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The Union Ministry of Finance has notified amendments to the Securities Contracts (Regulation) Rules, 1957 that revise the minimum public shareholding requirements for companies listing on Indian stock exchanges.

The changes introduce a tiered framework in which the minimum public float depends on the company�s post-issue market capitalisation.

Under the revised rules, companies with post-issue capital of up to Rs 1,600 crore must continue to offer at least 25% of their equity to the public at the time of listing.

The companies with post-issue capital between Rs 1,600 crore and Rs 4,000 crore must offer shares worth at least Rs 400 crore to the public, while firms with post-issue capital between Rs 4,000 crore and Rs 50,000 crore must offer at least 10% of equity.

In both cases, companies are required to increase public shareholding to 25% within three years of listing.

For companies with post-issue capital between Rs 50,000 crore and Rs 1 lakh crore, the minimum public offer must be at least Rs 1,000 crore and not less than 8% of equity. These companies are required to reach the 25% public shareholding threshold within five years of listing.

The companies with post-issue capital between Rs 1 lakh crore and Rs 5 lakh crore must offer shares worth at least Rs 6,250 crore and at least 2.75% of equity to the public.

For companies with post-issue capital above Rs 5 lakh crore, the minimum offer must be at least Rs 15,000 crore and at least 1% of equity, subject to a mandatory floor of 2.5% public shareholding at the time of listing.

Where companies in these larger categories list with public shareholding below 15%, they must increase it to at least 15% within five years and to 25% within ten years.

If the public shareholding at listing is already 15% or higher, the company must increase it to 25% within a period of five years.

The amendments also clarify that companies issuing equity shares with superior voting rights to promoters must list those shares alongside the ordinary shares being offered to the public.

Additionally, stock exchanges retain the authority to impose penalties for non-compliance with public shareholding norms.

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Avax Apparels and Ornaments has fixed 27 March 2026 as record date for sub-division of equity shares of face value of Rs 10 each to Rs 5 each.

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Balmer Lawrie Investment has fixed 20 March 2026 as record date for purpose of interim dividend of Rs 2.03 per equity share of Re 1 each for FY 2025-26.

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Kama Holdings has fixed 20 March 2026 as record date for payment of interim dividend of Rs 23.20 per equity share. The dividend will be paid on and from 09 April 2026.

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The National Stock Exchange of India has appointed 20 merchant bankers as part of the process for its proposed initial public offering, the exchange said in a statement on Thursday.

The selection of merchant bankers, law firms and other intermediaries was carried out through a structured and competitive process based on a framework approved by NSE�s IPO Committee.

The merchant bankers selected include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

Eight law firms have also been appointed, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin Singapore, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal.

Other intermediaries selected include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.

The selected intermediaries will support NSE in regulatory filings, due diligence, documentation, marketing and execution of the proposed offering. NSE also said the engagement of Rothschild & Co India as process advisor for selecting IPO intermediaries has concluded with the completion of the process.

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BSE Index Services, a wholly owned subsidiary of BSE, has launched the BSE SmallCap 500 Index along with four new factor-based indices derived from the BSE SmallCap 500 universe.

The newly introduced indices include BSE SmallCap 500 Quality 50, BSE SmallCap 500 Momentum 50, BSE SmallCap 500 Low Volatility 50, and BSE SmallCap 500 Enhanced Value 50. These indices are designed to capture different investment factors within India�s small-cap segment and are reconstituted on a quarterly basis. They have a base value of 1,000 with the first value date set as 19 September 2005, along with an additional screening criterion of 90% stock trading frequency.

The BSE SmallCap 500 Index combines the constituents of the BSE 250 Smallcap Index and the BSE 250 Microcap Index, creating a broader benchmark representing the small-cap universe.

Ashutosh Singh, MD and CEO of BSE Index Services, said the new index family expands the company�s factor-based offerings and provides transparent, rules-based benchmarks that capture key equity factors such as quality, value, momentum and low volatility in the small-cap space.

He added that the indices are expected to support product innovation and provide asset managers and institutional investors with tools to access differentiated small-cap factor exposures.

The indices can be used for passive investment strategies including ETFs and index funds, as well as for benchmarking portfolio management services (PMS), mutual fund schemes and other fund portfolios.

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