TATA STEEL :-

Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024
Promote 34.41 34.41 33.92 33.92 33.92 33.92 33.90 33.90 33.90 33.90 33.70 33.19
rs % % % % % % % % % % % %
21.94 22.38 21.36 22.87 21.95 21.52 21.87 20.62 20.28 20.31 20.01 19.61
FIIs % % % % % % % % % % % %
19.28 18.28 18.11 20.41 19.01 18.17 19.62 20.68 20.96 22.20 23.15 23.51
DIIs % % % % % % % % % % % %
Govern
ment 0.10% 0.10% 0.10% 0.10% 0.10% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16%
24.27 24.83 26.51 22.70 25.02 26.23 24.45 24.63 24.70 23.43 22.99 23.52
Public % % % % % % % % % % % %
No. of
Sharehol 10,22, 12,30, 16,91, 15,87, 20,47, 33,71, 33,35, 36,44, 36,92, 38,04, 39,92, 47,17,
ders 482 367 278 315 661 417 265 090 750 728 609 442

Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024
Tata Sons
Private Limited 32.93 32.93 32.46 32.46 32.46 32.46 32.44 32.44 32.44 32.44 32.24 31.76
Tata Motors
Limited 0.46 0.46 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.44
Tata Investment
Corporation
Limited 0.35 0.35 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34
Tata Chemicals
Ltd 0.26 0.26 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
Ewart
Investments
Limited 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18
Rujuvalika
Investments
Limited 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.09
Tata Industries
Limited 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.08 0.08
Tata Motors
Finance Limited 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

The provided data spans from June 2021 to March 2024 and reflects the distribution of
shareholding among various categories (Promoters, FIIs, DIIs, Government, and Public)
along with the number of shareholders. Let's analyze the protection of small shareholders'
interests based on this data:

1. Promoters' Shareholding

Promoters' shareholding has gradually decreased from 34.41% in June 2021 to 33.19% in
March 2024. This steady decline, although small, might suggest a slight dilution of control by
promoters, potentially giving more voice to smaller shareholders.

2. Foreign Institutional Investors (FIIs)

FIIs' shareholding has fluctuated, initially increasing from 21.94% in June 2021 to 22.87% in
March 2022, then decreasing to 19.61% by March 2024. The decrease in FII holding might
reduce foreign influence over company decisions, which could align more closely with the
interests of domestic small shareholders.

3. Domestic Institutional Investors (DIIs)

DIIs' shareholding has generally increased from 19.28% in June 2021 to 23.51% in March
2024. This rise suggests a stronger influence of domestic institutions, which could be more in
tune with local market conditions and small shareholders' interests. DIIs often have a
fiduciary duty to their clients, who may include small shareholders, aligning their interests.

4. Government Shareholding

Government shareholding remains negligible and stable at around 0.10% to 0.16%. This
minimal stake indicates limited direct government influence over company decisions.

5. Public Shareholding

Public shareholding has seen fluctuations, peaking at 26.51% in December 2021 and then
reducing to 23.52% by March 2024. Despite the variations, the public's significant stake
indicates that small shareholders still have a considerable portion of ownership, giving them a
substantial collective voice.

6. Number of Shareholders

The number of shareholders has increased dramatically from 10,22,482 in June 2021 to
47,17,442 in March 2024. This significant rise suggests a growing interest among small
shareholders, which could enhance the protection of their interests due to their larger
presence and potential collective influence.

Implications for Small Shareholders' Protection

1. Dilution of Promoter Control: The slight reduction in promoter shareholding could

reduce the concentration of power, allowing for more balanced decision-making that
considers the interests of small shareholders.
 2. Institutional Influence: The increase in DII shareholding suggests stronger domestic
institutional influence, potentially advocating for better corporate governance and
protecting small shareholders' interests.
3. Fluctuations in Public Shareholding: Although public shareholding has decreased
slightly in recent periods, the significant increase in the number of shareholders
indicates a broader base of small shareholders, which might lead to enhanced
advocacy for their interests.
4. Collective Voice: The dramatic increase in the number of shareholders suggests a
democratization of ownership. A larger number of small shareholders can collectively
exert significant influence on corporate governance and decision-making processes.

Also looking at the promoters share in the company , we observe that the data provided
shows the shareholding percentages of various entities related to Tata Group in a company
over several quarters from June 2021 to March 2024. These entities include Tata Sons Private
Limited, Tata Motors Limited, Tata Investment Corporation Limited, Tata Chemicals Ltd,
Ewart Investments Limited, Rujuvalika Investments Limited, Tata Industries Limited, and
Tata Motors Finance Limited.

Promoters' Shareholding Analysis

1. Tata Sons Private Limited: The major stakeholder with a consistent shareholding
around 32.93% initially, which slightly decreased to 31.76% by March 2024.
2. Other Tata Entities: Minor stakeholders with relatively small percentages, such as
Tata Motors Limited (around 0.46%), Tata Investment Corporation Limited (0.34%),
Tata Chemicals Ltd (0.25%), etc.

Overall Promoter Shareholding Trend

 Stability with Slight Decrease: The shareholding percentages of the major promoter,
Tata Sons Private Limited, have slightly decreased over time. Other entities show
relatively stable or slightly declining shares.
 Implications for Small Shareholders: The overall slight decrease in promoter
shareholding could imply a marginal dilution of control, potentially opening more
opportunities for small shareholders to influence company decisions. However, the
promoter group still holds a significant majority, ensuring control over key decisions.

Impact on Small Shareholders

1. Voting Power: Small shareholders' collective influence might see a marginal increase
due to the slight reduction in promoters' shareholding. However, their overall impact
remains limited given the substantial control retained by Tata Sons and related
entities.
2. Market Perception: A stable or slightly decreasing promoter shareholding can be
perceived positively, indicating a balanced approach between maintaining control and
providing liquidity in the market.
3. Investment Confidence: Consistency in promoter shareholding often assures
investors of stability and long-term commitment, which can be beneficial for small
shareholders' confidence.
In conclusion, while there are slight changes in promoter shareholding, the dominant position
of Tata Sons Private Limited and associated entities ensures continued significant control
over the company. Small shareholders may experience a marginal increase in their relative
influence, but the overall control remains firmly with the promoters.

Conclusion

The data indicates a trend towards a more dispersed and potentially balanced shareholding
structure. The reduction in promoter shareholding, along with the increase in DII stake and
the number of shareholders, suggests that small shareholders' interests might be better
protected. This is because a broader and more diverse shareholder base can hold the company
accountable and ensure that their interests are considered in corporate decisions. However,
the actual protection of small shareholders' interests would also depend on the effectiveness
of corporate governance practices and the ability of shareholders to organize and advocate for
their rights.
JSW STEEL:-

Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024
Promoter 44.07 44.09 44.72 45.01 45.02 45.20 45.20 45.41 45.41 44.79 44.81 44.81
s+ % % % % % % % % % % % %
12.93 12.17 11.21 11.58 10.61 10.75 26.04 26.01 25.98 26.13 26.33 26.06
FIIs + % % % % % % % % % % % %
DIIs + 7.16% 8.06% 8.38% 7.94% 9.07% 9.25% 9.34% 9.47% 9.59% 9.50% 9.48% 9.81%
Governm
ent + 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51% 0.51%
34.92 34.80 34.85 34.65 34.14 33.70 18.35 18.07 17.99 18.64 18.47 18.44
Public + % % % % % % % % % % % %
Others + 0.41% 0.37% 0.33% 0.31% 0.65% 0.60% 0.57% 0.53% 0.51% 0.43% 0.41% 0.37%
No. of
Sharehol 6,57,6 6,86,7 6,79,9 6,59,8 6,94,9 6,67,1 6,08,4 6,05,0 5,86,9 6,63,1 6,41,5 6,71,7
ders 63 24 06 79 16 73 48 19 97 79 82 79

Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024
Jsw Techno
Projects
Management
Ltd 10.94 10.94 10.95 10.95 10.95 10.95 10.95 10.95 10.95 10.82 10.82 10.82
Jsw Holdings
Limited 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.42 7.42 7.42
Vividh Finvest
Private Limited 5.93 5.93 5.93 5.93 5.93 5.93 5.93 5.93 5.93 5.86 5.86 5.86
Sahyog
Holdings Private
Limited 4.64 4.64 4.64 4.64 4.64 4.64 4.64 4.64 4.64 4.58 4.58 4.58
Siddeshwari
Tradex Private
Limited 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.46 3.46 3.46
Jsw Energy
Limited 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.86 2.86 2.86
Jtpm Metal
Traders Private
Limited 1.74 2.65 2.65 2.83 3.04 3.04 2.94 2.94 2.94
Virtuous
Tradecorp
Private Limited 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.47 2.47 2.47
Jtpm Metal
Traders Ptivate
Limited 1.74 2.36 2.83
Nalwa Sons
Investments Ltd 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.86 1.86 1.86
Jsl Overseas 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.86 0.86 0.86
Limited
Karnataka State
Industrial And
Infrastructure
Deve 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.37 0.37 0.37
Tanvi Shete 0.2 0.2 0.2 0.21 0.21 0.21 0.21 0.21 0.21 0.2 0.2 0.2
Tarini Jindal
Handa 0.2 0.2 0.2 0.21 0.21 0.21 0.21 0.21 0.21 0.2 0.2 0.2
Estrela
Investment
Company
Limited 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
Mendeza
Holdings
Limited 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
Nacho
Investments
Limited 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17

1. Promoters' Shareholding

Promoters' shareholding has gradually increased from 44.07% in June 2021 to 44.81% in
March 2024. This steady increase indicates that promoters are consolidating their control
over the company.

 Implication for Small Shareholders: A higher promoter shareholding can lead to

increased control by a concentrated group, potentially reducing the influence of small
shareholders on company decisions.

2. Foreign Institutional Investors (FIIs)

FIIs' shareholding initially decreased from 12.93% in June 2021 to 10.61% in June 2022, but
then dramatically increased to 26.04% by December 2022 and remained around 26% through
March 2024.

 Implication for Small Shareholders: The significant increase in FII shareholding

suggests a greater influence of foreign investors. While this can bring in expertise and
stability, it may also mean that company policies could lean towards the interests of
these large investors over small shareholders.

3. Domestic Institutional Investors (DIIs)

DIIs' shareholding has increased from 7.16% in June 2021 to 9.81% in March 2024.

 Implication for Small Shareholders: An increase in DII shareholding generally

implies a stronger domestic institutional presence, which can be beneficial for small
shareholders as DIIs often advocate for good corporate governance and transparency.
4. Government Shareholding

Government shareholding has remained constant at 0.51% throughout the period.

 Implication for Small Shareholders: The stable and low government shareholding
indicates minimal direct governmental influence on the company's operations.

5. Public Shareholding

Public shareholding has decreased significantly from 34.92% in June 2021 to 18.44% in
March 2024.

 Implication for Small Shareholders: This sharp decline in public shareholding

suggests that small shareholders' influence is waning. As public shareholding
represents the interest of numerous small shareholders, a decrease implies reduced
collective power to impact company decisions.

6. Other Shareholding

Shareholding in the 'Others' category has remained relatively minor, fluctuating between
0.31% and 0.65%.

7. Number of Shareholders

The number of shareholders has generally decreased from 657,663 in June 2021 to 671,779 in
March 2024, with some fluctuations.

 Implication for Small Shareholders: The decrease in the number of shareholders,

coupled with a reduction in public shareholding, suggests a potential consolidation of
shares into fewer hands. This could indicate that smaller shareholders are selling their
shares, potentially reducing their overall influence.

Overall Analysis

The overall trends indicate a shift towards more concentrated ownership, with promoters and
FIIs increasing their stakes while public shareholding significantly decreases. This shift could
lead to a reduction in the influence of small shareholders over corporate governance and
strategic decisions. Small shareholders might face challenges in protecting their interests as
the balance of power tilts towards larger, institutional investors and promoters.

Recommendations for Protecting Small Shareholders' Interests

1. Strengthening Corporate Governance: Ensuring strong corporate governance

practices can help protect the interests of all shareholders, including small ones. This
includes transparent reporting, fair voting practices, and effective communication.
2. Enhancing Shareholder Activism: Small shareholders should organize and engage
in shareholder activism to voice their concerns and influence company policies.
 3. Encouraging Diverse Ownership: Companies can consider policies to encourage
diverse ownership and prevent excessive concentration of shares among a few
entities.
4. Regulatory Oversight: Regulatory bodies should ensure that the rights of small
shareholders are protected, and there are mechanisms to address any grievances they
might have.

By understanding these trends and taking proactive steps, the interests of small shareholders
can be better safeguarded despite the evolving shareholding dynamics.

Also looking at the major promotors the data outlines the shareholding percentages of various
entities related to the JSW Group in a company over several quarters from June 2021 to
March 2024. These entities include:

1. Major Stakeholders:
o JSW Techno Projects Management Ltd: ~10.94%, slightly decreasing to
10.82%.
o JSW Holdings Limited: ~7.50%, slightly decreasing to 7.42%.
o Vividh Finvest Private Limited: ~5.93%, slightly decreasing to 5.86%.
o Sahyog Holdings Private Limited: ~4.64%, slightly decreasing to 4.58%.
o Siddeshwari Tradex Private Limited: ~3.50%, slightly decreasing to 3.46%.
o JSW Energy Limited: ~2.90%, slightly decreasing to 2.86%.
2. Minor Stakeholders:
o JTPM Metal Traders Private Limited: Starting around 1.74%, fluctuating
and settling at around 2.94%.
o Virtuous Tradecorp Private Limited: ~2.50%, slightly decreasing to 2.47%.
o Nalwa Sons Investments Ltd: ~1.88%, slightly decreasing to 1.86%.
o Other smaller stakeholders (below 1%).

Overall Promoter Shareholding Trend

 Stability with Minor Decreases: The shareholding percentages of major promoters

have shown slight decreases over time, suggesting a gradual reduction in promoter
control.

Impact on Small Shareholders

1. Voting Power:
o Increased Relative Influence: The slight decrease in promoter shareholding
means the relative influence of small shareholders could increase slightly.
Although their collective influence is still limited, it is slightly enhanced.
o Potential for Collective Action: Small shareholders might find it easier to
form coalitions to influence decisions during shareholder meetings, given the
slight reduction in promoter control.
2. Market Perception:
o Positive Signal of Stability: The generally stable shareholding by major
promoters indicates confidence and long-term commitment to the company,
which can be perceived positively by the market and small shareholders.
 oMore Liquidity: The slight reduction in promoter holdings may be viewed as
increasing market liquidity, potentially making it easier for small shareholders
to buy or sell shares.
3. Investment Confidence:
o Assured Stability: Consistent promoter shareholding suggests stability and
confidence in the company's future prospects, which is reassuring for small
shareholders.
o Potential Opportunities: With the slight decrease in promoter shareholding,
there might be opportunities for small shareholders to increase their stakes and
influence in the company.

Conclusion

While the overall promoter shareholding remains significant, ensuring continued substantial
control over the company, the slight decreases observed in some entities' holdings may offer
small shareholders marginally greater influence. This shift indicates a balance between
maintaining control and providing more market liquidity. Small shareholders can view the
stability as a positive sign of confidence from major stakeholders, while also recognizing the
potential for a slightly increased influence in corporate decisions.