[Last updated: 1 February 2026, unless otherwise noted]

The JSE has one set of equity listing requirements for the Main Board that applies to both primary and secondary listings and to both foreign and domestic companies, subject to some minor differences.  As set out above, the Main Board is segmented through the classification of issuers to either the prime segment or the general segment. An applicant can apply for a listing on the general segment and the JSE will determine the likelihood of the applicant being included in the FTSE/JSE All Share Index.

A listing applicant must meet the requirements to qualify for a listing on the Main Board and remain compliant with all the requirements. However, meeting the JSE's listing requirements does not guarantee a listing on the Main Board. The general principles of the revised JSE Listings Requirements provide that securities will only be listed if the JSE is satisfied that it is appropriate for such securities to be listed. 

There are no jurisdictions of incorporation or industries considered unacceptable to be listed on the JSE and the revised JSE Listings Requirements are not prepared on the basis of a "blacklist" of jurisdictions or industries. However, in terms of the general principles of the revised JSE Listings Requirements, the JSE retains discretion to determine appropriateness of the listing.

Applicants seeking a listing on the Main Board must satisfy the following criteria:

• Historical Financial Information: The applicant must submit audited financial statements for the preceding three financial years. The applicant issuer is exempt from this requirement if it:
  • has either (i) in its most recent financial year, audited financial statements reporting a minimum profit of R 15 million (approximately US$908,400) before tax, after taking account of the headline earnings adjustment, and (ii) has an existing net asset value of at least R 50 million (approximately US$3.03 million) (excluding minority interests);
  • can illustrate that its underlying assets or companies are in a similar line of business and are dependent on one another or are complimentary, enabling it to meet the required profit and net asset value thresholds set out above; and
  • can demonstrate at least one of the underlying assets or companies would qualify for a listing on the Main Board in its own right.
• Profit History: Either the applicant must have: (i) in its most recent financial year, reported a minimum profit of R 15 million (approximately US$908,400) before tax, after taking account of the headline earnings adjustment and has an existing net asset value of at least R 50 million (approximately US$3.03 million) (excluding minority interests); or (ii) an existing net asset value of at least R 500 million (approximately US$30.28 million) (excluding minority interests).
• Control: For a period of at least 12 months, the applicant must have had control over or a reasonable spread of direct interests in, the majority of its assets.
• Minimum Shares in Issue: The applicant must have at least 25 million equity shares in issue.
• Free Float: The applicant must have on listing a free float of at least 10% of each class of equity securities held by public shareholders at all times, representing at least 100 shareholders. In order to maintain its listing, a company that is listed on the Main Board must maintain this free float requirement to ensure reasonable liquidity.

Development stage companies, property companies, mining/oil and gas companies and investment entities may rely on certain exemptions to the Historical Financial Information and Profit History requirements set out above, in limited circumstances. Relaxed listing criteria also apply to special acquisitions companies (SPACs).

A company seeking a secondary listing on the Main Board must (i) have a primary listing on an equivalent board on an approved exchange (or local exchange) and (ii) generally comply with all the above listings requirements. However, the JSE will review the requirements having regard to the jurisdiction in which the applicant is incorporated and the listing criteria of the primary exchange. A fast-track secondary listing is also available to applicants seeking a secondary listing on the Main Board, provided that its equity securities have been primary listed on an approved exchange for at least 12 months prior to the proposed secondary listing. Listing a foreign company on the Main Board (including a secondary listing) requires exchange control approval of the South African Reserve Bank.

There is no requirement for a listed foreign company to maintain a minimum trading price for its securities.

Each company listed or applying for a listing on the Main Board (irrespective of whether it has a primary listing or secondary listing) is required to appoint and maintain a sponsor. The sponsor assists with ensuring compliance with the listing requirements and all necessary correspondence between the company and the JSE must be communicated through the sponsor. The name of the sponsor must appear on all announcements and documents issued by the issuer. Sponsors typically are corporate brokers, banks and other professional advisors.

In connection with the listing of securities on the JSE, there is no requirement that shares be placed into escrow or otherwise be restrained from being traded, such as through "lock-in" or "lock-up" arrangements.

Securities listed on the JSE must be traded and settled in South African Rand, even though they may be denominated in other currencies.

All companies listed on the JSE are required to:

• Maintain a transfer secretary or a receiving and certification office if it has certificated securities in issue.
• Be approved by the central securities depository if it has uncertificated securities and comply with the rules of the central securities depository in respect of the clearing and settlement of uncertificated securities.