. Opening and Closin Subscription List [Sec. 72J

Date of opening of subscription list nUlst be specified in the prospectus and the collecting banker

accepts the application for subscription of shares from the date of

opening of the isue. .

The Company Act does not spcci(v the period for which the subscription list must be kept open. Issue should be kept open as per SEBI guidelines, for a

minimum of three working days and for a maximum of 10 working days [21 days in the case of infrastmcture projects]. Last day and the earliest day of

closure must be specified in the prospectus.

However, no allotment of shares can be made until the beginning of the fifth day from the date of issue of prospectus or such later date, if any, as may be

specified in the prospects. By virtue of this restriction, a company cannot allo shares immediately after the.issue of prospectus.

6. Shares and Debentures to be dealt in on Stock Exchange. Section 73, as amended by the Companics (Amendment) Act, 1988, requircs that every

company, intending to offcr shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an application

to onc or motc recognised stock exchanges for permission for the shares or debentures intending 10 be so offered to be dcalt on the stock cxchange or

each sue II stock exchange. The name of the stock exchange or, as the case may be, of each of the stock exchanges is to be stated in the prospectus.