Independent kin aren't public shareholders, Sebi tells Mirza International

The Securities and Exchange Board of India (Sebi) has held that promoter’s kin cannot be re-categorized as ‘public’ shareholders even if they live independent lives or have no involvement in the company's affairs.

The view was issued by the market regulator in the form of an ‘informal guidance’ sought by the shoe manufacturer Mirza International.

In a letter to Sebi, the owner of the Red Tape shoe brand wanted to know if the MD-promoter's married daughters, who hold more than 10 per cent voting rights in the listed company, but live separate lives and are not involved in the firm's management, can