Market regulator Securities and Exchange Board of India (Sebi) plans to allow only top 100 companies by market capitalizaton to auction their stakes to investors, reports CNBC-TV18.
The Sebi board, which is scheduled to meet today, will also discuss changes in regulatory framework in order to enable public sector units to buy back shares from the government. Due to the volatile stock market scenario, the finance minister had been compelled to defer share sale of state-owned companies like Oil and Natural Gas Corporation, Steel Authority of India Ltd and Indian Oil Corporation. The government had been planning to reduce its deficit via stake sale of public sector units.
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