Market regulator Sebi has issued a master circular of the issuance of a No Objection Certificate (NOC) on the amount deposited by the issuer before the issuance.

The issuer must deposit an amount equivalent to 1% of the size of the offering available for public subscription to the designated stock exchange before the open call list. This 1% amount will be released to the issuer after obtaining the NOC from the Securities and Exchange Board of India (Sebi).

To obtain a NOC, an issuer must apply to its letterhead in the specified format two months after its last listing on a stock exchange where the listing is permitted.

“If all complaints related to the issue have been resolved by PILMB/issue, the NOC’s application shall be made by the Post Issue Lead Merchant Banker (PILMB),” the circular said. The circular replaces the previous three circulars on the subject.