Lower Public Float: Boon or Threat?

SEBI has approved sweeping changes to the minimum public shareholding (MPS) norms, allowing large companies to list with significantly lower public floats. While the move is being hailed as a boost for marquee IPOs like NSE, Reliance Retail, and Jio, critics warn it could expose retail investors to higher risks of volatility, manipulation, and poor price discovery.

Sucheta Dalal revisits past episodes of market excess, from the dotcom boom to the Adani controversy, to explain why robust public shareholding is critical for investor protection and market integrity. Is SEBI prioritising corporate interests over retail investors?

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