Mayaram said that government completely supported SEBI's requirement for minimum public shareholding. It must be noted that there are still about 150 listed companies that have not met the norm and around Rs 10,000 crore worth of shares are required to be listed by June 30.
SEBI had announced this norm in middle of the last year. Mayaram said that public sector units also had to comply with this norm. SEBI chairman UK Sinha has been repeatedly warning listed companies to comply with the norm or unless face strict action.
On FDI, Mayaram said there was an urgent need to make FDI policy more investor friendly. "We can make it more simple, more predictable, more understandable to the investor and that includes review of caps, that includes review of all the other limitations that have been put in the policy," he said.
After clearing 51-percent FDI in multi-brand retail and 49 percent in aviation in August 2012, the government has been trying to push the bill in Parliament which will allow 49 percent FDI in insurance and 26 percent in the pension sector.
The decision on the review of FDI in various other sectors is expected to come by May-end. In the Budget, finance minister P Chidambaram had announced the setting up of a committee which would look at the definition of FDI and foreign institutional investment (FII).
This committee, which is headed by Mayaram, has already met once. The committee is now waiting for the Reserve Bank of India to submit a paper on the definitions of FII and FDI as well as on the sectors where the FDI cap will be reviewed.
FDI caps are pegged broadly at five levels-26 percent, 49 percent, 51 percent, 74 percent and 100 percent.
Below is the edited transcript of the interview on CNBC-TV18.
Q: There are still around 150 listed companies that are yet to meet the minimum 25 percent public shareholding norm. Shares of around Rs 10,000 crore are to be listed by the June 30. Are you considering a relaxation of the guideline?
A: These guidelines have not been imposed by the government but by the Securities and Exchange Board of India. The SEBI chairman has clearly stated that these norms would not be relaxed. The government fully supports SEBI in this regard.
Q: Will PSUs have to comply as well?
A: This regulation is for both private companies and PSUs.
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