NITI Aayog has made a set of general observations and recommendations in regard to the procedure of strategic sale of central public sector enterprises (CPSEs). In a report submitted to the government, it has observed that the market price discovery route is the most transparent method of disinvestment/sale. The report, however, says that different methods could be applied for offloading shares in the market. It emphasizes that irrespective of the strategy, the govt should convey a firm and unwavering message to the market of its resolve to exit from a company over a defined period of time. It has recommended that the moment the govt equity falls below 50%, an independent board of directors of the company be constituted to run the entity at arm's length from the Ministry/Department. The Independent Board route is recommended to be followed to appoint a professional management. It is presumed that the above stage would lead to a rise in value in the balance equity of the govt in the company which would maximize returns to the govt in further offloading. The report talks of CPSE-ETF as one of the options for strategic disinvestment wherein less attractive govt stocks could be bundled with attractive stocks such as SUUTI holding. The report lays emphasis on the listing of unlisted companies as a desirable option. It also recognizes the long winding process of listing as a hindrance. It recommends that CPSEs of relatively small size can be divested through an open auction process.