Business Daily from THE HINDU group of publications
Friday, Jul 10, 2009
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Business Daily from THE HINDU group of publications Friday, Jul 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Regulatory Bodies & Rulings Corporate - Budget Our Bureau Mumbai, July 9 The issue of increasing the minimum non-promoter shareholding for listed companies, a Budget proposal, is likely to be discussed at Friday’s meeting of SEBI board officials with the Finance Minister. Listing agreement guidelines require that companies ensure the minimum level of public shareholding at 25 per cent for continuous listing. Some companies were exempted. They included companies that while initial listing had offered less than 25 per cent but not less than 10 per cent of the total number of issued shares; as well as companies desiring to list their shares through an IPO of at least 10 per cent. These companies were required to maintain minimum public shareholding of 10 per cent. Maintenance of minimum public shareholding was not applicable to Government and infrastructure companies, and those referred to the Board of Industrial and Financial Reconstruction. Observing in its amendment to the listing agreement in April 2006 that there were compliant and non-compliant companies pertaining to minimum public shareholding, SEBI said it would provide a transparent mechanism to non-compliant companies to enable them to graduate to the level of compliant companies. If the issue is debated on Friday, the matter of a deadline for minimum shareholding compliance would come up, said sources. The other matter would be to determine the investors constituting non-promoter shareholders, and if this would include institutions, MFs, FIIs and retail shareholders, they added. More Stories on : Regulatory Bodies & Rulings | Budget
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