The Securities and Exchange Board of India ( Sebi) on Monday cleared the decks for initial public offerings ( IPOs) by stock exchanges and depository firms by providing clarity on the listing framework. It said the combined shareholding of trading members, associates and brokers in a listed exchange cannot exceed 49 per cent. Every shareholder will have to declare their “ fit & proper” status at the time of the IPO. The depositories will monitor the investment caps for single entities. The industry players, however, said they would wait for more clarity. “We welcome the Sebi move. We will be able to comment once the detailed regulations are published. BSE will try to expedite the listing process, based on the regulations. Listing of exchanges is expected to bring additional transparency to their working,” said a BSE spokesperson. BSE had proposed to list in 2012 but could not because of the lack of enabling provisions. The NSE, which recently told its shareholders a