MUMBAI, May 17: The Securities and Exchange Board of India (Sebi) may introduce uniform listing norms for companies across all stock exchanges by incorporating listing rules in the Securities Contract Regulation Act (SCRA).

This was among the suggestions discussed to streamline listings at bourses by the Sebi committee at its second meeting on Friday. Former president of Institute of Company Secretaries of India KR Chandatre is the head of the panel. The possibility of introducing a uniform listing fee for stock exchanges as against the present system of a varying fee structure was also discussed.

The main issues that came up for discussion were related to the nature of delistings. For instance, in cases where a company opts to move out of a stock exchange or forced delistings, when the bourse decides to delist a company. The modalities to be followed by companies and exchanges in the circumstances were debated.

The possibility of introducing a one-time payment of listing fees for the first three to five years at the time of the initial public offering by companies figured in the deliberations. The move was considered in the backdrop of information from stock exchanges that the main reason for an overwhelming majority of the delistings had been the non-payment of listing fee by companies.

The committee received a status report from bourses on the total number of delistings so far, and their reasons. In 1996-97, there were 260 delistings at stock exchanges, the majority of which, originated from the Bombay Stock Exchange, a Sebi official said.

It was alsofelt that a clause be introduced in the listing agreement - a la the present listing rule at OTC Exchange of India - that a company shall not be allowed to delist at least for the first three years.

The committee also dwelt on the status of continuous listing, where companies are expected to have a minimum shareholding pattern to remain listed at the exchange. Sebi, last year, had asked bourses to add a new clause to their listing agreement by which a minimum of five shareholders are required for every Rs 1 lakh worth of shares. The measure was aimed at increasing the liquidity in thinly traded scrips.

There was a feeling that continuous listing norms should be made applicable only to companies which sought a new listing, and not to the existing ones.