Raft of exemptions for government companies covers Sebi, MCA, CCI

Regulatory exemptions for government companies have been granted by multiple authorities. The Securities and Exchange Board of India (Sebi) has provided a raft of exemptions to listed public sector entities.

- SAMIE MODAK SACHIN P MAMPATTA

There have also been exemptions from the Ministry of Corporate Affairs (MCA) and the Competition Commission of India (CCI).

The market regulator Sebi granted a threeyear extension to Life Insurance Corporation (LIC) of India to meet minimum public shareholding norms, according to an announcement on Wednesday.

The rules surrounding minimum public shareholding (MPS) requirements have differed for public sector undertakings (PSUs) compared to their private sector counterparts.

In 2010, when the Securities Contracts (Regulation) Rules (SCRR) were amended, the 25 per cent MPS rule was uniform for both.

However, the deadline for listed companies with private sector promoters was set for June 3, 2010 three years after the first SCRR amendment. Meanwhile, the initial deadline for PSUs fell in August 2013, three years after the second amendment of the SCRR.