**Executive Summary:**
This document outlines the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Third Amendment Regulations, 2015. These regulations, effective from the date of publication in the Official Gazette (August 14, 2015), amend the 2011 regulations regarding substantial acquisition of shares and takeovers. The key change involves an exception for companies listed on institutional trading platforms without a public issue.
**Key Points / Main Content:**
* **Title and Authority:**
* These regulations are called the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Third Amendment Regulations, 2015.
* These regulations are issued under the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992.
* **Effective Date:**
* The regulations come into force on the date of their publication in the Official Gazette (August 14, 2015).
* **Amendment to 2011 Regulations:**
* The regulations amend the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011.
* **Exemption for Institutional Trading Platforms:**
* The proviso in subregulation 3 of regulation 1 is substituted to state that the regulations do not apply to direct and indirect acquisitions of shares or voting rights, or control over companies listed without a public issue on the institutional trading platform of a recognized stock exchange.
**Impact Analysis**
**Securities and Exchange Board of India (SEBI):**
* *Impact:* The amendment modifies the scope of regulations SEBI enforces regarding substantial acquisitions and takeovers.
* *Action Required:* Update enforcement procedures and guidelines to reflect the changes introduced by this amendment.
**Companies Listed on Institutional Trading Platforms:**
* *Impact:* Direct and indirect acquisitions of shares or voting rights in, or control over a company listed without making a public issue, on the institutional trading platform of a recognised stock exchange are exempt from these regulations.
* *Action Required:* Familiarize themselves with the new exemptions and ensure compliance with applicable regulations.
**Investors:**
* *Impact:* Investors involved in the direct and indirect acquisition of shares or voting rights in, or control over a company listed without making a public issue, on the institutional trading platform of a recognised stock exchange are exempt from these regulations.
* *Action Required:* Understand how the new regulations affect their investment activities and adjust strategies accordingly.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body established under the Securities and Exchange Board of India Act, 1992.
Securities and Exchange Board of India Act, 1992: The act of the Indian Parliament that 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 amended.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Third Amendment Regulations, 2015: Amendment regulations to the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011.
Mumbai, Maharashtra: City in Maharashtra, location of SEBI office.
Official Gazette: The official government publication where regulations are published.
U.K. Sinha: Chairman of the Securities and Exchange Board of India at the time of notification.
Institutional Trading Platform: A platform of a recognised stock exchange for trading.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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अअअअििििधधधधससससचचूूचचूू ननननाााा
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1992 (1992 का 15) क(cid:18) धारा 30 के अधीन (cid:13)द(cid:20) शि(cid:22)य(cid:24) का (cid:13)योग करते (cid:25)ए एत(cid:27)ारा भारतीय (cid:13)ितभूित और िविनमय बोड(cid:12) (शेयर(cid:24)
का पया(cid:12) अज(cid:12)न और अिध$हण) िविनयम, 2011 का संशोधन करने के िलए िन’िलिखत िविनयम बनाता ह,ै अथा(cid:12)त ्:-
1. इन िविनयम(cid:24) को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (शेयर(cid:24) का पया(cid:12) अज(cid:12)न और अिध$हण) (तीसरा संशोधन) िविनयम,
2015 कहा जा सकेगा ।
2. वे राजप, म -उनके (cid:13)काशन क(cid:18) तारीख को (cid:13)वृ(cid:20) ह(cid:24)गे ।
3. भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (शेयर(cid:24) का पया(cid:12) अज(cid:12)न और अिध$हण) िविनयम, 2011 म,- िविनयम 1 म,- उप-
िविनयम (3) म,- परंतुक िन’िलिखत से (cid:13)ित(cid:8)थािपत हो जाएगा, अथा(cid:12)त्,-
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1. भारतीय (cid:13)ितभूित और िविनमय बोड(cid:12) (शेयर(cid:24) का पया(cid:12) अज(cid:12)न और अिध$हण) िविनयम, 2011, सं. एल.ए.डी.-
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3500 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
2. मूल िविनयम तDपHात् :
(क) 26 माच,(cid:12) 2013 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (शेयर(cid:24) का पया(cid:12) अजन(cid:12) और अिध$हण) (संशोधन)
िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/36/7368, Jारा
(ख) 8 अ(cid:22)ूबर, 2013 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) [सं(cid:8)थागत :ापा;रक (@ेAडग) <लेटफाम(cid:12) पर िविनKदL
(cid:13)ितभूितय(cid:24) क(cid:18) सूचीबCता] िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2013-14/28/6720, Jारा
(ग) 23 मई, 2014 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (फ(cid:18)स का संदाय) (संशोधन) िविनयम, 2014,
सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/03/1089, Jारा
(घ) 24 माच,(cid:12) 2015 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (शेयर(cid:24) का पया(cid:12) अज(cid:12)न और अिध$हण) (संशोधन)
िविनयम, 2015, सं. एल.ए.डी.-एन.आर.ओ/जी.एन./2014-15/28/542, Jारा
(ङ) 5 मई, 2015 को भारतीय (cid:13)ितभूित और िविनमय बोड(cid:12) (शेयर(cid:24) का पया(cid:12) अज(cid:12)न और अिध$हण) (दसू रा संशोधन)
िविनयम, 2015, सं. सेबी.एन.आर.ओ./ ओ.आई.ए.इ./जी.एन./2015-16/004, Jारा संशोिधत (cid:25)ए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 14th August, 2015
Securities and Exchange Board of India(Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2015
No. SEBI/ LAD-NRO/GN/ 2015-16/009.- 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
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) (Third Amendment) Regulations, 2015.
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,
in regulation 1, in sub-regulation (3), the proviso shall be substituted by the following, namely:-
"Provided that these regulations shall not apply to direct and indirect acquisition of shares or voting rights in, or
control over a company listed without making a public issue, on the institutional trading platform of a recognised
stock exchange."
U.K. SINHA,Chairman
[ADVT-III/4/Exty./69 ZB/15(166)]
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 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. SEB-LAD-NRO/OIAE/GN/2015-16/004.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.