Redefining Ownership: 12 New Indian Companies Join Zero Promoter Holding List Since 2023 - 09Oct2025
(The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.)
(Check Update 19Mar2026 at at the end of the article, with a list of companies with zero promoter holding and buyback offer track record)
Explore how zero promoter holding is reshaping India’s large-cap landscape, with 12 new additions since 2023. Discover which sectors lead the shift and what it means for investors.
In a notable shift within India’s corporate landscape, the number of listed companies with zero promoter holding and a market capitalization of Rs 2,000 crore or more has risen from 30 in Mar2023 to 42 as of Jun2025 — a 40 per cent jump in just over two years (ownership data for Sep2025 is not yet available).
This change reflects a broader trend: the gradual decline of promoter-led ownership and the rise of professionally managed, institutionally owned businesses.
Many of these additions are recent IPOs — including high-profile names like Swiggy, NSDL, Brainbees Solutions (FirstCry), Indegene, Samhi Hotels and Le Travenues(Ixigo) — which have entered public markets without traditional promoter groups.
In this post, we dive into:
> What’s driving this trend
> Which sectors dominate this shift
> Why zero promoter companies are increasingly attractive to FPIs, DIIs and retail investors
Note: Look for SEBI definition of a "promoter" at the end of the article.
Let’s explore what this ownership change means for the Indian equity markets.
(article continues below)
-------------------------
Related articles:
Ownership Trends in NSE-Listed Universe of Stocks 31Mar2025
Listed Companies with Zero Promoter Holding 21May2023
Listed Companies with Zero Promoter Holding 04Dec2022
-------------------------
1. Overview of Indian Listed Companies
(as of 09Oct2025):
Total listed companies available for trade on BSE India: 4,500+
Companies with market cap of Rs 2,000 crore and above: 1,180
Companies with zero promoter holding and market cap ≥ Rs 2,000 crore: 42
Percentage of listed companies (≥ Rs 2,000 crore market cap) with zero promoter holding: 3.6%
Interpretation: Out of over 4,500 listed companies, only 1,178 have a market cap of Rs 2,000 crore or more.Within this Rs 2,000+ crore club, only 3.3 per cent (or 42 companies) have zero promoter holding.
This implies that promoter-driven ownership remains dominant in India's corporate landscape, especially among large-cap firms.
Companies with zero promoter holding are likely to be professionally managed, often including private sector banks (PVBs) like, ICICI Bank, IDFC First Bank, Federal Bank and City Union Bank; or firms with dispersed institutional ownership (both foreign portfolio investors, FPIs or domestic institutional investors, DIIs).
There a strong correlation between low or nil promoter holding and high institutional holding in Indian listed companies. The reasons for this are:
Promoters usually hold a large chunk of a company's shares, which reduces the free float (shares available for public/institutional trading).
When promoter holding is zero or very low, almost the entire equity is available for institutions and the public — increasing float liquidity.
FPIs, especially large ones, prefer liquid stocks with high free float for ease of entry and exit.
Companies without promoter control are often professionally managed — seen as more transparent, with stronger corporate governance, like, ITC Ltd, HDFC Bank and Larsen & Toubro.
These characteristics attract FPIs looking for lower governance risk.
Many of these firms are market leaders or operate in defensive sectors (for example, banks, FMCG, retailing and infrastructure), making them attractive to long-term institutional investors.
Low or nil promoter holding does not equal weak company. In fact, these companies often represent mature, institutionally trusted businesses and their structure invites institutional participation due to better float, governance and liquidity.
Listed Companies in India with Zero Promoter Holding, with sector / industry and market cap as on 09Oct2025 >
For additional data with valuation ratios and FPI holding, check the screenshot at the end of the blog >
| Listed Companies in India with | |||
| Zero Promoter Holding | |||
| Company's Name | Industry | Market Cap Rs crore * | |
| 1 | HDFC Bank | Banks | 15,01,110 |
| 2 | ICICI Bank | Banks | 9,83,224 |
| 3 | Larsen & Toubro | Construction | 5,18,725 |
| 4 | ITC | Diversified FMCG | 5,01,023 |
| 5 | Eternal Ltd | Retailing | 3,33,372 |
| 6 | Swiggy | Retailing | 1,08,872 |
| 7 | BSE | Capital Markets | 94,773 |
| 8 | One 97 | FinTech | 79,808 |
| 9 | PB Fintech | FinTech | 79,674 |
| 10 | Yes Bank | Banks | 70,337 |
| 11 | Coforge | IT - Software | 57,577 |
| 12 | IDFC First Bank | Banks | 53,967 |
| 13 | Federal Bank | Banks | 51,034 |
| 14 | Multi Comm. Exchange | Capital Markets | 44,432 |
| 15 | Delhivery | Transport Services | 34,923 |
| 16 | N S D L | Capital Markets | 23,624 |
| 17 | Redington | Com Serv & Supplies | 21,010 |
| 18 | Brainbees Solutions | Retailing | 19,566 |
| 19 | Cams Services | Capital Markets | 18,985 |
| 20 | Crompton Greaves Con Elec | Consumer Durables | 18,329 |
| 21 | RBL Bank | Banks | 17,597 |
| 22 | UTI AMC | Capital Markets | 16,439 |
| 23 | City Union Bank | Banks | 15,789 |
| 24 | Sammaan Capital | Finance | 13,348 |
| 25 | Indegene | Healthcare Services | 13,272 |
| 26 | Indian Energy Exchange | Capital Markets | 12,512 |
| 27 | Le Travenues | Leisure Services | 12,201 |
| 28 | CarTrade Tech | Retailing | 11,782 |
| 29 | Ujjivan Small Fin Bank | Banks | 9,316 |
| 30 | South Indian Bank | Banks | 8,133 |
| 31 | T N Mercantile Bank | Banks | 6,853 |
| 32 | Karnataka Bank | Banks | 6,515 |
| 33 | Equitas Small Fin Bank | Banks | 6,359 |
| 34 | CMS Info Systems | Com Serv & Supplies | 6,145 |
| 35 | CARE Ratings | Capital Markets | 4,403 |
| 36 | Northern ARC Capital | Finance | 4,371 |
| 37 | Samhi Hotels | Leisure Services | 4,291 |
| 38 | Balmer Lawrie & Co | Diversified | 3,513 |
| 39 | Protean eGov Tech | IT - Services | 3,485 |
| 40 | Spice Lounge Food Works | Leisure Services | 2,519 |
| 41 | Hind.Oil Exploration | Oil | 2,159 |
| 42 | Bharat Global Developers | IT - Hardware | 2,070 |
| 09Oct2025 www.ramakrishnavadlamudi.blogspot.com | |||
| * promoter holding data as on 30Jun2025 | |||
| * market cap as at end-09Oct2025 | |||
2. Ownership Shift
There is a gradual shift toward institutional ownership in the Indian stock market, with listed companies increasingly moving away from promoter-led structures to professional or institutional management, especially post-listing.
Institutions (FPIs and DIIs) are taking larger roles, often replacing promoters as key stakeholders.This shift is attractive to global investors who value governance, liquidity and high free float.
Promoter exits: Recently, erstwhile promoters have exited from several listed companies.
Examples include:
Coforge Ltd
Computer Age Management Services
CMS Info Systems
Baring Private Equity Asia fully exited from Coforge in 2023 and from CMS Info Systems in 2024. And Warburg Pincus exited from CAMS.
Some new entrants (since Mar2023) among the 12 additions to the Rs 2,000+ crore market cap club with nil promoter holding are:
Swiggy
NSDL or National Securities Depository Ltd
Brainbees Solutions
Indegene
Le Travenues
Samhi Hotels
These have been listed in India in the past two years.
Companies like Swiggy, FirstCry, Ixigo and Samhi Hotels were backed by venture capital and private equity firms, which chose to either fully exit or retain only a small stake at the time of their IPOs.
As a result, these companies went public without any identified promoters, thereby sidestepping the stricter SEBI regulations that apply to promoter entities.
More companies shifting to this model indicates:
> Maturing capital markets
> Higher institutionalisation
> Better governance expectations
This trend also affects index weightings, passive fund flows and market liquidity.
3. Sector-Wise Distribution of Companies
Of the 42 companies as per the list above, sectors / industries where promoter stake is nil as of now:
Banks: 12 listed companies
Capital markets: 7
Retailing: 4
Leisure services: 3
Finance / NBFCs: 2
Fintech: 2
More than 50 per cent (23 of 42) of these companies are in the financial ecosystem (private sector banks, capital markets, NBFCs and FinTech).
Capital markets sector includes firms, like, exchanges BSE, IEX and MCX; a depository and a mutual fund aggregator.
NBFC firms include, Sammaan Capital (formerly Indiabulls Housing Finance) and recently listed Norther Arc Capital. FinTech firms include One 97 (Paytm) and PB Fintech.
These sectors are naturally regulator-heavy, managed by industry veterans and have low promoter dependency.
4. FPI Holdings
Of the total 42 listed firms, 18 have FPI holding of 25 per cent or above as of Jun2025. The top five firms with highest FPI stake are:
CarTrade Tech: 67.3 per cent stake in total
Redington: 62.6
Le Travenues Technology: 59.9
One 97 Communications: 54.9
Delhivery: 53.0
And four companies have FPI holding of between 20 and 25 per cent stake. They are: Care Ratings, Samman Capital, IDFC First Bank and MCX LTD.
Companies, like, UTI AMC, Northern ARC Capital, Swiggy and Brainbees Solutions have smaller FPI holdings of between 7 and 8 per cent of the total shareholding.
5. Why zero promoter companies are increasingly attractive to investors?
Zero promoter companies tend to have a higher free float, making them more liquid and accessible for institutional investors like FPIs and DIIs.
Without concentrated promoter control, they are often perceived to have better corporate governance and board independence.
Many of these companies are professionally managed, with decision-making driven by performance rather than legacy ownership.
For retail investors, they offer cleaner structures, fewer conflicts of interest and alignment with global best practices in ownership and transparency.
6. Implication for Investors
These companies are key targets for FPIs, mutual funds and passive investors due to their high free float and lower promoter-related corporate governance concerns.
A higher number of such companies can also enhance India's weight in global indices (for example, MSCI and FTSE), since free float-adjusted market cap increases.
From 30 companies in Mar2023 to 42 in Jun2025, there's been a 40 per cent rise in Indian firms (Rs 2,000+ crore market cap) with zero promoter holding — signaling a clear, though gradual, shift toward institutionalised and professionally managed corporate ownership in India’s capital markets.
- - -
----------------
P.S. 1: "Professionalised" Promoter Model:
Separation of ownership and management: There are certain companies with large promoter holding, but which are run by professional managers -- for example, Asian Paints, Marico Ltd, Mahindra & Mahindra Ltd, Marico Ltd, HCL Technologies, Pidilite Industries and others. In general, the promoters of these companies do not interfere in the day-to-day operations of the company. Such companies are in a completely different league. Owners in such companies foster empowerment of employees.
P.S. 2: SEBI definition of a "promoter" >
Regulation 2 (1) (oo) of the SEBI (Issue of Capital and Disclosure Requirements or ICDR) Regulations, 2018 defines a "promoter":
(i) (Identification in Documents) as a person who has been named in a draft offer document or offer document, or is identified by the issuer in an annual return; or
(ii) (Control or Influence) as a person who has control over the affairs of the issuer, directly or indirectly whether as a shareholder, director or otherwise; or
(iii) (Advisory Role) as a person in accordance with whose advice, directions or instructions the board of directors of the issueer is accustomed to act.
This definition includes various criteria and specifies that entities like financial institutions, mutual funds, insurance companies, venture capital firms or foreign portfolio investors are not considered promoters merely by the fact 20 per cent or more of the equity share capital of the issuer is held by such person unless such person satisfies other requirements prescribed under these regulations.
SEBI Regulation 2 (1) (oo) of the SEBI (Issue of Capital and Disclosure Requirements or ICDR) Regulations, 2018 >
P.S. 3:
Tweet 20Oct2025 - Promoter selling (promoter equity dilution) in the past 2 to 3 years (from 33.2% in Mar2023 to 32.2% in Jun2025 -- data in the Tweet) may have to be seen in the context of promoter exits / IPOs coming with zero promoter holding
P.S. 4: Update 19Mar2026:
Only a few listed companies with zero promoter holding undertake share buyback offers in India -- indicating promoter-owned companies have incentives to undertake buybacks.
In addition, banks in India do not generally do buyback offers.
Effective 01Apr2026, buyback taxation is changing as per Union Budget proposals announced on 01Feb2026. (see tweet 01Feb2026)
Let's see how the new buyback tax rules wef 01Apr2026 change the behaviour of zero promoter companies.
This is a list of listed companies in India with Zero promoter holding and that have a track record of Share Buyback offers (of the 42 listed companies in the above list with zero promoter holding, only seven companies have a track record of share buyback offers) >
----------------
References and Additional Data:
Tweet thread 02Aug2025 - Ownership trends in NSE-listed universe of stocks
Listed Companies in India with Zero Promoter Holding, along with sector, market cap, PE ratio, PB ratio, price to sales ratio and FPI holding as of 30Jun2025 >
Screenshot > click on the image to view better >
----------------
Goodbye MIBOR, Hello SORR: Understanding RBI's New Interest Rate Benchmark 04Oct2025
Jane Goodall: What Separates Us From Chimpanzees 02Oct2025
The Building Blocks of India's Money Market: Key Segments You Should Know 30Sep2025
The Optimism Bubble of the Indian Mutual Fund Ecosystem 24Sep2025
RBI's LAF Corridor Simplified: SDF, MSF & All That Jazz 23Sep2025
A Layperson's Look at India's Complicated Tax Rules on Share Buybacks 16Sep2025
Under Podger Needed Help. I Just Needed a Torch. 20Aug2025
ADR / GDR Valuation for Indian Companies - Demystified! 18Aug2025
Notes from Damodaran's Corporate Life Cycle Thesis 18Aug2025
Nifty Midcap 150 Quality 50 Index: Has Quality Lost Its Edge? 10Aug2025
How America Lives on Borrowed Money -- And Gets Away with It! 10Aug2025
Decoding the Nifty Midcap 150 Quality 50: A Midcap Strategy Built on Fundamentals 07Aug2025
Ownership Trends in NSE-listed Universe of Stocks 31Mar2025
India Loves Banks, America Loves Tech - What the Sectors Weight Say! 30Jun2025
Nifty 50 Index Evolution Over a Decade 2015 to 2025
NSE Emerging Indices Comparison 30Jun2025
Passive Titans of India: The Top 10 Equity Indices by Fund Size 17Jul2025
Disclosure: I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.
Disclaimer: The analysis and
opinion provided here are only for information purposes and should not be construed
as investment advice. Investors should consult their own financial advisers
before making any investments. The author is a CFA Charterholder with a vested
interest in financial markets.
------------------------
CFA 10 Year Milestone Professional Learning Program 2025 Certificate of Achievement
CFA Charter credentials - CFA Member Profile
CFA New Badge
CFA Badge
