Broadening the Ownership of SOEs through the Practice of Listing: The Case of India

Abstract

This paper provides the general context and background of the listing of State-Owned Enterprises (SOEs) in India, describes the processes and motivations leading up to the practice of listing these enterprises and taking them to the stock market, and analyzes the post-listing change scenario. Some concluding observations have been incorporated in the paper to sum up the various findings and outline, in brief, the roadmap for the future. The scope of the paper is limited to SOEs controlled and managed by the Central Government (i.e., Central Public Sector Enterprises).
The paper is based on the information collected through the circulation of a questionnaire to the listed SOEs, secondary data accessed from various published reports of the Government of India (GoI), and websites of the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, GoI, Ministry of Finance, GoI, Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Department of Public Enterprise (DPE), Ministry of Heavy Industries and Public Enterprises, and Ministry of Finance, GoI. Interactions were held with the officials of the Ministry of Heavy Industries and Public Enterprises, GoI, Chairman and Managing Directors, and the Finance Directors of the listed enterprises.