09 Jun 2025
Identification of promoters is an important consideration for a company undertaking an IPO in India, especially since there are several promoter compliances that arise in this regard. These take the form of both post-issue compliances on promoters, as well as prospectus liability obligations upon identified promoters in Indian IPOs.
Our Partner, Brajendu Bhaskar, delves into the shift in regulatory perspective on the identification of promoters of Indian companies looking to do an IPO. He discusses how professionally managed companies have previously undertaken IPOs in India without requiring the identification of promoters but cautions that SEBI is now taking a stricter approach and has begun applying the control test more broadly to identify promoters. Additionally, SEBI is scrutinising IPO-bound companies more closely and piercing the corporate veil to identify promoters in India.
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