Securities and Exchange Board of India (SEBI) has decided to relax the framework governing the issue of shares with superior voting rights (SR shares). SEBI said promoters who have a net worth of over Rs 1000 crore can have superior voting rights in their companies, raising it from the current Rs 500 crore. The minimum gap between issuance of superior voting rights shares and filing of Red Herring Prospectus has also been reduced to three months from the existing requirement of six months, SEBI noted.
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