Public shareholding requirement ensures exchanges maintain majority public equity through specified issuance and placement methods. Recognised stock exchanges must ensure a public shareholding of at least fifty-one per cent of equity capital, subject to sub section (8) of Section 4B and the scheme. This may be satisfied by fresh public issuance or by offer for sale of shares held by trading right shareholders, placement of such shares with Board approval, private placement to persons who are not trading right shareholders or their associates with Board approval, or any combination thereof.