Warrants may be listed only if the underlying securities to be subscribed or purchased are (or will become at the same time):—

(1) a class of listed debt securities; or
(2) a class of debt securities listed or dealt in on another regulated, regularly operating, open stock market recognised by the Exchange.

However, the Exchange may list warrants in other circumstances if it is satisfied that holders have the necessary information available to form an opinion concerning the value of the underlying debt securities to which such warrants relate. This rule does not apply to an issue of options, warrants or similar rights by a State or a Supranational.