May 02, 2016
- SEBI vide circular No. SEBI/CFD/DCR/SAST/1/2011/09/23 dated September 23, 2011 has, inter alia, prescribed the format for report to be furnished to stock exchanges under regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“The Regulations”) in respect of acquisitions made under regulation 10(1)(a) of the regulations. Vide the said circular, separate formats for reports to be furnished to SEBI under regulation 10(7) of the regulations in respect of acquisitions made in reliance upon exemption provided under sub-clauses
(i), (ii), (iii), (iv) and (v) of regulation 10(1)(a) of the regulations have also been prescribed.
- While filing the reports, the acquirers are required to report compliance under Chapter V of the regulations. However, there is no specific time period mentioned in the formats for reporting of such compliance. In order to bring it in line with the requirement under regulation 10(1)(a), it is necessary that the compliance should be reported for a period of 3 years. Accordingly, the aforesaid formats have been modified to this extent and are given in the Annexure to this circular.
- The stock exchanges are advised to bring the provisions of this circular to the notice of listed entities and also to disseminate the same on their websites.
- This circular is issued in exercise of the powers conferred under Section 11 of the Securities and Exchange Board of India Act, 1992.
- A copy of this circular is available on SEBI website at www.sebi.gov.in under thecategories “Legal Framework” and “Takeovers”.