[ad_1]
 "Bombay Stock Exchange, Stock market, BSE")
As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. | Photo: Bloomberg
The government has extended the deadline for meeting minimum public shareholding norms for central public sector enterprises and public sector financial institutions till August 2026.
The central government in the public interest provided exemption up to August 1, 2026, to increase public shareholding to at least 25 per cent in CPSEs and public sector banks and financial institutions, according to an office memorandum issued by the Ministry of Finance.
Central Public Sector Enterprises (CPSEs) with public shareholding below 25 per cent and which could not increase their public shareholding to at least 25 per cent within the timeline stipulated in Rule 19A of Securities Contracts (Regulation) Rules 1957 will now get time for another two years.
As per the earlier order, the two-year exemption was to end on August 1, 2024.
The Securities and Exchange Board of India is requested to take further necessary action and bring this to the notice of the stock exchanges concerned, it said.
Out of 12 public sector banks (PSBs), five are yet to comply with minimum public shareholding (MPS) norms and the government’s holding is beyond 75 per cent.
As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent.
Five banks have a minimum public shareholding of less than 25 per cent.
Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank at 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 31 2024 | 10:28 PM IS
[ad_2]
Source link