SEBI revises buy-back norms; requires acquirers to facilitate tendering of shares via stock exchange mechanism
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THE GAZETTE OF INDIA
EXTRAORDINARY
PART – III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, MARCH 24, 2015
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 24th March, 2015
SECURITIES AND EXCHANGE BOARD OF INDIA
(BUY-BACK OF SECURITIES) (AMENDMENT) REGULATIONS, 2015
No. LAD-NRO/GN/2014-15/29/543. ─ In exercise of the powers conferred under section 30
of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with clause (f) of
sub-section (2) of section 68 of the Companies Act, 2013 (18 of 2013), the Board hereby
makes the following Regulations to amend the Securities and Exchange Board of India (Buyback
of Securities) Regulations, 1998, namely:-
1. These regulations may be called the Securities and Exchange Board of India (Buy-back
of Securities) (Amendment) Regulations, 2015.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of (Buy-back of Securities) Regulations, 1998,
in regulation 9, after sub-regulation (3), the following sub-regulation shall be inserted,
namely,-
"3A. The acquirer or promoter shall facilitate tendering of shares by the
shareholders and settlement of the same, through the stock exchange
mechanism as specified by the Board."
U.K. SINHA
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA
2
Footnotes:
1. Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, the
principal regulations, were published in the Gazette of India on November 14, 1998; vide S.O.
No.975 (E).
2. It was subsequently amended –
(a) on September 21, 1999 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 1999
vide S.O. 776 (E).
(b) on November 28, 2001 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2001
vide S.O. 1181(E).
(c) on June 18, 2004 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2004 vide
S.O.745 (E).
(d) on August 21, 2006 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2006 vide
S.O. No. 1331 (E).
(e) on May 28, 2007 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2007 vide
No.11/LC/GN/2007.
(f) on March 31, 2008 by SEBI (Payment of Fees)(Amendment) Regulations, 2008 vide F. No.
11/LC/GN/2008/21669.
(g) on February 07, 2012 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2012
vide LAD-NRO/GN/2011-12/36/3187.
(h) on August 08,2013 by SEBI (Buy-Back of Securities) (Amendment) Regulations, 2013 vide
LAD-NRO/GN/2013-14/16/6348.
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