Norms tightened for SUUTI stake sale

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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