Shareholding restriction in ESG rating providers limits cross-ownership and board interlocks to protect investor and market integrity. An ESG rating provider must not directly or indirectly hold ten per cent or more shareholding or voting rights in any other registered ESG rating provider, nor have representation on another provider's board; the Board may permit acquisitions exceeding that threshold if the acquisition effects a change of control and is in the interest of investors, market integrity and stability. Shareholders holding ten per cent or more in an ESG rating provider are likewise barred from holding similar stakes in any other ESG rating provider, subject to an exemption for pension funds, insurance schemes and mutual fund schemes.