Details of Continued Listing Criteria

Number of Shareholders

"Number of Shareholders" refers to the number of persons who own one or more units of shares, etc.
An examination of status as of the last day of the fiscal year is conducted annually.

Number of Shareholders in Continued Listing Criteria

  Number of Shareholders
Prime Market 800 or more
Standard Market 400 or more
Growth Market 150 or more

  • When a listed company does not meet the Continued Listing Criteria within one year after failing to meet the Continued Listing Criteria, the listed company becomes subject to the Delisting Criteria.
  • The number of shareholders for companies listed on the Standard Market to which transitional measures are applied shall be "150 or more" in lieu of "400 or more."
  • For the details of Delisting Criteria and Transitional Measures, please see the pages below.
    Delisting Criteria
    Transitional Measures

Calculation Method

  • An examination is conducted by reviewing the "Table of Distribution of Stocks, etc." and the "Annual Securities Report" as of the last day of the fiscal year.
  • The number of shareholders shall be calculated by taking into account share split, gratis allotment of shares, share consolidation, or a change in the number of shares constituting one unit when TSE deems necessary to do so.
  • When a resolution is passed for the disposition of treasury shares transferred to a specific person, the number of shareholders shall be calculated on the premise that such person holds such treasury shares.
  • When stocks whose beneficiaries are bank-operated trust businesses are included in an investment trust managed under instructions from the settlor or corporate investment fund, and a listed company submits a document stating matters specified by TSE within three months following a record date, etc., trustees can be treated as shareholders holding stocks pertaining to such investment trust or investment fund.

Example of Improvement Period Schedules (for a company whose fiscal year ends in March)

Example of Schedule for the Number of Shareholders Criteria
  • ・For companies subject to the transitional measures, the regular Continued Listing Criteria shall be applicable from record dates relating to decisions made regarding the Continued Listing Criteria that fall on or after March 1, 2025.