However, the SEBI circular simply states that the issuance of shares on the secondary market is subject to the conditions of the Stock Exchange. If the stock markets do not require a prospectus, potential shareholders must rely on all submissions that the company has submitted to the exchange during its listing period. It would hardly be an effective substitute for a prospectus. Last week, SEBI published a discussion paper on the topic “Alternate Capital Raising Platform and Review of Other Regulatory Requirements”, which aims to allow start-ups to register their securities on a trading platform without meeting the significant listing and listing requirements that might normally apply. This is an explicit recognition of the need to do so. The Justice Bhagwati Committee on Substantial Acquisition of Shares and Takeovers recommended in its report of 18 January 1997 that clauses 40A and B of the listing agreement may be replaced by a clause requiring compliance with the SEBI (Substantial Acquisition of Shares & Takeover) Regulations of 1997, notified on 20 February 1997. To give effect to the foregoing, clauses 40A&B of the stock exchange listing agreement must be amended accordingly. It is therefore recommended that you make the following changes to the listing agreement of the Exchange. Therefore, if the stock markets do not impose an obligation to make available a prospectus for the second listing, such a method of issuing shares might not be legal and could be contrary to the Law on Shares. The company agrees that the following should also be a condition for further listing.