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Our Bureau

Mumbai , Nov. 2

The SEBI board at its meeting on Thursday decided to cap the equity stake of Indian entities at 5 per cent in stock exchanges. The FDI and FII investment limits in stock exchanges will be as per government policy.

It has been mooted that any Indian entity can automatically hold up to one per cent. However, once the one per cent cap is breached, the investor would have to comply with SEBI norms for `fit and proper person'. Thereafter, any individual, institution or persons acting in concert could hold up to 5 per cent.

The SEBI board had met to discuss guidelines for demutualisation of SEs. It is reliably learnt that the regulator will soon be coming out with guidelines for divestment in stock exchanges.

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