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§01 · INSIGHTS · STOCKS · 9 MIN · DEEP DIVE

Shareholding Pattern — SEBI LODR Quarterly Disclosure of Listed Company Ownership

Shareholding pattern is a mandatory quarterly filing by every BSE/NSE-listed company under SEBI LODR Regulations 2015 (Reg-31), disclosing the percentage stake held by promoters, FPIs, DIIs, mutual funds, insurance, public, and other catego

PublishedRead9 min
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Contents
  1. Definition
  2. How it is structured
  3. What investors should look at
  4. Worked example
  5. See also
  6. Primary source

Definition

Shareholding pattern (SHP) is the mandatory quarterly public disclosure of the ownership structure of every company listed on Indian stock exchanges (BSE and NSE). It is mandated under Regulation 31 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (LODR 2015), which requires each listed entity to submit the shareholding pattern within 21 days of the end of each financial quarter. The filing breaks down the total paid-up capital by shareholder category, enabling investors, regulators, and analysts to track ownership composition, promoter pledge levels, institutional accumulation/distribution, and public float changes over time. Both BSE and NSE host the SHP filings in machine-readable format on their public portals (bseindia.com under "Shareholding Patterns" and nseindia.com).

How it is structured

SEBI prescribes a standard format for SHP filing under LODR Regulation 31 read with Schedule III Part A. The format (updated periodically; current version referenced in SEBI/HO/CFD/CMD/CIR circulars) organises shareholders into:

  • Category I — Promoter and Promoter Group: Indian promoters, foreign promoters, and promoter group entities. Includes sub-disclosure of pledged/encumbered shares.
  • Category II — Public:
    • Institutional: Mutual Funds, Venture Capital Funds, Alternate Investment Funds, FPIs (FII/FPI sub-category), Financial Institutions/Banks, Insurance Companies, Provident/Pension Funds.
    • Central/State Government.
    • Non-Institutional: Indian Corporates (Body Corporates), Non-Resident Indians (NRIs), Overseas Corporate Bodies, Other Individuals (resident retail).
  • Category III — Non-Public / Non-Promoter Non-Public: Custodian/DR holders, Employee Benefit Trusts.

The total must reconcile to 100% of paid-up equity capital. The pattern must be certified by a company secretary or director and filed within 21 days of quarter end (i.e., by 21 January, 21 April, 21 July, 21 October).

What investors should look at

Factual considerations when analysing shareholding patterns:

  • Promoter pledge %: The SHP discloses what percentage of promoter holding is pledged as collateral for loans. Rising pledge levels are a flag for potential forced-sale risk if the stock price falls below pledge margin thresholds.
  • FPI vs DII trend: Quarter-on-quarter changes in FPI and domestic institutional (MF + insurance) ownership indicate net institutional flows into or out of the stock — useful context alongside price action.
  • Public float: Minimum public shareholding (MPS) requirement under SEBI rules is 25% for most listed companies. SHP reveals actual float and whether companies are approaching MPS compliance thresholds.
  • Quarter lag: SHP is filed up to 21 days after quarter end; it does not reflect intra-quarter ownership changes. FPI/DII ownership at any given date may differ from the last filed SHP.
  • Bulk/block deal cross-reference: Large ownership changes between consecutive SHP filings can be cross-referenced with exchange bulk/block deal data for the same period.

Worked example

Consider Infosys Ltd's SHP for Q3 FY2024 (December 2023 quarter, filed by 21 January 2024). The filing discloses: Promoter + Promoter Group ≈ 14.9% (Murthy family and associates); FPIs ≈ 33.2%; Domestic MFs ≈ 7.8%; Insurance Companies ≈ 3.9%; Retail + Others ≈ 40.2%. Analysts compare this with the Q2 filing to observe that FPI holdings decreased by ~0.6% while domestic MF holdings increased by ~0.4%, consistent with net institutional buying by DIIs and net selling by FPIs during that quarter — a trend visible in published NSDL/CDSL beneficial ownership data as well. The zero promoter pledge throughout Infosys's history is also visible in the SHP, distinguishing it from promoter-heavy companies where pledge % warrants monitoring.

See also

Primary source

SEBI (LODR) Regulations 2015, Regulation 31 and Schedule III; SEBI/HO/CFD/CMD format circulars; BSE shareholding pattern portal (bseindia.com); NSE shareholding pattern portal (nseindia.com). MintByte content is for informational purposes only and does not constitute investment advice. MintByte is registered with AMFI as ARN-314872 and with APMI as APRN-01658.

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