To list on the Main Board or Second Board , a company will have to follow the procedures & guidance of MSE. Some of the key requirements are given below.
» | Appointment of a party to help with the listing
The company is encouraged to get the help of the licensed dealing companies for assistance
relating to listing. However the company is free to choose any appropriate party to do the work
|
» | Amendment to Memorandum and Articles of Association
The company is required to incorporate specific provisions from the Listing Rules of MSE and
Corporate Governance Code of CMDA into the company's Memorandum and Articles of Association. |
» | Preparation of Prospectus
A company is required to issue a prospectus in compliance with the Companies Act and the rules
under the Companies Act and the Listing Rules of MSE. |
» | Submission of Initial Listing Application
a) The company will have to submit an application for initial listing with the required documents
specified in the Listing Rules of MSE, with the prospectus to MSE & CMDA for review and approval Main Board application form and other documents to be submitted would be available via
http://www.mse.com.mv/docs/Listing_Rules_Main_Board.pdf (Appendix 1A, 2A, 3A, 3B) Second Board application form and other documents to be submitted would be available via
http://www.mse.com.mv/docs/Listing_Rules_Second_Board.pdf (Appendix 1, 2, 3, 4) The required document specified in the MSE Listing Rules include Certificate of Incorporation &
Certificate to commence business (if any), Memorandum and Articles of Association, a copy of the
signed agreement with Maldives Securities Depository(MSD) for demat trading, etc. b) Once the application has been approved from MSE and CMDA, the application should be sent to
the Registrar of Companies for their approval. |
» | Public Issue Procedure
The requirements and procedures for a Public Issue are set out in the Listing Rules of MSE &
Prospectus Regulations under the Companys' Act. The issuing company will be required to make
its prospectus and application forms public at least fourteen (14) market days before the date of
opening of the subscription list . In the event of an over-subscription, the company shall allot the
shares in accordance with the policy defined in the prospectus. |
