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Date: 2022-11-09 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act

Issued by Securities and Exchange Board of India · Not Applicable

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Okay, I will analyze the provided government policy text and generate the requested informative report. **Report: Analysis of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2022** **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2022, as published in the Gazette of India on November 9, 2022. This amendment modifies the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011. Key changes include provisions related to the pricing of shares during the disinvestment of Public Sector Undertakings (PSUs) by the Central or State Government, and the acceptance of unconditional and irrevocable bank guarantees in open offers. The amendments aim to facilitate PSU disinvestments and provide alternative methods for securing open offers. **2. Introduction:** This report provides an analysis of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2022, based solely on the provided official gazette text. The purpose is to inform affected industry stakeholders about the changes introduced by this amendment. **3. Policy Overview:** * This document amends the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011. * Core Objectives (Inferred): * To facilitate the disinvestment of Public Sector Undertakings (PSUs) by the Central Government or a State Government. * To provide an alternative method to cash for securing open offers, specifically through bank guarantees. **4. Background and Rationale:** This is an amendment to an existing policy. The text suggests the following rationale for the changes: * The amendment regarding PSU disinvestment indicates a need to provide exemptions or alternative pricing mechanisms for PSU share sales, likely to encourage greater participation in disinvestment programs. The original regulations may have posed obstacles to PSU disinvestments. * The introduction of bank guarantees as an alternative to cash in open offers suggests a desire to provide acquirers with more flexibility in financing takeovers. This may address situations where immediate cash availability is a constraint, while still ensuring security for the offer. **5. Key Provisions / Changes:** This section focuses specifically on the changes introduced by the provided amendment text. * **Change 1: Regulation 8 (Pricing of Shares)** * **Specific Part Changed:** Subregulation 2, after clause d; and Subregulation 3, in clause e. * **New Rule/Provision:** The amendment introduces provisos stating that the price determination methods outlined in clause d and clause e of Regulation 8 will not apply in the case of disinvestment of a Public Sector Undertaking (PSU) by the Central Government or a State Government, provided there is a change in control in the PSU. * **Difference/Effect:** The original regulation likely mandated a specific pricing mechanism for share acquisitions, which is now waived for PSU disinvestments where a change in control occurs. This provides the government with greater flexibility in determining the sale price of PSU shares, potentially attracting more bidders. * **Change 2: Regulation 22 (Open Offers)** * **Specific Part Changed:** Subregulation 2. * **New Rule/Provision:** The amendment allows acquirers to provide an unconditional and irrevocable bank guarantee issued in favor of the manager to the open offer by any scheduled commercial bank, subject to the approval of the Reserve Bank of India, as an alternative to cash. An explanation is added that only scheduled commercial banks having AAA rating from a credit rating agency registered with the Board, on any of its long term debt instrument can issue the bank guarantee. * **Difference/Effect:** This introduces bank guarantees as a valid form of security for open offers, in addition to cash. This change widens the options available to the acquirer to fulfill their obligations in the open offer. The AAA rating requirement ensures a high degree of security for the open offer. **6. Target Audience and Stakeholders:** Based on the text, the following are directly affected by these changes: * The Central Government and State Governments involved in the disinvestment of Public Sector Undertakings. * Potential acquirers of shares in PSUs undergoing disinvestment, particularly when a change in control is involved. * Companies and individuals making open offers for acquiring shares in other companies. * Scheduled commercial banks, particularly those with AAA ratings, and the Reserve Bank of India. * Manager to the open offer. * Investors in companies subject to substantial acquisition of shares and takeovers. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** * Securities and Exchange Board of India (SEBI) is responsible for enforcing the regulations. * The Central Government and State Governments are responsible for implementing the policy regarding PSU disinvestments. * The Reserve Bank of India (RBI) must approve bank guarantees used in open offers. * Scheduled Commercial Banks must issue the bank guarantees and adhere to the AAA rating requirement. * **Timelines/Procedures:** The amendment comes into force on the date of its publication in the Official Gazette (November 9, 2022). Specific procedures for availing the PSU disinvestment exemption or utilizing bank guarantees are not detailed in this text and would likely be specified in separate guidelines or circulars. **8. Expected Outcomes / Impact of Changes:** * **PSU Disinvestment Amendment:** The intended outcome is likely to accelerate and facilitate the disinvestment of PSUs by removing potential pricing obstacles. This could lead to increased government revenue from PSU sales. * **Bank Guarantee Amendment:** The intended outcome is to provide greater flexibility to acquirers in financing open offers. This could potentially encourage more takeover activity. The AAA rating requirement for the bank guarantees is likely intended to protect the interests of shareholders and ensure the security of the open offer process. **9. Conclusion:** The Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2022, introduces significant changes to the regulatory framework governing substantial acquisitions and takeovers in India. These changes aim to streamline PSU disinvestments and provide alternative financing options for open offers, which should benefit the market participants. The specific details of implementing these changes will be crucial in determining their ultimate success.

Key Entities Referenced

Securities and Exchange Board of India: Regulatory body for securities and commodity market in India. Securities and Exchange Board of India Act, 1992: The Act of the Parliament of India which established the Securities and Exchange Board of India. Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations pertaining to substantial acquisition of shares and takeovers, as governed by the Securities and Exchange Board of India. Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2022: Amendment regulations to the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations. Official Gazette: The official government publication where regulations are formally published. Central Government: The Union Government of India. State Government: The government of an individual state within India. Reserve Bank of India: Central bank of India. Madhabi Puri Buch: Chairman of the Securities and Exchange Board of India Mumbai, Maharashtra: City in India, location of the Securities and Exchange Board of India. New Delhi, Delhi: Location of Government of India Press.
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-09112022-240148 xxxGIDHxxx CG-MH-E-09112022-240148 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 549] नई ददल्ली, बुधिार, निम्ब र 9, 2022/कार्ततक 18, 1944 No. 549] NEW DELHI, WEDNESDAY, NOVEMBER 9, 2022/KARTIKA 18, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड अजधसचू ना मुम् बई, 9 निम् बर, 2022 भारतीय प्रजतभजू त और जिजनमय बोडड (िये रों का पयाप्तड अजनड और अजधग्रहण) (सिं ोधन) जिजनयम, 2022 स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2022/98.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की धारा 30 के तहत गई िजियों का प्रयोग करते हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाप्तड अजडन और अजधग्रहण) जिजनयम, 2011 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथातड :्- 1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड (िये रों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2022 कहा जा सकेगा । 2. जिजनयम इ लाग ू होंग े। 3. भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) जिजनयम, 2011 म,ें - I. जिजनयम 8 में, क) उ - (2) , (घ) बाद, परंतुक जोडे जाएंग,े , - 7427 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “परंत ु यह दक खंड (घ) के अनसु ार जनधाडररत की गई कीमत, यथाजस्ट्थजत, केंद्रीय सरकार या राज्य सरकार द्वारा सािडजजनक षेतेर क के उपरम म के जिजनिेि के मामले में लागू नहह होगी परंत ु यह और दक यह परंतुक केिल सािडजजनक षेतेर क के उपरम म म ें जनयंर कण म ें पररितडन होन े के मामले में लागू होगा ।” ख) उ - (3) , (ङ) में, िब्दों तथा जचह्न “बारंबार व्यापाररत हों;” के बाद और िब्द “और” से पहले जनम्नजलजखत परंतुक जोडे जाएगं े, अथाडत,् - “परंत ु यह दक खडं (ङ) के अनुसार जनधाडररत की गई कीमत, यथाजस्ट्थजत, केंद्रीय सरकार या राज्य सरकार द्वारा सािडजजनक षेतेर क के उपरम म के जिजनिेि के मामले में लागू नहह होगी परंत ु यह और दक यह परंतुक केिल सािडजजनक षेतेर क के उपरम म म ें जनयंर कण म ें पररितडन होन े के मामले में लागू होगा;” II. जिजनयम 22 में, क) उप-जिजनयम (2) में, िब्दों “बराबर की नकद रकम” के बाद और जचन्ह तथा िब्द “, जनलबं खाते में” से पहल,े िब्द और जचह्न “या दकसी अनुसूजचत िाजणजज्यक बैंक द्वारा खुल े प्रस्ट्ताि (ओपन ऑफर) के प्रबंधक के पषेत म ें ित ड रजहत और रद्द न की जा सकने िाली बैंक गारंटी (बित े दक उसके जलए भारतीय ररज़िड बैंक की मंजूरी ली जाए)” आ जाएंगे । ख) उप-जिजनयम (2) में, परंतुक से पहले, जनम्नजलजखत स्ट्पष्टीकरण जोडा जाएगा, अथाडत्,- “स्ट्पष्टीकरण- उप-जिजनयम (2) के प्रयोजनाथड, बैंक गारंटी केिल ऐस े अनुसूजचत िाजणजज्यक बैंक द्वारा जारी की जाएगी जजसके दकसी दीघडकाजलक ऋण जलखत (डैट इंस्ट्ूमेंट) को, बोड ड स े रजजस्ट्टर साख जनधाडरण एजेंसी (रम ेजडट रेटटग एजेंसी) से, ‘एएए’ (AAA) की रेटटग जमली हो ।” माधबी पुरी बुच, अध्यषेत [जिज्ञापन-III/4/असा./372/2022-23] पाद रटप्पण: 1. भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) जिजनयम, 2011, स.ं एल.ए.डी.-एन.आर.ओ./जी.एन./2011-12/24/30181, 23 जसतम्बर 2011 को भारत के राजपर क म ें प्रकाजित हुए थ े। 2. भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) जिजनयम, 2011 तत्पश्चात ्: क) 26 माच,ड 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/36/7368, द्वारा ख) 8 अिूबर, 2013 को भारतीय प्रजतभूजत और जिजनमय बोड ड {संस्ट्थागत व्यापाररक (रेडडग) प्लेटफाम ड पर जिजनर्ददष्ट प्रजतभूजतयों की सूचीबद्धता} जिजनयम, 2013, स.ं एल.ए.डी.-एन.आर.ओ./जी.एन./ 2013-14/28/6720, द्वारा ग) 23 मई, 2014 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/03/1089, द्वारा घ) 24 माच,ड 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2015, सं. एल.ए.डी.-एन.आर.ओ/जी.एन./2014-15/28/542, द्वारा ङ) 5 मई, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (दसू रा संिोधन) जिजनयम, 2015, स.ं सेबी.एन.आर.ओ./ ओ.आई.ए.इ./जी.एन./2015-16/004, द्वारा[भाग III—खण् ड 4] भारत का राजपर क : असाधारण 3 च) 14 अगस्ट्त, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (तीसरा संिोधन) जिजनयम, 2015, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/009, द्वारा छ) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजनड और अजधग्रहण) (चौथा संिोधन) जिजनयम, 2015, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/ 026, द्वारा ज) 17 फरिरी, 2016 को भारतीय प्रजतभूजत और जिजनमय बोड ड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2016, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/035, द्वारा झ) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजनमय बोड ड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (दसू रा संिोधन) जिजनयम, 2016, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/002, द्वारा ञ) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का भुगतान और भुगतान का माध्यम) (संिोधन) जिजनयम, 2017, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016- 17/037 (तारीख 29 माच,ड 2017 की अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016- 17/038 के साथ परठत), द्वारा ट) 14 अगस्ट्त, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2017, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2017-18/015, द्वारा ठ) 1 जून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/20, द्वारा ड) 11 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजनड और अजधग्रहण) (दसू रा संिोधन) जिजनयम, 2018, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/33, द्वारा ढ) 31 ददसम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजनड और अजधग्रहण) (तीसरा संिोधन) जिजनयम, 2018, स.ं सेबी/एलए.डी.एन.आर.ओ./जी.एन./2018/55, द्वारा ण) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/06, द्वारा त) 29 जुलाई, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (दसू रा संिोधन) जिजनयम, 2019, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/27, द्वारा थ) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एनआरओ/जीएन/2020/10, द्वारा द) 16 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (संिोधन) जिजनयम, 2020, सं. सेबी/एलएडी-एन आरओ/जीएन/2020/14, द्वारा ध) 22 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (दसू रा संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/19, द्वारा न) 1 जुलाई, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजनड और अजधग्रहण) (तीसरा संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/20, द्वारा प) 5 ई, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड (िये रों का पयाडप्त अजनड और अजधग्रहण) (संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी.-एनआरओ/जीएन/2021/19, द्वारा फ) 3 ग , 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/जीएन/2021/30, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ब) 13 ग , 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) ( संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/जीएन/2021/46, द्वारा भ) 6 ददसम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अजडन और अजधग्रहण) (ती सिं ोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2021/60, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 9th November, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2022 No. SEBI/LAD-NRO/GN/2022/98.—In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2022. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, - I. In regulation 8, a) in sub-regulation (2), after clause (d), the following provisos shall be inserted, namely, - “Provided that the price determined as per clause (d) shall not apply in the case of disinvestment of a public sector undertaking by the Central Government or a State Government, as the case may be: Provided further that this proviso shall apply only in case of a change in control in the public sector undertaking.” b) in sub-regulation (3), in clause (e), after the words “frequently traded;” and before the word “and” the following provisos shall be inserted, namely, - “Provided that the price determined as per clause (e) shall not apply in the case of disinvestment of a public sector undertaking by the Central Government or a State Government, as the case may be: Provided further that this proviso shall apply only in case of a change in control in the public sector undertaking;” II. In regulation 22, a) in sub-regulation (2), after the word “cash” and before the words “of an amount” the words and symbol “or providing unconditional and irrevocable bank guarantee issued in favour of the manager to the open offer by any scheduled commercial bank, subject to the approval of the Reserve Bank of India,” shall be inserted.[भाग III—खण् ड 4] भारत का राजपर क : असाधारण 5 b) in sub-regulation (2), before the proviso, the following Explanation shall be inserted, namely, - “Explanation. - For the purpose of sub-regulation (2), bank guarantee shall only be issued by such scheduled commercial bank having „AAA‟ rating from a credit rating agency registered with the Board, on any of its long term debt instrument.” MADHABI PURI BUCH, Chairman [ADVT.-III/4/Exty./372/2022-23] Footnotes: 1. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 were published in the Gazette of India on 23rd September, 2011 vide No. LAD-NRO/GN/2011 12/24/30181. 2. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 were subsequently amended on: a) March 26, 2013 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2012 13/36/7368. b) October 8, 2013 by the Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 vide No. LAD-NRO/GN/ 2013-14/28/6720. c) May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide Notification No. LAD-NRO/GN/2014-15/03/1089. d) March 24, 2015 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2015 vide No. LAD-NRO/GN/2014- 15/28/542. e) May 5, 2015 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2015 vide No. SEBI/LAD- NRO/OIAE/GN/2015-16/004. f) August 14, 2015 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2015 vide No. SEBI/LAD NRO/GN/2015-16/009. g) December 22, 2015 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Fourth Amendment) Regulations, 2015 vide No. SEBI/LAD- NRO/GN/2015-16/026. h) February 17, 2016 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2015- 16/035. i) May 25, 2016 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2016 vide No. SEBI/ LAD-NRO/GN/2016- 17/002. j) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/037 read with notification dated March 29, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/38. k) August 14, 2017 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017 vide No. SEBI/LAD-NRO/GN/2017- 18/015.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] l) June 1, 2018 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/ 2018/20. m) September 11, 2018 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018 vide No. SEBI/LAD- NRO/GN/2018/33. n) December 31, 2018 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO /GN/ 2018/55. o) March 29, 2019 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO /GN/ 2019/06. p) July 29, 2019 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO /GN/ 2019/27. q) April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. r) June 16, 2020 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO /GN/ 2020/14. s) June 22, 2020 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO /GN/ 2020/19. t) July 1, 2020 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO /GN/ 2020/20. u) May 5, 2021 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO /GN/ 2021/19. v) August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. w) August 13, 2021 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO /GN/ 2021/46. x) December 6, 2021 by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO / GN/ 2021/60. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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