Sebi rejects Air India's proposal seeking change in listing norms

The listing plan of Air India (AI) has suffered a setback, after the Securities and Exchange Board of India (Sebi) denied the state-owned carrier exemption from a rule which makes net profit for the past three years mandatory for this.
 
The government has been mulling an Initial Public Offering (IPO) of equity for AI among options for its future course, after its proposed part-divestment found no investor interest.
 
A government official said the aviation ministry had explored the idea of listing the airline. “Sebi’s view was sought but the market regulator has declined to give any special exemption