SEBI asks companies to disclose shareholding pattern a day ahead of IPO
05 Aug 2010
The Securities and Exchange Board of India (SEBI) has directed companies to file shareholding pattern one day prior to the date of listing, which will then be uploaded on the website of exchanges before commencement of trading.
As of now, the shareholding pattern of companies is contained in initial public offer document and upon listing, companies file shareholding pattern with stock exchanges every quarter.
In order to ensure updated public dissemination of shareholding pattern, SEBI has also asked companies to disclose their revised shareholding pattern whenever the change exceeds +/- 2 per cent of the paid-up share capital of the company post a corporate event.
SEBI has asked companies to file revised shareholding pattern with the stock exchanges within 10 days from the date of such change in the capital structure.
Also, companies have to classify shares held by custodians, against which depository receipts have been issued, as 'promoter/promoter group' and 'non-promoter', in their quarterly disclosures, SEBI said.
