SEBI issues circular on Exemption application under Regulation 11 (1) of SEBI Takeover Code


SEBI/HO/CFD/DCR1/CIR/P/2017/131                                                                                                         December 22, 2017


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Dear Sir / Madam,

Sub: Exemption application under Regulation 11 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

1. Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), gives power to the Board to grant exemption from the obligation to make an open offer for acquiring shares. Further, as per Regulation 11(3) of SAST Regulations, the acquirer shall file an application with the Board, supported by a duly sworn affidavit, giving details of the proposed acquisition and the grounds on which the exemption has been sought.

2. In order to ensure uniformity of disclosures in such applications, it has been decided to provide a standard format for filing of application with SEBI. The instructions and details in this regard are given at Annexure – A.

3. This circular shall be applicable to all the applications that are filed with SEBI after the date of this circular.

4. This circular is issued in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.

5. This circular is available on SEBI website at under the categories “Legal Framework” and “Takeovers”.

Yours faithfully,

Rajesh Gujjar

Deputy General Manager


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