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The provision may not apply to schemes which solely provide for merger of a wholly-owned subsidiary or its division with the parent company. However, such draft schemes will be filed with Sebi for the purpose of disclosures and the same will be disseminated on the websites of the unlisted MIIs concerned, according to a circular

​The number of bearish estimates is the sum of strong sell and sell calls from analysts covered by the forecaster data set, according to a screener on Trendlyne.​

Currently, India only allows financial services firms and corporates to back an AMC.

According to a release issued after the board meeting, Sebi said it has decided to end the practice of individuals having permanent seats at boards of listed companies. The move is part of efforts to further boost the corporate governance ecosystem.

On the technical charts, the 200-day moving average of the stock stood at Rs 5899.75.

The broader NSE Nifty rose 129 points or 0.76% to end at 17,081 on F&O expiry

Sensex ended at 57,960.09, up 346 points or 0.60% over Tuesday’s closing, the broader market Nifty50 settled at 17,080.70, up 129 points or 0.76%.

The Indian rupee fell against the US dollar due to state-run banks buying dollars and the possible closing of positions by short speculators, who aimed to benefit from the fiscal year carry forward. While the rupee fell, Asian currencies experienced a mixed day as Treasury yields rebounded, which helped to support the dollar index. US 2-year bond yields rose to almost 4.1% on the back of a continuing decline in concerns surrounding the US banking sector, prompting a re-look at rate expectations by traders.

The Nifty Auto index closed 1.71 per cent up at 12121.3.

Comex spot gold price is trading down by 0.60 per cent at USD 1,962 per ounce against its previous close, Gandhi said.