Procedures of Admission to the Market

Regulated Market

Activities related to securities admission to listing procedure are carried out by the Belgrade SE Listing Committee.
The issuer shall submit to the Listing Committee Listing Application along with the documentation and evidence set forth by the Rules on Listing.
Along with the Listing Application, the issuer shall furnish all data prescribed by the elements of Listing Application and give all relevant information and data relating to its business conduct, as well as to security which is the subject of Listing Application, which may influence pricing of those securities on the Exchange.
The Listing Committee, no later than five days from the receipt of the Listing Application along with the documentation shall issue a resolution on inclusion of securities to one of the following segments of the listing of the Regulated market, selected in the Listing Application:

  • Prime Listing,
  • Standard Listing
  • SMart Listing.

Securities which do not qualify for inclusion to listing or the segment of the regulated market which is not listing is selected in the Listing Application, shall be admitted to the Open Market in accordance with the Rules of Business Operation of the Belgrade SE.

Provisions of the Rules of the Exchange apply to securities admitted to Open Market.
The procedure for admission of securities to the Open Market begins with a completed application for for inclusion to the Open Market, whose content and form are determined by the Exchange Managing Director, which shall refer to all issued securities of the issuer of the same type and class.
Upon request, the Director of the Stock Exchange shall pass the following:

  • decision on admission of securities to the Open Market - if the conditions stipulated by the Rules for their inclusion in the Open Market have been fulfilled;
  • decision on admission of securities to the MTP Belex, if the conditions stipulated by the Rules for their admission to the Open Market have not been fulfilled;

MTP Belex

Securities are admitted to the MTP Belex if the conditions stipulated by the Rules for their admission to the Open Market have not been fulfilled or if the securities were excluded from the Open Market on the following grounds:

  • securities admited to the Open Market ceased to fulfill the requirements,
  • a particular security has not been traded on that segment of the regulated market for at least 180 days,
  • upon decision of the in case issuer has not fulfilled the obligation to submit reports and Information Memorandum,
  • issuer fails to properly fulfill his financial liabilities towards the Exchange with respect to the organization of trading in his securities on the Open Market,
  • upon request of the Securities Commission in compliance with the Law, and
  • in other cases specified by the Rules.

The decision on admission of securities to the regulated market or the MTP Belex defines the segment and the market segment of the regulated market or the MTP Belex, trading method, reference price for the first trading, date of the first trading, as well as the manner of expressing the price of a security in terms of the Rules.

The reference price for the first trading in securities is determined according to the following criteria, in the amount of:

  1. accounting value of the share in line with the Rules or equal to the price from the contract on the sale of capital in the process of privatization, by which the issuer (buyer) is obliged to pay the minimum price of shares, if the price from the contract is higher than the accounting value of shares;
  2. last sale price of the security in the initial public offering pursuant to the Law.

As an exception this criteria the reference price for the first trading in shares is determined upon the explained proposal of the issuer at the level of:

  1. price established by the decision of the issuer's assembly, which is higher than the accounting value of the share and equal to the estimated value of the share established by the law, provided the said evaluation is given in the period not longer than 6 months before the date of submission of the request and that it is published on the issuer's website, or
  2. last reference price of the security (closing price, single auction price, etc.) executed on another regulated market or the MTP in the Republic, provided it was executed in the period which does not precede the submission of the request more than three months, or
  3. at the level based on the justified proposal of the issuer if the accounting value is negative.

The reference price for the first trading in other financial instruments is determined at the level of the price in the justified request of the applicant for inclusion of the said instruments.

The reference price for the first trading in securities cannot be lower than 10 RSD.

Value985,47
Change2,17
% 0,22%
28.03.2024. 14:01:01More
EUR/RSD117,1776
USD/RSD108,2572
Source NBS, 28.03.2024.
Market Capitalization - 28.03.2024.
444.870.642.016 RSD
3.796.550.211 EUR

Exchange News
06.03.2024.
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01.03.2024.
BELEX Monthly Report - February 2024.
07.02.2024.
BELEXsentiment for February 2024 is 129.29 pts

Latest News
27.03.2024.
Notice of announcement of Issuer’s Profile on April 1, 2024 - Metalac a.d. , Gornji Milanovac
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Resolution on acquiring Exchange membership status and issuance of licences to trade at the Exchange - TradeWin 24 a.d., Beograd
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CCXVI NIS j.s.c. Board of Directors meeting by correspondence held - NIS a.d., Novi Sad
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