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Sebi to relax norms for promoters to reclassify as ordinary shareholders

Nov 23, 2020 - Business Standard India

Maximum promoter holding to be eligible for reclassification to be raised from 10% to 15%; waiting time to be brought down to one month from three Promoters of listed companies that wish to re-classify themselves as ordinary shareholders may find it easy to do so. The Securities and Exchange Board of India (Sebi) on Monday proposed to relax and streamline existing re-classification process. To begin with, the market regulator has said the eligibly threshold can be relaxed from 10 per cent...