 "merger")
The government is considering to prescribe a reporting and audit mechanism for Special Purpose Acquisition Companies (SPACs) as it looks to legalise them and allow their listing on stock exchanges, according to officials at the Ministry of Corporate Affairs (MCA).
This follows several rounds of consultations and stakeholders' suggestions that the MCA has received on the fresh set of amendments to the Companies Act, particularly on the regulatory framework of SPACs and fractional shares.
Some recommendations, such as setting a minimum and maximum threshold post-issue paid-up capital for sponsors, could be also deliberated, according to the officials.
