Rs.10. the market capitalization shall be calculated by multiplying the last one year’s volume weighted average price with the company’s outstanding ordinary shares as on June 30. An open-end mutual fund applying for listing on the Exchange shall pay a sum of Rs.000 million Above Rs. in addition to other fees. shall pay an initial listing fee equivalent to one Tenth of one percent of the PAID-UP-CAPITAL subject to a maximum of rupees two million and Five hundred thousand. which shall be payable by or before the 30th September in Each calendar year. 320.(Rupees fifty thousand only) as non-refundable service charges.000+0. .000 million & up to Rs. 100. 100 million & up to Rs.000 million Above Rs.000 million Provided further that the Board may revise the above fees or any of the slabs or add new slabs with the approval of the Commission.FEE SCHEDULE Rates of Initial Listing Fee Payable by the Companies with Listing Application (Listing Rules No.0003% on excess over Rs.000 million & up to Rs. 10.250 million Above Rs. Companies having market capitalization as on June 30 Rate of Fee per annum Up to Rs. 2. of the preceding year. 1.025% on excess over Rs.000+0.0055% on excess over Rs.015% on excess over Rs. 500 million & up to Rs. Provided further that every company applying for listing shall pay annual listing fee for the entire financial year of the Exchange along with the listing application irrespective of the date of its listing during the financial year. 50.500 million Above Rs. 575. 32) (I) Initial Listing Fee: A company applying for listing on the Exchange. 50. 182.000/. 2. 375.100 million Above Rs.000+0. 100 million Rs. (II) Annual Listing Fee: Every listed company shall pay. 10.1% on excess over Rs. an annual listing fee calculated on the basis of the Company’s *market capitalization. (III) Service Charges: A company applying for enlistment on the Exchange shall.055% on excess over Rs. 245. 25.(Rupees twenty five thousand only) as non-refundable service charges. as per following schedule.

 The minimum public offering is Rs. names of the directors of the Company. 5 million or 25% of the capital. c) The company shall not be eligible for listing under these regulations if any of its Director / Sponsor is a defaulter of any Stock Exchange and / or he is a Director in other listed company which has violated and / or failed to comply with any provision of the Listing Regulations of the Exchange and/or has defaulted in the payment of the loans of any bank or financial institution or government dues. The company / sponsor shall be required to comply with the Regulations Governing Over-The-Counter (OTC) Market. the break-up value of the ordinary shares of the company. duly certified  By a Chartered Accountant / Auditor shall not be less than its face value. they deem the listing of the Company of the OTC Market not to be suitable and/or the Company does not meet the eligibility criteria set out in Regulation 3 hereof and/or for the contravention of Regulation (c) the Regulations or the appraisal tendered by the Sponsoring Member is not in accordance with Regulation 7 (i) The Regulations provided that. CONDITIONS APPLICABLE FOR LISTING OF SECURITIES The company shall comply with the following listing requirements:a) The Company shall apply for approval to the Exchange. .OVER-THE-COUNTER (OTC) The Exchange will list the securities on the Over-The-Counter (OTC) issued by companies registered under Companies Ordinance.  The offering document has to be cleared by the KSE before it is submitted to the Securities Exchange Commission of Pakistan for approval. a complete appraisal by the Sponsoring Member in accordance with Regulation 7(b)(i) of the Regulations (any other information deemed necessary).  At the time of listing. b) The Exchange may reject the application of the Company at its sole discretion if. for the protection of investors. whichever is higher. unless the same are legitimately disputed by him by litigation. a Company shall be given an opportunity of hearing by the Exchange before the Company’s application is rejected. The application shall contain the names of the sponsors of the company. ELIGIBILITY FOR LISTING A company may be listed under these regulations provided that: The minimum paid up capital of the company is Rs. 10 million. 1984.

make an application on Form-DI to the Exchange along with the documents/information as mentioned in Regulation 1 (ii) The Information Memorandum circulated by the Company among QIBs inviting them for subscription of Debt Market Securities shall not be considered as a prospectus and. 50. 10(b). 50 million. Provided further that every company applying for listing shall pay annual listing fee for the entire financial year of the Exchange along with the listing application irrespective of the date of its listing during the financial year. (iii) Further. shall pay an initial listing fee equivalent to one twentieth of one percent (1/20 of 1%) of the total value of Security. PROCEDURE FOR LISTING OF DEBT MARKET SECURITIES UNDER REGULATION 3(II) For listing of Debt Market Securities under regulation 3(II) the following steps shall be followed: (i) The Company. which shall be payable by or before the 30th September in each calendar year. at its sole discretion if it deems that listing of the Debt Market Securities is not in the interest of the market. 16. published and circulated to the general public or a class of the general public. 14. 15. (iii) The Exchange may reject any application. (ii) Annual Listing Fee: A company shall pay. 12(b). b) The minimum long term entity instrument rating shall not be less than BBB. an annual listing fee. ELIGIBILITY FOR LISTING The Company may apply for listing of its Debt Market Securities issued to Qualified Institutional Buyers (QIBs) through private placement under OTC Regulation 3(II) provided that: a) The minimum paid up capital of the Company shall be at least Rs. in respect of each financial year of the Exchange.FEE SCHEDULE: Rates of Initial Listing Fee Payable by the Companies with Listing Application: (i) Initial Listing Fee A company applying for listing on the OTC. Provided that. 19 and 20 and Schedule-III of OTC Regulations. for listing of its Debt Market Securities.(Rupees fifty thousand only) as non-refundable service charges. c) It shall comply with the requirements of regulation No. a company applying for enlistment on the Exchange shall. the Company does not meet the minimum eligibility criteria set out in the Regulations or the Company is in contravention of these Regulations.000/. 10(d). in addition to other fees. commencing from 1st July and ending on 30th June next. shall. . therefore. pay a sum of Rs. 2. the Company shall be given an opportunity of hearing by the Exchange before the listing application is rejected. as per the slabs of fee applicable to debt instruments. after finalization of the list of subscribers. made under regulation 3(II). 4(c). LISTING OF DEBT MARKET SECURITIES ON OTC MARKET ISSUED TO QIBs THROUGH PRIVATE PLACEMENT 1. shall not be issued.

500 million Rs. commencing from 1st July and ending on 30th June next. LONG-TERM DEBT INSTRUMENTS Introduction The KSE will list the long-term debt instruments in the form of long-term finance certificates issued by the listed companies.500 million Rs. No.150 million & upto Rs.000 Above Rs.500 million Rs. 150 million Rs. the public offer shall be at least Rs. (v) Payment of mark up and repayment of principal amount to Debt Market Securities holders shall be credited in their respective bank accounts electronically. .000 (iii) Brokerage Commission: The brokerage commission under the public offer shall be payable to the members of the Exchange at the rate of 0. 30.150 million Rs.000/ii Above Rs.000Above Rs. 50.0. 500 million Rs.5 million. (ii) The annual listing fee shall be payable in respect of each financial year of the Exchange. subject to a maximum of Rs.000/iii Above Rs. In case the total issue size is beyond Rs. 3. LISTING AND ANNUAL FEES (i) A company applying for listing of its Debt Market Securities under regulation 3(II) of these Regulations shall pay an initial listing fee equivalent to one twentieth of one percent of the total issue size of Debt Market Securities subject to a maximum of Rs. 200 million or 25% of the total issue size. There is compulsory requirement of public offering for longterm debt instruments. as per following schedule: S.(iv) Trading in Debt Market Securities listed under regulation 3(II) shall commence one day after the date of their formal listing.25 percent of the value of debt instrument actually sold through them. 30. at least 40% of the issue size shall be offered to the public. (ii) Annual Listing Fee: The annual listing fee shall be payable as per the Slabs of fee given here under: Size of Instrument Upto Rs. 50.5 million. 500 million. Fee Schedule (i) Initial Listing Fee The initial listing fee shall be charged at the rate of one twentieth of one percent of the total issue size. whichever is higher.150 million & upto Rs. In case the total issue size is up to Rs. before the 30TH September in each calendar year. 40. 500 million. 40. 0.000/Provided that the Board may revise the above fees or any of the slabs or Add new slabs with the approval of the Commission. Total Issue Size Amount of fee i Upto Rs.

200 million or 20% of the total issue size.000 Above Rs.  The offering document has to be cleared by KSE before it is submitted to the Securities & Exchange Commission of Pakistan for approval. 500 million Rs. LISTING OF CLOSED END MUTUAL FUND A Closed-End Mutual Fund can be listed on the Exchange upon fulfillment of relevant requirements and other procedures as applicable to equity Listing. it has to be subscribed by at least 500 applications.TERM DEBT INSTRUMENTS Introduction The KSE will list the short .150 million & upto Rs.000 (iii) Brokerage Commission: The brokerage commission under the public offer shall be payable to the members of the Exchange at the rate of 0. whichever is lower.term debt instruments in the form of a short term finance certificate issued by the listed companies as well as non . 100 million.SHORT .  To succeed public offer of equity. 40. There is no compulsory requirement of public offering where the debt instrument is issued for a maximum period of 365 days and its size is upto Rs.150 million Rs.0. FEE SCHEDULE Rates of Initial Listing Fee Payable by the Management Companies of the Fund with Listing Application (Listing Rules No. The public offering where required shall be at least Rs. Fee Schedule (i) Initial Listing fee The initial listing fee shall be charged at the rate of one twentieth of one percent of the total issue Size.5 million. 50.500 million Rs. (ii) Annual Listing Fee: The annual listing fee shall be payable as per the Slabs of fee given here under: Size of Instrument Upto Rs. 32) .000 Above Rs.25 percent of the value of debt instrument actually sold through them. subject to a maximum of Rs.listed companies. 30. MAJOR REQUIREMENTS OF LISTING  Provisions of Listing Regulation 6 relating to minimum public offering.

50 million & up to Rs.500 Above Rs. LISTING OF OPEN-END MUTUAL FUND An Open-End Mutual Fund is listed on the Exchange on fulfillment of the requirements under the Non-Banking Finance Companies (Establishment and Regulation) Rules. an annual listing fee. commencing from 1st July and ending on 30th June next. 500 million & up to Rs.000/.(i) Initial Listing Fee A company applying for listing of the Fund on the Exchange. 100 million Rs. which shall be payable by or before the 30th September in each calendar year. 300 million & up to Rs. as per following schedule: Companies having paid-up-capital Rate of fee per annum Up to Rs. 162. 62. .500 Above Rs.000 million Rs. 400 million & up to Rs. shall pay an initial listing fee equivalent to one tenth of one percent (1/10 of 1%) of the PAID-UP-CAPITAL subject to a maximum of rupees two million and five hundred thousand. 100.000 million & up to Rs. pay a sum of Rs. 50 million Rs.500 Above Rs. 100 million & up to Rs. 175.500 Above Rs. approval by the Securities & Exchange Commission of Pakistan and submission of relevant documents/information. 50.000 Above Rs. 2. 137. 2008. a company applying for enlistment of the Fund on the Exchange shall. 500 million Rs. 300 million Rs. 212. 200 million & up to Rs. 1. in respect of each financial year of the Exchange.000 Above Rs. 2. 1. 200 million Rs.000 million Rs. 112. (ii) Annual Listing Fee: A company applying for enlistment of the Fund on the Exchange shall pay. 400 million Rs. in addition to other fees.500 Above Rs. 57. Further. The total amounts of fees mentioned above are subject to withholding tax deduction at applicable tax rates.500 million & up to Rs.(Rupees fifty thousand only) as non-refundablservice charges. 1.500 million Rs.000 million Rs.500 Provided further that every company applying for listing shall pay annual listing fee for the Entire financial year of the Exchange along with the listing application irrespective of the date of its listing during the financial year. 87.500 Above Rs. 1.500 Above Rs. 2003 and NonBanking Finance Companies & Notified Entities Regulations. 37.

40. In case of public offering of different kinds and classes of shares by the listed / no listed companies. pay a sum of Rs. (iii) Further. (ii) Annual Listing Fee: A company applying for listing of the Fund shall pay. 50.000 Above Rs. a company applying for enlistment of the Fund on the Exchange shall. 500 million Rs. 32) (i) Initial Listing Fee A company applying for listing of the Fund on the Exchange.150 million Rs.150 million & up to Rs.5 million. an annual listing fee.000/. as per following schedule: Size of Instrument Up to Rs.32). which shall be payable by or before the 30th September in each calendar year. commencing from 1st July and ending on 30th June next. . all the requirements of the Listing Regulations along with criteria / guidelines of listing of ordinary shares shall be applicable. 0.000 Above Rs. in respect of each financial year of the Exchange.500 million Rs. FEE SCHEDULE Rates of Initial Listing Fee Payable by the Companies with Listing Application (Listing Rules No. in addition to other fees. LISTING OF DIFFERENT KINDS AND CLASSES OF SHARES The KSE will list the different kinds and classes of shares issued by listed as well as non – listed companies. shall pay an initial listing fee equivalent to one tenth of one percent of the PAID-UP-CAPITAL subject to a maximum of rupees twomillion and five hundred thousand.000 Provided further that every company applying for listing shall pay annual listing fee for the entire financial year of the Exchange along with the listing application irrespective of the date of its listing during the financial year. 30.FEE SCHEDULE Rates of Initial Listing Fee Payable by the Management Companies of the Fund with Listing Application (Listing Rules No. shall pay an initial listing fee equivalent to one twentieth of one percent (1/20 of 1%) of the SEED CAPITAL of the Fund subject to a maximum of Rs.(Rupees twenty-five thousand) as non-refundable service charges. 25. (i) Initial Listing Fee: A company applying for listing on the Exchange.

1. 2.055% on excess over Rs.000 million Rs. 10.(ii) Annual Listing Fee: Every listed company shall pay. 375.000+0. 50 Million Above Rs.000 million Rs. subject to maximum of Rupees one million and five hundred thousand: (*) Explanation: For the purpose of this sub-clause. 500 million & up to Rs.(Rupees fifty thousand only) as non-refundable service charges. commencing from 1st July and ending on 30th June next. AnM open-end mutual fund applying for listing on the Exchange shall pay a sum of Rs. (III) Service Charges: A company applying for enlistment on the Exchange shall.500+0.1% on excess over Rs.000 million Provided further that the Board may revise the above fees or any of the slabs or add new slabs with the approval of the Commission.000 million Above Rs. 250 million & up to Rs. Provided further that every company applying for listing shall pay annual listing fee for the entire financial year of the Exchange along with the listing application irrespective of the date of its listing during the financial year.000+0. the market capitalization shall be calculated by multiplying the last one year’s volume weighted average price with the company’s outstanding ordinary shares as on June 30. 320.000+0.025% on excess over Rs. . in addition to other fees. 100.000 million Above Rs. 245.250 million Above Rs.015% on excess over Rs. 10.000/. as per following schedule.0003% on excess over Rs.(Rupees twenty five thousand only) as non-refundable service charges. 25.000 million & up to Rs. 575.000+0.500 million Above Rs.10. in respect of each financial year of the Exchange.000 million & up to Rs. 1. 50. 100 million Rs. 100 million & up to Rs.000/. 2. an annual listing fee calculated on the basis of the company’s *market capitalization.000+0.0025% on excess over Rs.000 million Rs. pay a sum of Rs. Companies having market capitalization as on June 30 Rate of Fee per annum Up to Rs. 500 million Rs. 50. which shall be payable by or before the 30th September in each calendar year.1.0055% on excess over Rs.000+0.000 million Rs. of the preceding year. 182.100 million Above Rs. 250 million Rs.2.

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