Leading bourse BSE today said it has received applications from seven entities to act as independent valuers for exclusively-listed companies, in line with Sebi's directive to facilitate exit for investors.
The entities that applied are VC Corporate Advisors, SPA Capital Advisors, SMC Capitals, Saffron Capital Advisors, Corporate Professionals Capital, Sobhagya Capital Options and Turnaround Corporate Advisors.
As per Securities and Exchange Board of India (Sebi) directions, exclusively-listed companies of de-recognised, non-operational or exited stock exchanges opting for offering exit to investors are required to appoint an independent valuer from a panel of expert valuers of the designated stock exchange.
"Exclusively-listed companies (ELCs) desirous of giving exit option to investors may choose to appoint independent valuers from the panel of expert valuers of BSE," the exchange said in a circular.
Last week, BSE issued a detailed set of norms for independent valuers of companies that are listed on non-operational bourses to facilitate exit of investors.
In a circular, the exchange had said, "Only Sebi-registered active (not under suspension) category I merchant bankers shall form panel of expert valuers of the designated stock exchange (BSE Ltd) to act as independent valuers for arriving at a fair value."
The exchange will reserve the right to delist the name of independent valuer at any stage, if found unsatisfactory, or it does not comply with the BSE's requirements.
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