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SEBI observes Irregularities in Acquisition of Shares under SAST Regulations

Securities and Exchange Board of India (SEBI) has not observed any irregularities in acquisition of shares by promotes in open offers. However, SEBI has observed instances where promoters have acquired shares without fulfilling the obligation to make an open offer.

The data regarding the total number of cases where violation of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997/2011 were observed and adjudication proceedings were initiated are as under:

2009-10 2010-11 2011-12 2012 till date

20

17

18

22

No proposal for amendment of SEBI (SAST) Regulations, 2011 is under consideration of SEBI.

The SEBI (SAST) Regulations, 2011 were notified on September 23, 2011 and came into force w.e.f. October 22, 2011. The extant provisions of SEBI (SAST) Regulations, 2011 are considered adequate to deal with any irregularities in acquisition of shares without fulfilling the obligation to make an open offer.

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Tags: Exchange Board of IndiaLok SabhaSASTSEBISecurities and Exchange Board of IndiaSouth African Standard TimeTakeover

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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