They put forward the demand in the wake of incidents that found promoters selling their stakes subsequently and exited the companies.
Following the exit of promoters, investors were stuck with shabby stocks and fragile companies.
It’s been a while since the investors raised the issue before the regulatory bodies, however, the bodies have not taken the issue seriously yet.
Sushil Luniya, Chairman of a new investors forum ‘Swatantra Punji Bajar Sudhar Sangh’ said that the promoters of real sector companies are leaving the companies by selling their stakes to the general public. The public mostly invests in the companies due to the presence of few responsible figures. However, such figures themselves have been found to have exited the companies. Their exit means the company as well as the value of stock going to drain.
“Who will take the responsibility if the company goes bankrupt?” Luniya asked. Therefore, the regulatory bodies must foresee the future and take the necessary steps. For that also, they should implement a lock-in period, he added.
Not only investors, broker companies have also insisted that the real sector and hydro companies should have lock-in period. “Exit of promoters of any company raises the question on credibility, accountability and answerability for those companies. In case of hydro companies and other real sector companies, SEBON must implement provision that will allow only a certain percentage of promoter shares for sale,” said Raj Kumar Timsina, Managing Director of Vision Securities.
Amid such voices also, SEBON has maintained silence on the issue.
