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Mar 31, 2023

SEBI Circular on Modification in Manner of Achieving Minimum Public Shareholding

In supersession to the SEBI Circular dated February 22, 2018 stipulating the methods available to a listed entity to achieve compliance with the minimum public shareholding (‘MPS’) requirements under the Securities Contracts (Regulation) Rules, 1957 read with the Listing Regulations, SEBI by way of   Circular dated February 3, 2023 has rationalized certain existing methods for a listed entity to achieve MPS and introduced the following two additional modes for a listed company to comply with MPS requirements:

i.     Increase in public holding due to exercise of options or allotment under employee stock option scheme, subject to a maximum of 2% of the paid-up share capital of the listed entity and certain other conditions prescribed in the Circular; and

ii.   Transfer of shares by promoter(s)/ promoter group to an exchange traded fund managed by a SEBI registered mutual fund, subject to a maximum of 5% of the paid-up equity share capital of the listed entity and such conditions as prescribed in the Circular.

Stock exchanges have been directed to monitor the methods adopted by a listed entity to increase their public holding to comply with the MPS norms in terms of the Circular.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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