Reclassification of Promoters by SEBI
On 11th May, 2021, markets regulator Securities and Exchange Board of India (SEBI) proposed to rationalise the definition of 'promoter group' and move to the concept of 'person in control' as well as reduce the minimum lock-in periods.
Objective
- The objective behind introducing the amendments was to streamline the process as multiple informal guidance had created a spider’s web for all the involved parties.
Background
- In May 2019, Primary Markets Advisory Committee (PMAC) had constituted a sub group to examine the relevance of ‘concept of promoter’ in the context of Indian Securities Market.
- The sub-group held deliberations and also interacted extensively ....
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