IBBI had notified the IBBI
(Information utilities) Regulations, 2017 on 31st March, 2017.
These regulations provided that ordinarily a person should not hold more
than 10% of paid up equity share capital or voting power of an information
utility, while allowing certain specified persons to hold up to 25%. These
further provided that a person may hold up to 51% of paid-up equity share
capital or total voting power of an information utility till the expiry of
three years from its registration.
IBBI has amended the IBBI
(Information Utilities) Regulations, 2017 on 29th September, 2017.
According to the amended regulations, a person may, directly or
indirectly, either by itself or together with persons acting in concert, hold
up to fifty–one percent of the paid–up
equity share capital or total voting power of an information utility up to
three years from the date of its registration. Further, an Indian
company, (i) which is listed on a Stock Exchange in India, or (ii) where no individual, directly or indirectly, either by
himself or together with persons acting in concert, holds more than ten
percent of the paid–up
equity share capital, may hold up to hundred percent of the paid–up equity share capital or total voting power of an information
utility up to three years from the date of its registration. However, these amended provisions are be available in respect of
information utilities registered before 30th September, 2018.
The amendment requires that more
than half of the directors of an information utility shall be Indian nationals
and residents in India.
The amendments are effective from
29th September, 2017. These are available at www.mca.gov.in and www.ibbi.gov.in
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DSM/SBS
