Promoter reclassification rules require procedural approvals and ongoing compliance to ensure cessation of promoter control and rights. Re-classification of a promoter to public status requires a reasoned request by the promoter to the listed entity, prompt board consideration with recorded views, application to the recognized stock exchange(s) for no-objection, and shareholder approval by ordinary resolution with the promoter and related persons ordinarily excluded from voting. Substantive conditions disqualify re-classification where the outgoing promoter(s) retain more than ten percent voting rights, exercise control, hold special rights, are board representatives or key managerial personnel, are wilful defaulters or fugitive economic offenders. The listed entity must meet minimum public shareholding, trading and dues conditions.