Norms tightened for SUUTI stake sale

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SUUTI, Government of India
The government is said to have stiffened conditions for the appointment of merchant bankers and brokers for the sale of its stake in blue-chip companies held through the Specified Undertaking of Unit Trust of India (SUUTI).
According to an updated request for proposal, merchant bankers selected will have to submit a list of institutional and other major investors – domestic and international — they will approach for proposed stake sale in Group A companies, including Axis Bank, Larsen & Toubro, and ITC.
Earlier, the government had relaxed selection norms, noting that merchant bankers need not inform SUUTI about conflict-of-interest situations during selection stage.
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