BSE Launches Single Filing System for Dual-Listed Companies

Introduction

The Bombay Stock Exchange (BSE) has launched a new single filing system through API-based integration for dual-listed companies. This initiative is in accordance with SEBI’s recommendations from June 2024, which aim to streamline compliance processes.

Overview of the Single Filing System

Effective from October 1, 2024, companies listed on both BSE and NSE will be permitted to file their grievance redressal disclosures under SEBI LODR Regulation 13(3) on one exchange only, with the information automatically shared with the other. This new framework applies to equity and equity-and-debt listed entities, with the initial phase set to handle disclosures for the quarter ending September 30, 2024.

Future Integration for Other Entities

The subsequent phase will include exclusively debt-listed companies, REITs, and INVITs. Until their integration, these entities must continue to file disclosures separately to each exchange.

Responsibilities of Listed Companies

Listed companies are required to:

Ensure acknowledgment of their filings from both exchanges.
Confirm that their disclosures are accessible on each exchange’s website.

Response to Clarification Requests

In the event that an exchange seeks clarification regarding a submission, companies must respond directly to the exchange that raised the query.

Communication to Listed Entities

This circular references SEBI’s consultation paper dated June 26, 2024, which provided recommendations from the Expert Committee aimed at facilitating ease of doing business and harmonizing provisions of ICDR and LODR regulations. The Committee advised that filings made on one Stock Exchange should be automatically disseminated to the other.

Following this recommendation, BSE and NSE have collaboratively begun developing the API integration necessary to support the new single filing system.

Implementation Details

The initial phase of the single filing system will apply to:

Equity listed companies
Equity and debt listed companies

Implementations commence for filings related to grievance redressal mechanisms governed by Regulation 13(3) of SEBI LODR starting October 1, 2024. Upon filing, entities must receive acknowledgment from both exchanges and subsequently verify their disclosures on each platform.

Filing Options

Listed entities will have the option to file disclosures and any revisions at either exchange. However, it is crucial to note that entities solely listed on one exchange should continue to follow traditional filing practices.