A listed company can apply to stock exchange for re-classification of the Promoter's holdings as public shareholders under SEBI regulations. Whether following promoters can apply for re-classification with reference to S

As per Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations") deals with the conditions for re-classification of any person as promoter / public. Based on the provisions of Regulation 31A of the SEBI LODR Regulations, the following are the answers to the circumstances given: (a) Promoter is declared as wilful defaulter as per RBI guidelines. As per Regulation 31A (b)(vi), the Promoter declared as a 'wilful defaulter' as per the Reserve Bank of India Guidelines is not eligible to apply for re-classification themselves as public shareholders.