Promoters' contribution exemption where issuer is frequently traded and meets investor complaint redressal and listing compliance.

Regulation 112 exempts issuers from the minimum promoters' contribution where there is no identifiable promoter or where equity shares are frequently traded for a continuous three year period preceding the reference date, provided the issuer has redressed the requisite proportion of investor complaints and complied with listing obligations for that period; past non compliance on board composition may be deemed compliant if cured and disclosed; promoter subscriptions above specified thresholds must be priced at the higher of the regulatory pricing formula or the issue price; the reference date for turnover computation is the filing date of the draft offer document (or offer document for fast track issues).

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