## Report on the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2021, as published in the Gazette of India on May 5, 2021. This amendment modifies the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011. The key changes relate to entities listed on the Innovators Growth Platform, increasing thresholds for certain regulations. The report details these changes, their likely rationale, and potential impact on stakeholders.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2021, based on the official notification published on May 5, 2021. It focuses on understanding the changes introduced by this amendment and their potential implications.
**3. Policy Overview:**
* This document is an **Amendment** to the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011.
* **Core Objective(s) (inferred from the text):** The amendment seems aimed at refining the regulatory framework for substantial acquisition of shares and takeovers, specifically in the context of entities listed on the Innovators Growth Platform. This includes modifying thresholds and disclosure requirements.
**4. Background and Rationale:**
The amendment likely addresses the need to tailor regulations for entities listed on the Innovators Growth Platform (IGP). The provided text indicates a specific focus on adjusting percentage thresholds for triggering certain regulatory requirements related to substantial acquisition of shares and takeovers for companies listed on the IGP. This suggests the SEBI aims to create a more conducive regulatory environment for companies on this platform, potentially to encourage growth and investment. The changes concerning disclosure requirements also suggest a move towards greater transparency and accountability in takeover processes.
**5. Key Provisions / Changes:**
The core of this report lies in detailing the changes introduced by the amendment. Specifically, the amendment modifies the original regulations in the following ways:
* **Regulation 1(3):** The term "Institutional Trading Platform" is replaced with "Innovators Growth Platform." *Effect:* This clarifies the applicability of the regulations and ensures consistent terminology referring to the platform.
* **Regulation 3:** A new subregulation 5 is inserted, stating that for listed entities on the Innovators Growth Platform, any reference to 25% will be read as 49%. *Effect:* This increases the threshold for triggering certain regulations related to share acquisition for IGP-listed entities.
* **Regulation 6:** A new subregulation 4 is inserted, stating that for listed entities on the Innovators Growth Platform, any reference to 25% will be read as 49%. *Effect:* This increases the threshold for triggering certain regulations related to share acquisition for IGP-listed entities.
* **Regulation 26(6):** A new proviso is added, requiring the committee providing reasoned recommendations on an open offer proposal to disclose the voting pattern of the meeting where the proposal was discussed. *Effect:* This enhances transparency in the open offer process by revealing how committee members voted on the proposal.
* **Regulation 29:**
* A new proviso is added to subregulation 1, stating that for listed entities on the Innovators Growth Platform, any reference to 5% will be read as 10%. *Effect:* This increases the threshold for triggering certain disclosure requirements related to share acquisition for IGP-listed entities.
* A new proviso is added to subregulation 2, stating that for listed entities on the Innovators Growth Platform, any reference to 5% will be read as 10% and any reference to 2% will be read as 5%. *Effect:* This increases the threshold for triggering certain disclosure requirements related to share acquisition for IGP-listed entities.
**6. Target Audience and Stakeholders:**
Based on the text, the primary target audience and stakeholders are:
* Companies listed on the Innovators Growth Platform.
* Investors (both existing and potential) in companies listed on the Innovators Growth Platform.
* Committees involved in providing recommendations on open offer proposals.
* The Securities and Exchange Board of India (SEBI) itself.
* Legal and financial professionals advising companies and investors.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing and enforcing these regulations.
* **Timelines:** The regulations came into force on the date of their publication in the Official Gazette, which was May 5, 2021.
* The amendment requires companies and committees to adhere to the revised thresholds and disclosure requirements from the effective date. Specifically, committees providing reasoned recommendations on open offers are now mandated to disclose the voting pattern of their meetings.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these specific changes are:
* **For Innovators Growth Platform Listed Entities:** These entities are likely to experience a more relaxed regulatory environment regarding substantial acquisition of shares and takeovers, potentially encouraging investment and growth. The increased thresholds allow for greater flexibility in shareholding patterns before triggering mandatory open offers or disclosures.
* **Increased Transparency:** The requirement to disclose voting patterns in committee recommendations on open offers promotes greater transparency and accountability in the decision-making process. This can enhance investor confidence and ensure fair practices.
* **Streamlined Regulatory Framework:** By specifically addressing the needs of companies listed on the Innovators Growth Platform, the amendment contributes to a more streamlined and tailored regulatory framework.
**9. Conclusion:**
The Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2021, introduces crucial changes to the existing framework, particularly for entities listed on the Innovators Growth Platform. The increased thresholds and enhanced disclosure requirements are designed to foster growth, encourage investment, and promote transparency in the Indian securities market. These amendments signify SEBI's continued efforts to refine and adapt regulations to meet the evolving needs of the market and its participants.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities and commodity market in India.
New Delhi: Capital of India
Mumbai: City in Maharashtra, location of Securities and Exchange Board of 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 (SEBI).
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations pertaining to the substantial acquisition of shares and takeovers, as established by the Securities and Exchange Board of India.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations.
Innovators Growth Platform: A platform for listing specified securities of listed entities.
Ajay Tyagi: Chairman of the Securities and Exchange Board of India.
Gazette of India: Official government publication in India.
SEBI Listing of Specified Securities on Institutional Trading Platform Regulations, 2013: Regulations by SEBI on listing of specified securities
SEBI Payment of Fees Amendment Regulations, 2014: Regulations by SEBI on payment of fees
SEBI Payment of Fees and Mode of Payment Amendment Regulations, 2017: Regulations by SEBI on payment of fees and mode of payment
SEBI Regulatory Sandbox Amendment Regulations, 2020: Regulations by SEBI on regulatory sandbox
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-06052021-226886
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CG-MH-E-06052021-226886
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 192] िई ददल्ली, बधु िार, मई 5, 2021/ििै ाख 15, 1943
No. 192] NEW DELHI, WEDNESDAY, MAY 5, 2021/VAISAKHA 15, 1943
भारतीय प्रजतभजू त और जिजिमय बोड ड
अजधसचू िा
मुम्बई, 5 मई, 2021
भारतीय प्रजतभजू त और जिजिमय बोडड
(िये रों का पयाप्तड अििड और अजधग्रहण) (सिं ोधि) जिजियम, 2021
स.ं सबे ी/एल.ए.डी.-एिआरओ/िीएि/2021/19.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम,
1992 (1992 का 15) की धारा 30 के तहत प्रदत्त िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय
बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) जिजियम, 2011 का और संिोधि करि े के जलए जिम्नजलजखत जिजियम
बिाता ह,ै अर्ाडत:् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड (िये रों का पयाडप्त अिडि और अजधग्रहण) (संिोधि)
जिजियम, 2021 कहा िा सकेगा ।
2. ि े रािपत्र म ें उिके प्रकािि की तारीख को प्रिृत्त (लाग)ू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) जिजियम, 2011 म,ें -
2505 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. जिजियम 1 में, उप-जिजियम (3) के परंतुक म,ें िब्द और जचह्ि “संस्ट्र्ागत व्यापाररक प्लेटफाम ड
(इंस्टिट्यूशनल रेडडंग प्लेटफामड)”, िब्दों “इिोिेटसड ग्रोर् प्लेटफॉमड” स े प्रजतस्ट्र्ाजपत हो िाएंग े ।
II. जिजियम 3 म,ें मौिूदा उप-जिजियम (4) के पश्चात,् जिम्नजलजखत िया उप-जिजियम अंतःस्ट्र्ाजपत दकया
िाएगा, अर्ाडत,् -
“(5) इस जिजियम के प्रयोििार्,ड स्िस सूचीबद्ध (स्लस्टिड) एंटििी िे अपिी जिधाडररत प्रजतभूजतयों
(जसक्यूररटीज़) को इिोिेटसड ग्रोर् प्लेटफॉम ड पर सूचीबद्ध (जलस्ट्ट) करिाया हुआ हो, उसके मामल े म ें
“पच्चीस प्रजतित” के दकसी संदभड को “उनचास प्रजतित” के रूप में पढा िाएगा ।”
III. जिजियम 6 में, मौिूदा उप-जिजियम (3) के पश्चात,् जिम्नजलजखत िया उप-जिजियम अंतःस्ट्र्ाजपत दकया
िाएगा, अर्ाडत,्-
“(4) इस जिजियम के प्रयोििार्,ड स्िस सूचीबद्ध (स्लस्टिड) एंटििी िे अपिी जिधाडररत प्रजतभूजतयों
(जसक्यूररटीज़) को इिोिेटसड ग्रोर् प्लेटफॉम ड पर सूचीबद्ध (जलस्ट्ट) करिाया हुआ हो, उसके मामल े म ें
“पच्चीस प्रजतित” के दकसी संदभड को “उनचास प्रजतित” के रूप में पढा िाएगा ।”
IV. स्िस्नयम 26 म,ें उप-स्िस्नयम (6) के पहले परंतुक के पश्चात,् जिम्नजलजखत िया परंतुक अंतःस्ट्र्ाजपत
दकया िाएगा, अर्ाडत,्-
“परंत ु यह और कक खुल े प्रटताि (ओपन ऑफर) के प्रटताि के संबंध म ें तककसंगत (युस्ियुि) स्सफाटरशें देत े
समय, सस्मस्त यह बताएगी कक स्िस बैठक म ें खुले प्रटताि (ओपन ऑफर) के प्रटताि पर चचा क हुई थी
उस बैठक म ें मत कैसे पडे (का िोटिंग पैिन क क्या रहा) ।”
V. जिजियम 29 में, मौिूदा उप-जिजियम (1) के पश्चात,् जिम्नजलजखत िया परंतुक अंतःस्ट्र्ाजपत दकया
िाएगा, अर्ाडत,्-
“परंत ु यह दक स्िस सूचीबद्ध (स्लस्टिड) एंटििी िे अपिी जिधाडररत प्रजतभूजतयों (जसक्यूररटीज़) को
इिोिेटसड ग्रोर् प्लेटफॉमड पर सचू ीबद्ध (जलस्ट्ट) करिाया हुआ हो, उसके मामल े में “पााँच प्रजतित” के दकसी
संदभड को “दस प्रजतित” के रूप में पढा िाएगा ।”
VI. जिजियम 29 में, मौिूदा उप-जिजियम (2) के पश्चात,् जिम्नजलजखत िया परंतुक अंतःस्ट्र्ाजपत दकया
िाएगा, अर्ाडत,्-
“परंत ु यह दक स्िस सूचीबद्ध (स्लस्टिड) एंटििी िे अपिी जिधाडररत प्रजतभूजतयों (जसक्यूररटीज़) को
इिोिेटसड ग्रोर् प्लेटफॉमड पर सचू ीबद्ध (जलस्ट्ट) करिाया हुआ हो, उसके मामल े में “पााँच प्रजतित” के दकसी
संदभड को “दस प्रजतित” के रूप में पढा िाएगा, और “दो प्रजतित” के दकसी संदभड को “पााँच प्रजतित” के
रूप म ेंपढा िाएगा ।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि-III/4/असा./52/2021-22]
पाद रटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) जिजियम, 2011, स.ं एल.ए.डी.-
एि.आर.ओ./िी.एि./2011-12/24/30181, 23 जसतम्बर 2011 को भारत के रािपत्र म ें प्रकाजित हुए र् े।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) जिजियम, 2011 तत्पश्चात ् :[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
क) 26 माच,ड 2013 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िये रों का पयाडप्त अििड और अजधग्रहण) (संिोधि)
जिजियम, 2013, स.ं एल.ए.डी.-एि.आर.ओ./िी.एि./2012-13/36/7368, द्वारा
ख) 8 अिूबर, 2013 को भारतीय प्रजतभूजत और जिजिमय बोडड {संस्ट्र्ागत व्यापाररक (रेडडंग) प्लेटफाम ड पर
जिजिर्दष्टड प्रजतभूजतयों की सूचीबद्धता} जिजियम, 2013, स.ं एल.ए.डी.-एि.आर.ओ./िी.एि./2013-
14/28/6720, द्वारा
ग) 23 मई, 2014 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का संदाय) (संिोधि) जिजियम, 2014, स.ं
एल.ए.डी.-एि.आर.ओ./िी.एि./2014-15/03/1089, द्वारा
घ) 24 माच,ड 2015 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िये रों का पयाडप्त अििड और अजधग्रहण) (संिोधि)
जिजियम, 2015, स.ं एल.ए.डी.-एि.आर.ओ/िी.एि./2014-15/28/542, द्वारा
ङ) 5 मई, 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड (िये रों का पयाडप्त अिडि और अजधग्रहण) (दसू रा
संिोधि) जिजियम, 2015, स.ं सेबी.एि.आर.ओ./ ओ.आई.ए.इ./िी.एि./2015-16/004, द्वारा
च) 14 अगस्ट्त, 2015 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (तीसरा
संिोधि) जिजियम, 2015, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/009, द्वारा
छ) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (चौर्ा
संिोधि) जिजियम, 2015, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/026, द्वारा
ि) 17 फरिरी, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2016, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/035, द्वारा
झ) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (दसू रा
संिोधि) जिजियम, 2016, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/002, द्वारा
ञ) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भुगताि और भुगताि का माध्यम)
(संिोधि) जिजियम, 2017, अजधसूचिा स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/037 (तारीख 29
माच,ड 2017 की अजधसूचिा स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/038 के सार् परित), द्वारा
ट) 14 अगस्ट्त, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अििड और अजधग्रहण)
(संिोधि) जिजियम, 2017, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/015, द्वारा
ि) 1 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िये रों का पयाडप्त अिडि और अजधग्रहण) (संिोधि)
जिजियम, 2018, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/20, द्वारा
ड) 11 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (दसू रा
संिोधि) जिजियम, 2018, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/33, द्वारा
ढ) 31 ददसम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (तीसरा
संिोधि) जिजियम, 2018, स.ं सेबी/एलए.डी.एि.आर.ओ./िी.एि./2018/55, द्वारा
ण) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िये रों का पयाडप्त अििड और अजधग्रहण) (संिोधि)
जिजियम, 2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/06, द्वारा
त) 29 िलु ाई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (दसू रा
संिोधि) जिजियम, 2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/27, द्वारा
र्) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2020,
स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
द) 16 िूि, 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (संिोधि)
जिजियम, 2020, स.ं सेबी/एलएडी-एि आरओ/िीएि/2020/14, द्वारा
ध) 22 ििू , 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (दसू रा
संिोधि) जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/19, द्वारा
ि) 1 िलु ाई, 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (तीसरा
संिोधि) जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/20, द्वारा संिोजधत हुए र् े ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 5th May, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND
TAKEOVERS) (AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/19.— 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, 2021.
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 1, in the proviso under sub-regulation (3), the words “Institutional Trading Platform” shall be
substituted with the words “Innovators Growth Platform”.
II. In regulation 3, after the existing sub-regulation (4), the following new sub-regulation shall be inserted,
namely, –
“(5) For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity
which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per
cent”.”
III. In regulation 6, after the existing sub-regulation (3), the following new sub-regulation shall be inserted,
namely, –
“(4) For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity
which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per
cent”.”
IV. In regulation 26, after the first proviso to sub-regulation (6), the following new proviso shall be inserted,
namely, -
“Provided further that while providing reasoned recommendations on the open offer proposal, the
committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed.”
V. In regulation 29, after the existing sub-regulation (1), the following new proviso shall be inserted, namely, -
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth
Platform, any reference to “five per cent” shall be read as “ten per cent”.”
VI. In regulation 29, after the existing sub-regulation (2), the following new proviso shall be inserted, namely, -
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth
Platform, any reference to “five per cent” shall be read as “ten per cent” and any reference to “two per cent”
shall be read as “five per cent”.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./52/2021-22]
Footnote:
1. The SEBI (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 SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 were subsequently amended on:
a) March 26, 2013 by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2013 vide No. LAD-NRO/GN/2012 13/36/7368.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
b) October 8, 2013 by the SEBI (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 SEBI (Payment of Fees) (Amendment) Regulations, 2014 vide Notification
No. LAD-NRO/GN/2014-15/03/1089.
d) March 24, 2015 by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2015 vide No. LAD-NRO/GN/2014-15/28/542.
e) May 5, 2015 by the SEBI (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 SEBI (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 SEBI (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 SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2015-16/035.
i) May 25, 2016 by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)
Regulations, 2016 vide No. SEBI/ LAD-NRO/GN/2016-17/002.
j) March 6, 2017 by SEBI (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 SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2017 No. SEBI/LAD-NRO/GN/2017-18/015.
l) June 01, 2018 by SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2018 No. SEBI/LAD-NRO/GN/2018/20.
m) September 11, 2018 by SEBI (Substantial Acquisition of Shares and Takeovers) (Second
Amendment) Regulations, 2018 No. SEBI/LAD-NRO/GN/2018/33.
n) December 31, 2018 by SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2018 No. SEBI/LAD-NRO /GN/ 2018/55.
o) March 29, 2019 by SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2019 No. SEBI/LAD-NRO /GN/ 2019/06.
p) July 29, 2019 by SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)
Regulations, 2019 No. SEBI/LAD-NRO /GN/ 2019/27.
q) April 17, 2020 by SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020 No. SEBI/LAD-
NRO/GN/2020/10.
r) June 16, 2020 by SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)
Regulations, 2020 No. SEBI/LAD-NRO /GN/ 2020/14.
s) June 22, 2020 by SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)
Regulations, 2020 No. SEBI/LAD-NRO /GN/ 2020/19.
t) July 01, 2020 by SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2020 No. SEBI/LAD-NRO /GN/ 2020/20.
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.