In case of applications of companies registered with CMB submitted for listing on the ISE without public offering;

a. The application should cover all such securities that have been issued until the application date,

b. The ISE Board of Directors should have decided in favor of trading on the Second National Market of such corporation’s stocks as a result of its evaluation which is made taking into account the financial and legal position, activities of the corporation and the outstanding volume of its stocks provided that there exists no matter which may prevent the circulation of such stocks,

c. For reasons other than those acceptable to the ISE Management, the corporation must not have suspended its activities for more than 3 months within the last 1 year, not filed for its liquidation or an arrangement with its creditors, and not have faced other similar situations determined by the ISE.

In addition to the above-listed criteria; the following requirements should also be met:

d. If the paid-in/issued capital of a company

• is up to TRY 10 million, then stocks representing 15% of the capital
• is above TRY 10 million, then stocks representing 10% of the capital
 
must be registered with the Central Registry Agency in the name of minimum 250 persons in a dematerialized form so as to be traded on the Exchange,

e) Significant legal disputes which might affect the corporation’s production and activities must not exist.