In modern capital markets, information travels faster than ever—thanks to social media, online news platforms, and instant messaging.

An increasing number of Indian listed companies have begun issuing voluntary quarterly business updates on the BSE and NSE platforms, usually within the first few weeks after the close of a quarter and well in advance of the publication of formal financial results. Although no specific provision of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) requires such announcements.

How evolving jurisprudence and shifting market dynamics are redefining what it truly means to be a ‘promoter' and to exercise ‘control' in India's corporate ecosystem.

Imagine you are a founder of a company you built from scratch. Over the years, you diluted your shareholding through successive funding rounds, stepped back from day-to-day operations, brought in a professional CEO, and reconstituted the board with independent directors.