Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Trai suggestion in 2-3 weeks on promoters lock-in issue
BackBack

Trai suggestion in 2-3 weeks on promoters lock-in issue

Trai suggestion in 2-3 weeks on promoters lock-in issue

Premium

Kolkata: Telecom watchdog Telecom Regulatory Authority of India (Trai) on Friday said it would submit its recommendation to the government on lock-in period for promoters equity for Unified Access Service (UAS) licensees in the next two to three weeks.

“The government had asked us to give our view on the promoters lock-in issue. We have completed the consultation process and will submit our recommendations in the next two to three weeks," Trai chairman Nripendra Misra told reporters in Kolkata.

The Department of Telecom (DoT) had sought Trai’s recommendations to introduce a regulation that promoters, who have 10% or more stake in a firm and whose net worth has been considered to determine the eligibility for grant of UAS licence, should not sell their equity in the UAS licencee firm for three years from the effective date of the licence.

DoT had recommended that the existing telecom licensing norms should be amended and a three to five year lock-in period be imposed on the UAS licencee firm on the sale of promoters equity in start-up companies which were given licences in early 2008.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Feb 2009, 05:17 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App