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This circular outlines the framework for monitoring shareholding norms of Market Infrastructure Institutions (MIIs) like stock exchanges, clearing corporations, and depositories. Key aspects include appointing a Designated Depository (DD) for monitoring shareholding limits, disclosing shareholding patterns quarterly on websites as per LODR formats, monitoring breaches of limits like 5%, 15%, 49% by persons resident outside India, trading members' aggregate 49% limit, clearing corporations' requirement of 51% held by stock exchanges. The DD to freeze excess shareholding, disable e-voting rights, transfer corporate benefits to investor protection funds upon breaches. MIIs to ensure shareholders are fit and proper, make investors aware of eligibility criteria, submit quarterly reports on non-fit shareholders. Divestment of excess stakes through special window for listed MIIs. Provisions effective 90 days from issuance, superseding previous circulars.
This circular outlines the framework for monitoring shareholding norms of Market Infrastructure Institutions (MIIs) like stock exchanges, clearing corporations, and depositories. Key aspects include appointing a Designated Depository (DD) for monitoring shareholding limits, disclosing shareholding patterns quarterly on websites as per LODR formats, monitoring breaches of limits like 5%, 15%, 49% by persons resident outside India, trading members' aggregate 49% limit, clearing corporations' requirement of 51% held by stock exchanges. The DD to freeze excess shareholding, disable e-voting rights, transfer corporate benefits to investor protection funds upon breaches. MIIs to ensure shareholders are fit and proper, make investors aware of eligibility criteria, submit quarterly reports on non-fit shareholders. Divestment of excess stakes through special window for listed MIIs. Provisions effective 90 days from issuance, superseding previous circulars.
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