Public shareholding requirement raised; listed companies must meet minimum threshold through phased annual increases and continuous listing compliance. The amendment defines 'public' excluding promoters, promoter group, subsidiaries and associates, and excludes shares held by custodians against overseas depository receipts from public shareholding. It amends listing rules to set public offer thresholds for allotment, provides transitional relief for pending drafts, and inserts a Continuous Listing Requirement obliging listed companies to attain and maintain prescribed minimum public shareholding through staged annual increases or to restore any shortfall within a specified remedial period as specified by SEBI.
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Provisions expressly mentioned in the judgment/order text.
Public shareholding requirement raised; listed companies must meet minimum threshold through phased annual increases and continuous listing compliance.
The amendment defines 'public' excluding promoters, promoter group, subsidiaries and associates, and excludes shares held by custodians against overseas depository receipts from public shareholding. It amends listing rules to set public offer thresholds for allotment, provides transitional relief for pending drafts, and inserts a Continuous Listing Requirement obliging listed companies to attain and maintain prescribed minimum public shareholding through staged annual increases or to restore any shortfall within a specified remedial period as specified by SEBI.
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