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Higher cap for investors in SEs mooted

MUMBAI: The Securities and Exchange Board of India (SEBI) on Friday proposed to raise the cap on shareholding in stock exchanges to 15 per cent from the current 5 per cent for certain category of investors, namely, stock exchanges, depositories, clearing corporations, banks and insurance companies.

However any shareholder other than these five categories of investors would not be allowed to hold more than five per cent of the paid-up equity share capital of a recognised stock exchange, either directly or indirectly, as per the existing Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006 (MIMPS Regulations), SEBI proposed in a discussion paper and invited comments from the public by September 19.

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