Chennai, Nov 5: There is a discussion going on between Government of India and SEBI. Government will make a notification in this regard", he told reporters on the sidelines of a function here.
Asked about reports that the new measure would be in place by April 2010, he said "I cant speculate on that....".
In the Budget Speech Finance Minister Pranab Mukerjhee had said the average public float in Indian listed companies is less than 15 per cent. Deep non manupulable markets require larger and diversified public share holdings.
The Finance Ministry has started the process of drafting rules to increase public holding in the listed companies in which the promoter holds more than 75 per cent stake.
To a question on take over regulations, he said SEBI has appointed an expert committee and "Once we receive the report, Sebi board will consider it".
- Agencies
Nov 05, 2009
* Do not use semicolon(;)