In May 2021, the Securities and Exchange Board of India (SEBI) proposed to revisit the definition of promoters in a company that wanted to hit the bourses. Widely seen as a move targeted at start-ups wanting to raise public money after their private-investor-led run has peaked, SEBI asked founders with over 10% stake in the company to declare themselves as promoters. Since then, many media reports have emerged stating that the market regulator informally nudged founders to adopt this practice.