## Report on the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Second Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Second Amendment Regulations, 2021, based solely on the provided official gazette notification. This amendment modifies the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011. Key changes include modifications to disclosure requirements related to share acquisitions and encumbrances. The aim appears to be refining and clarifying disclosure obligations for acquirers and those encumbering shares, specifically excluding encumbrances undertaken in a depository from certain disclosure requirements. The effective date is April 1, 2022.
**2. Introduction:**
This report aims to provide an informative overview of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Second Amendment Regulations, 2021. The analysis is based exclusively on the text of the official gazette notification provided. The report is intended to inform affected industry participants about the changes introduced by this amendment.
**3. Policy Overview:**
* This report analyzes an amendment to the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011.
* The core objective of this amendment, as inferred from the provided text, is to refine and adjust the regulations concerning the substantial acquisition of shares and takeovers, specifically focusing on disclosure requirements related to shareholding and encumbrances.
**4. Background and Rationale:**
As this is an amendment, the background and rationale focus on why *this specific amendment* was likely introduced. Based on the provided text, the rationale for this amendment appears to be to:
* Clarify the disclosure requirements for acquirers of shares, specifically when their aggregate shareholding reaches five percent or more.
* Refine disclosure requirements related to the encumbrance of shares, potentially to reduce unnecessary reporting burdens or address specific situations, such as when encumbrances are undertaken in a depository.
**5. Key Provisions / Changes:**
This section details the specific changes introduced by the amendment.
* **Regulation 29 (Disclosure of Aggregate Shareholding):** Subregulation 1 is substituted.
* **Old Rule (Inferred):** Previously, the wording regarding the disclosure of aggregate shareholding upon reaching a certain threshold (presumably 5%) was less precise.
* **New Rule:** "Any acquirer, together with persons acting in concert with him acquiring shares or voting rights in a target company, which taken together aggregates to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified."
* **Effect of Change:** The new rule clarifies who is obligated to disclose aggregate shareholding, specifying that it applies to acquirers acting alone or in concert when their combined shareholding reaches five percent or more. This likely aims to remove any ambiguity regarding disclosure responsibilities in cases of coordinated acquisitions.
* **Regulation 30:** Omitted entirely.
* **Old Rule (Inferred):** The text does not indicate the specific content of Regulation 30.
* **New Rule:** Regulation 30 is omitted.
* **Effect of Change:** The omission of Regulation 30 suggests that the previous regulation was deemed redundant, ineffective, or in conflict with other regulations. The impact of this change cannot be fully assessed without knowing the content of the original Regulation 30.
* **Regulation 31 (Disclosure of Encumbrance):** Provisos are inserted into subregulations 1 and 2.
* **Old Rule (Inferred):** Previously, the regulations likely required disclosure of all share encumbrances.
* **New Rule:** "Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository." This proviso is added to both subregulation 1 and subregulation 2.
* **Effect of Change:** This introduces an exemption from the disclosure requirement for share encumbrances undertaken within a depository. This suggests that encumbrances within a depository are considered sufficiently transparent through other mechanisms or are deemed to pose a lower risk.
**6. Target Audience and Stakeholders:**
Based on the text, the target audience and stakeholders directly affected by these amendments include:
* Acquirers of shares in target companies.
* Persons acting in concert with acquirers.
* Target companies themselves.
* Individuals or entities encumbering shares.
* Depositories.
* Securities and Exchange Board of India (SEBI).
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** The Securities and Exchange Board of India (SEBI) is the responsible body, as indicated by the notification's origin and the reference to the SEBI Act.
* **Timelines:** The amendment comes into force on April 1, 2022, providing a lead time for implementation and adaptation by affected parties.
* **Procedures:** The specific procedures for disclosure are not detailed in the provided text but are implied to be specified in a separate form referenced in the amended Regulation 29. Procedures relating to depository encumbrances are likely governed by the depository's internal rules and regulations.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments include:
* **Clearer Disclosure Obligations:** The amendment to Regulation 29 clarifies the disclosure requirements for acquirers acting individually or in concert, ensuring greater transparency in substantial share acquisitions.
* **Reduced Compliance Burden:** The exemption for encumbrances within a depository is likely intended to reduce the compliance burden on entities encumbering shares, streamlining the disclosure process without compromising market integrity, assuming the depository provides sufficient transparency.
* **Streamlined Regulations:** The omission of Regulation 30, while its specific impact is unknown due to lack of information regarding its contents, likely contributes to a more streamlined and efficient regulatory framework.
**9. Conclusion:**
The Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Second Amendment Regulations, 2021, introduces important changes to the existing regulatory framework. The clarification of disclosure obligations for share acquisitions and the exemption for depository-based encumbrances are key aspects. These amendments aim to enhance transparency, reduce compliance burdens, and streamline regulations related to substantial acquisitions and takeovers, ultimately contributing to a more efficient and reliable securities market. Understanding these changes is crucial for stakeholders involved in share acquisitions and encumbrances.
Key Entities Referenced
NEW DELHI: The city where the Gazette of India is published.
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body that issued the notification.
Mumbai: City where the Securities and Exchange Board of India notification was issued.
Securities and Exchange Board of India Act, 1992: Act under which the powers are conferred to SEBI.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: The regulations which are being amended.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Second Amendment Regulations, 2021: The name of the current amendment regulations.
AJAY TYAGI: Chairman of SEBI
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-13082021-228973
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CG-MH-E-13082021-228973
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 337] िई दिल्ली, िुक्रिार, अगस्ट्त 13, 2021/श्रािण 22, 1943
No. 337] NEW DELHI, FRIDAY, AUGUST 13, 2021/SHRAVANA 22, 1943
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मुम्बई, 13 अगस्ट् त, 2021
भारतीय प्रजतभजू त और जिजिमय बोडड
(िये रों का पयाप्तड अििड और अजधग्रहण) (दसू रा सिं ोधि) जिजियम, 2021
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2021/46.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम, 1992 (1992
का 15) की धारा 30 के तहत प्रदान की गई िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोड ड
(िेयरों का पयाडप्त अििड और अजधग्रहण) जिजियम, 2011 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै
अर्ाडत:् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड(िेयरों का पयाडप्त अिडि और अजधग्रहण) (दसू रा संिोधि)
जिजियम, 2021 कहा िा सकेगा ।
2. ि े 1 अप्रैल, 2022 स े लाग ूहोंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) जिजियम, 2011 म,ें -
I. जिजियम 29 में,
(क) उप-विवनयम (1) वनम्नवलवित स े प्रवतस्थावपत हो जाएगा, अथाात्,-
4531 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(1) यदद कोई अजानकता ा (एक्वायरर), उसके साथ सामान्य मवत से काय ा करन े िाले व्यवियों के
साथ वमलकर, लवित कंपनी (टागेट कंपनी) म ें शेयरों या मताविकारों का अजान करता हो और जो
कुल वमलाकर ऐसी लवित कंपनी के शेयरों के पााँच प्रवतशत या उससे अविक हो जाए, तो ऐसे म ें
िह ऐसी लवित कंपनी म ें उनकी कुल शेयरिाररता (शेयरहोल्डंग) और मताविकारों के संबंि म ें
प्रकटीकरण (वडस््लोज़र) उसी प्रकार करेगा जैसा वनिााररत दकया जाए ।”
(ख) उप-विवनयम (2) म,ें शब्द तथा वचह्न “कोई व्यवि, जो उसके साथ सामान्य मवत स े काया करने
िाले व्यवियों के साथ,”, शब्दों तथा वचह्नों “कोई व्यवि, जो उसके साथ सामान्य मवत स े काया
करन े िाले व्यवियों के साथ वमलकर,” से प्रवतस्थावपत हो जाएंग े ।
II. जिजियम 30 का लोप हो जाएगा ।
III. विवनयम 31 म,ें
(क) उप-विवनयम (1) वनम्नवलवित स े प्रवतस्थावपत हो जाएगा, अथाात्,-
“(1) प्रत्येक लवित कंपनी का संप्रिताक (प्रोमोटर) या उसके साथ सामान्य मवत स े काया करने िाले
व्यवि, यदद ऐसी लवित कंपनी के शेयरों पर ऋण-भार (इन्कम्ब्रेंस / वि्लगं म) सृवजत करें, तो ऐसे
म ें प्रत्येक लवित कंपनी का संप्रिताक (प्रोमोटर) ऐसे शेयरों के ब्यौरे उसी प्रकार प्रकट (वडस््लोज़)
करेगा जैसा वनिााररत दकया जाए:
परंत ु यह दक प्रकटीकरण (वडस््लोज़र) की उपरोि अपेिा िहा ाँ लाग ू नहीं होगी, जहााँ ऐसा ऋण-
भार (इन्कम्रेंस) वनिेपागार (वडपॉवज़टरी) के जररए सृवजत दकया गया हो ।”
(ख) उप-विवनयम (2) वनम्नवलवित स े प्रवतस्थावपत हो जाएगा, अथाात्,-
“(2) यदद इस प्रकार शेयरों पर सृवजत दकए गए ऋण-भार (इन्कम्ब्रेंस) को लाग ू करिाया जाए या
ऐस े ऋण-भार (इन्कम्ब्रेंस) को समाप्त (उसका वनमोचन) कराया जाए, तो ऐसे म ें प्रत्येक लवित
कंपनी का संप्रिताक (प्रोमोटर) उसके ब्यौरे उसी प्रकार प्रकट (वडस््लोज़) करेगा जैसा वनिााररत
दकया जाए:
परंत ु यह दक प्रकटीकरण (वडस््लोज़र) की उपरोि अपेिा िहा ाँ लाग ू नहीं होगी, जहााँ ऐसा ऋण-
भार (इन्कम्रेंस) वनिेपागार (वडपॉवज़टरी) के जररए सृवजत दकया गया हो ।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि-III/4/असा./203/2021-22]
पाि टिप्पण:
1. भारतीय प्रजतभूजत और जिजिमय बोडड (िे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 ्:
क) 26 माच,ड 2013 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2013, सं. एल.ए.डी.-एि.आर.ओ./िी.एि./2012-13/36/7368, द्वारा
ख) 8 अिूबर, 2013 को भारतीय प्रजतभूजत और जिजिमय बोडड {संस्ट्र्ागत व्यापाटरक (रेडडंग) प्लेिफाम ड पर
जिजिर्िष्टड 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 संिाय) (संिोधि) जिजियम, 2014,
स.ं एल.ए.डी.-एि.आर.ओ./िी.एि./2014-15/03/1089, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
घ) 24 माच,ड 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2015, सं. एल.ए.डी.-एि.आर.ओ/िी.एि./2014-15/28/542, द्वारा
ङ) 5 मई, 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण) (िसू 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 दिसम्बर, 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अििड 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 बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2016, सं. 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)
(िसू 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 बोड ड (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 सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/038 के
सार् पटित), द्वारा
ि) 14 अगस्ट्त, 2017 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2017, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/015, द्वारा
ि) 1 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2018, सं. 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)
(िसू रा संिोधि) जिजियम, 2018, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/33, द्वारा
ढ) 31 दिसम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड (िे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 (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2019, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/06, द्वारा
त) 29 िुलाई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(िसू 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 (रेग्यूलेिरी सैंडबॉक्स) (संिोधि) जिजियम,
2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
ि) 16 िूि, 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2020, सं. सेबी/एलएडी-एि आरओ/िीएि/2020/14, द्वारा
ध) 22 िूि, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अििड और अजधग्रहण)
(िसू रा संिोधि) जिजियम, 2020, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/19, द्वारा
ि) 1 िुलाई, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (िेयरों का पयाडप्त अििड और अजधग्रहण)
(तीसरा संिोधि) जिजियम, 2020, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/20, द्वारा
प) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िेयरों का पयाडप्त अिडि और अजधग्रहण)
(संिोधि) जिजियम, 2021, सं. सेबी/एल.ए.डी.-एिआरओ/िीएि/2021/19, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
फ) 3 अगस्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यूलेिरी सैंडबॉक्स) (संिोधि) जिजियम,
2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा
संिोजधत हुए र्े ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 13th August, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF
SHARES AND TAKEOVERS) (SECOND AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/46.—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) (Second Amendment) Regulations, 2021.
2. They shall come into force from April 1, 2022.
3. They shall come into force from April 1, 2022. In the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011, -
I. in regulation 29,
(a) sub-regulation (1), shall be substituted with the following, namely,-
“(1) Any acquirer, together with persons acting in concert with him acquiring shares or
voting rights in a target company, which taken together aggregates to five per cent or
more of the shares of such target company, shall disclose their aggregate
shareholding and voting rights in such target company in such form as may be
specified.”
(b) in sub-regulation (2), the words “Any person, who together” shall be substituted with the
words, “Any person together”.
II. regulation 30 shall be omitted.
III. in regulation 31,
(a) in sub-regulation (1), the following proviso shall be inserted, namely, -
“Provided that the aforesaid disclosure requirement shall not be applicable where such
encumbrance is undertaken in a depository”.
(b) in sub-regulation (2), the following proviso shall be inserted, namely, -
“Provided that the aforesaid disclosure requirement shall not be applicable where such
encumbrance is undertaken in a depository”.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./203/2021-22]
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.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
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.
l) June 01, 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/
2019/06.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
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.
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