**Summary:**
This Securities and Exchange Board of India (SEBI) circular, reference number SEBI/HO/CFD/DCR/CIR/P/2020/139, dated July 27, 2020, announces a further extension of relaxations relating to procedural matters concerning takeovers and buybacks. Specifically, it extends the validity of relaxations previously granted via Circular No. SEBI/CIR/CFD/DCR/1/CIR/P/2020/83 dated May 14, 2020. These relaxations, initially applicable to open offers and buybacks through tender offers opening up to July 31, 2020, will now apply to such offers opening up to December 31, 2020. This extension is based on representations received from market participants. The circular is issued under the authority of Section 11(1) of the Securities and Exchange Board of India Act, 1992. The circular is available on the SEBI website (www.sebi.gov.in) under Legal Framework Circulars. Contact Rajesh Gujjar, General Manager, Division of Corporate Restructuring, Corporation Finance Department, at rajeshg@sebi.gov.in or +91 22 2644 9232 for further information.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities market in India.
SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations pertaining to substantial acquisition of shares and takeovers.
SEBI Buyback of securities Regulations, 2018: Regulations pertaining to the buyback of securities.
Section 111 of the Securities and Exchange Board of India Act, 1992: Legal section cited as the basis for the circular's authority.
All Listed Entities: Refers to all companies listed on recognized stock exchanges.
All Recognized Stock Exchanges: Refers to all stock exchanges recognized by SEBI.
All Registered Merchant Bankers: Refers to all merchant bankers registered with SEBI.
Rajesh Gujjar: General Manager at Securities and Exchange Board of India
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Securities and Exchange Board of India
CIRCULAR
SEBI/HO/CFD/DCR2/CIR/P/2020/139 July 27, 2020
To
All Listed Entities
All Recognized Stock Exchanges
All Registered Merchant Bankers
Dear Sir / Madam,
Sub: Relaxations relating to procedural matters – Takeovers and Buy-back
1. SEBI vide Circular no. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020
granted one time relaxations from strict enforcement of certain regulations of SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI
(Buy-back of securities) Regulations, 2018 pertaining to open offers and buy-back
through tender offers opening upto July 31, 2020.
2. Based on the representations received from the market participants, the validity of
relaxations, as provided by Circular No. SEBI/CIR/CFD/DCR1/CIR/P/2020/83
dated May 14, 2020 is further extended and shall be applicable for open offers and
buy-back through tender offers opening upto December 31, 2020.
3. This Circular is issued in exercise of powers conferred by Section 11(1) of the
Securities and Exchange Board of India Act, 1992.
4. A copy of this circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework/ Circulars.”
Yours faithfully,
Rajesh Gujjar
General Manager
Division of Corporate Restructuring
Corporation Finance Department
Email id: rajeshg@sebi.gov.in
+91-22-2644 9232
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