With a view to simplify and streamline the existing conditions for Re-classification of Promoters into Public, SEBI vide 6th amendment in the Listing Regulations, has substituted existing Regulation 31A dealing with Reclassification .

As against the erstwhile Regulation, wherein only 3 cases where stipulated for seeking reclassification of Promoters into Public vis-à-vis reclassification pursuant to:

• transmission/ succession/ inheritance;
• Open- Offer; and
• when the company becomes professionally managed or there is no identified promoter

In the substituted Regulation, common criterion and conditions have been laid down for all cases of Reclassification from promoter to public category.