The regulator proposed that the companies listed on IGP, wanting to list on the mainboard, should complete at least one year of listing on the former platform, and should have minimum 200 shareholders.
According to the proposals, the company, its promoters or directors should not have been debarred from accessing the capital markets, and should not have been a willful defaulter or fugitive economic offender.
Minimum promoters’ contribution will be 20 per cent of the total capital, and if there is shortfall, it can be made up to 10 per cent through contribution from alternative investment funds (AIFs), foreign venture capital investors, commercial banks, public financial institutions or insurance companies. Such capital shall be locked in for a period of three years.
If such entities have served a lock in period of six months at the time of listing of shares on the IGP, such period shall be deducted from the lock-in requirements.
The condition of lock in would not apply is the company has been listed on IGP for three years or more.
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