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Date: 2019-03-29 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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Executive Summary & Key Takeaways

Executive Summary: This document contains the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2019. It amends the 2011 regulations regarding substantial acquisition of shares and takeovers. These regulations come into force on the date of their publication in the Official Gazette, March 29, 2019. Key Points / Main Content: Amendments to the 2011 Regulations: * Regulation 10, subregulation 1, clause (d), subclauses (ii) and (iii): The words "or a competent authority" shall be omitted. * Regulation 10, subregulation 1, clause (i): * The word "scheme" shall be omitted. * The existing proviso is substituted with a new proviso that the conditions specified under subregulation 6 of regulation 158 of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018 are complied with. * Explanation: Lenders mean all scheduled commercial banks excluding Regional Rural Banks and All India Financial Institutions. * Regulation 10, subregulation 1, clause (ia): This clause is omitted. * Regulation 10, subregulation 2: This subregulation is omitted. Impact Analysis: SEBI: * Impact: The amendment regulations are issued under the authority of Section 30 of the Securities and Exchange Board of India Act, 1992, to further refine the regulatory framework for substantial acquisitions and takeovers. * Action Required: Ensure compliance with the amended regulations. Shareholders and Acquirers: * Impact: The changes affect the conditions and requirements for substantial acquisition of shares and takeovers, especially regarding lender involvement and compliance with disclosure requirements. * Action Required: Review current and planned acquisitions and takeovers to ensure compliance with the new regulations, particularly regarding the omitted clauses and the revised proviso related to disclosure requirements. Lenders (Scheduled Commercial Banks excluding Regional Rural Banks and All India Financial Institutions): * Impact: Lenders are explicitly defined for the purpose of clause (i) within the amended regulations. * Action Required: Take note of the new definition and comply with the regulations accordingly.

Key Entities Referenced

SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India. Mumbai, Maharashtra: Location of the Securities and Exchange Board of India office where the notification was issued. Securities and Exchange Board of India Act, 1992: The act under which the Securities and Exchange Board of India exercises its powers. Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations governing substantial acquisition of shares and takeovers, which this notification amends. Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Amendment Regulations, 2019: The regulation being introduced via this notification. Ajay Tyagi: Chairman of the Securities and Exchange Board of India. Official Gazette: The official government publication where the amendment will be published. Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations related to the issuance of capital and disclosure requirements.
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx III—[k.M 4 PART III—Section 4 izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 114] ubZ fnYyh] 'kqØokj] ekpZ 29] 2019@pS=k 8] 1941 No. 114] NEW DELHI, FRIDAY, MARCH 29, 2019/CHAITRA 8, 1941 Hkkjrh; izfrHkwfr vkSj fofue; cksMZ vf/klwpuk eqEcbZ] 29 ekp]Z 2019 Hkkjrh; izfrHkwfr vkSj fofue; cksMZ ¼’ks;jks dk i;kZIr vtZu vkSj vf/kxzg.k½ ¼la'kks/ku½ fofu;e] 2019 la- lsch@,y-,-Mh--,u-vkj-vks-@th-,u-@2019@06----—बोड,(cid:4) भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) अिधिनयम, 1992 (1992 का 15) क(cid:11) धारा 30 के अधीन (cid:5)द(cid:13) शि(cid:15)य(cid:17) का (cid:5)योग करत े (cid:19)ए एत(cid:21)ारा भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) िविनयम, 2011 का और संशोधन करने के िलए िन"िलिखत िविनयम बनाता ह,ै अथा(cid:4)त:् 1. इन िविनयम(cid:17) को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2019 कहा जा सकेगा । 2. व े राजप) म * उनके (cid:5)काशन क(cid:11) तारीख को (cid:5)वृ(cid:13) (लागू) ह(cid:17)ग े । 3. भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) िविनयम, 2011 म*, िविनयम 10 म,* - I. उप-िविनयम (1) म,* - i. खंड (घ) म,* - क. उप-खंड (ii) म,* श,द(cid:17) “या स.म (cid:5)ािधकारी” का लोप हो जाएगा; 1952 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] ख. उप-खंड (iii) म*, श,द(cid:17) “या स.म (cid:5)ािधकारी” का लोप हो जाएगा । ii. खंड (झ) म,* - क. श,द तथा िच1न “लाई गई ऋण पुनस3रचना 4क(cid:11)म (डैट री456च7रग 4क(cid:11)म)” श,द(cid:17) तथा िच1न(cid:17) “क(cid:11) गई ऋण पुनस3रचना (डैट री456च7रग)” से (cid:5)ित4थािपत हो जाएगं ;े ख. मौजूदा परंतुक िन"िलिखत परंतुक से (cid:5)ित4थािपत हो जाएगा, अथा(cid:4)त,्- “परंतु यह 8क भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [पूँजी का िनग(cid:4)मन (इ:यू) और (cid:5)कटीकरण अपे.ाए]ँ िविनयम, 2018 के िविनयम 158 के उप-िविनयम (6) के तहत िनधा(cid:4)=रत शत> का पालन 8कया जाए ।” ग. परंतुक के प?ात,् िन"िलिखत 4प@ीकरण अंतः4थािपत 8कया जाएगा, अथा(cid:4)त,् - “(cid:1)प(cid:3)ीकरण.- इस खंड के (cid:5)योजनाथ,(cid:4) “उधारदाताD” से सभी अनुसूिचत वािणिEयक बकF (.े)ीय (cid:31)ामीण बकF (cid:17) को छोड़कर) और अिखल भारतीय िव(cid:13)ीय स4ं थाए ँअिभ(cid:5)ेत ह(cid:17)गी ।” iii. खंड (झक) का लोप हो जाएगा । II. उप-िविनयम (2) का लोप हो जाएगा । अजय Gयागी, अHय. [िव(cid:3)ापन- III/4/असा./591/18] पाद =टIपण : 1. भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) िविनयम, 2011, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2011-12/24/30181, 23 िसतJबर 2011 को भारत के राजप) म* (cid:5)कािशत (cid:19)ए थे । 2. मूल िविनयम तGप?ात ्: (क) 26 माच,(cid:4) 2013 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/36/ 7368, Mारा (ख) 8 अ(cid:15)ूबर, 2013 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) {स4ं थागत Nापा=रक (5ेOडग) Iलेटफाम(cid:4) पर िविनQद@ (cid:5)ितभूितय(cid:17) क(cid:11) सूचीबRता} िविनयम, 2013, स.ं एल.ए.डी.- एन.आर.ओ./जी.एन./2013-14/28/6720, Mारा (ग) 23 मई, 2014 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (फ(cid:11)स का संदाय) (संशोधन) िविनयम, 2014, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/03/1089, Mारा¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3 (घ) 24 माच,(cid:4) 2015 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2015, सं. एल.ए.डी.-एन.आर.ओ/जी.एन./2014-15/28/542, Mारा (ङ) 5 मई, 2015 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (दसू रा संशोधन) िविनयम, 2015, स.ं सबे ी.एन.आर.ओ./ ओ.आई.ए.इ./जी.एन./2015-16/004, Mारा (च) 14 अग4त, 2015 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (तीसरा संशोधन) िविनयम, 2015, स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015- 16/009, Mारा (छ) 22 8दसJबर, 2015 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (चौथा संशोधन) िविनयम, 2015, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015- 16/026, Mारा (ज) 17 फरवरी, 2016 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2016, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015- 16/035, Mारा (झ) 25 मई, 2016 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (दसू रा संशोधन) िविनयम, 2016, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/002, Mारा (ञ) 6 माच,(cid:4) 2017 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (फ(cid:11)स का भुगतान और भुगतान का माHयम) (संशोधन) िविनयम, 2017, अिधसूचना सं. सबे ी/एल.ए.डी.- एन.आर.ओ./जी.एन./2016-17/037 (तारीख 29 माच,(cid:4) 2017 क(cid:11) अिधसूचना सं. सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/038 के साथ प=ठत), Mारा (ट) 14 अग4त, 2017 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2017, स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2017-18/ 015, Mारा (ठ) 1 जून, 2018 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (संशोधन) िविनयम, 2018, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/20, Mारा (ड) 11 िसतJबर, 2018 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (दसू रा संशोधन) िविनयम, 2018, स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./ 2018/33, Mारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] (ढ) 31 8दसJबर, 2018 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) (शेयर(cid:17) का पया(cid:4)(cid:26) अज(cid:4)न और अिध(cid:31)हण) (तीसरा संशोधन) िविनयम, 2018, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./ जी.एन./2018/55, Mारा संशोिधत (cid:19)ए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 29th March, 2019 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2019 No. SEBI/LAD-NRO/GN/2019/06.— 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, 2019. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10,- I. in sub-regulation (1),- i. in clause (d), - a. in sub-clause (ii), the words “or a competent authority” shall be omitted; b. in sub-clause (iii), the words “or a competent authority” shall be omitted. ii. in clause (i), - a. the word “scheme” shall be omitted; b. the existing proviso shall be substituted with the following proviso, namely,- “Provided that the conditions specified under sub-regulation (6) of regulation 158 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 are complied with.” c. after the proviso, the following explanation shall be inserted, namely,- “Explanation. – For the purpose of this clause, “lenders” shall mean all scheduled commercial banks (excluding Regional Rural Banks) and All India Financial Institutions. iii. clause (ia) shall be omitted. II. sub-regulation (2) shall be omitted AJAY TYAGI, Chairman [ADVT.-III/4/Exty./591/18]¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5 Footnotes: 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 Principal Regulations 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. (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. 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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