For all applications for admission of company shares to the ECM Directory, it is essential that:

1) The company applying for admission of shares to the ECM Directory be a joint stock company, and prove by legal documents that its legal status in terms of its establishment and operations as well as its shares be in compliance with the legislation to which the company is subject;
2) The application for admission to the ECM Directory be made for the shares to be issued as a result of capital increase through the partial or full restriction of the pre-emptive rights of the existing shareholders, or capital increase through private placement,
3) The company should fail to satisfy at least one of the qualitative or quantitative listing requirements set forth in the Listing Regulation, (such as profitability, operational age, and capital or market capitalization size etc.) 
4) The company’s articles of incorporation not include any provisions restricting the transfer and circulation of the shares to be traded, or preventing the shareholders from exercising their rights;
5) A market advisory agreement have been signed between the Company and  one of the market advisors which is listed on the Market Advisors Directory, and such agreement be effective for a period of minimum two years from the application date;
6) The most recent year-end financial statements as of the application date have been independently audited, and in the event that a period of nine months has elapsed since the date of the independently audited balance sheet, the semi-annual financial statements also be independently audited.

If the market advisor’s report on the company sets out a positive opinion, the Executive Council decides whether to admit or refuse the admission of the company shares to the ECM Directory, in consideration of the report and the general circumstances.

Shares qualifying for the ECM Directory are those to be issued as a result of capital increase through public offering, or capital increase through private placement. As long as company shares are included on the ECM Directory, any application for inclusion in the ECM Directory submitted by shareholders for shares which are not covered by this article and are not included in the ECM Directory, shall be refused by the Exchange.