The Securities Exchange Board of India in order to amend Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 makes Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021.
I. The words “Institutional Trading Platform” shall be substituted with the words “Innovators Growth Platform” in regulation 1.
II. In regulation 3, the following new sub–regulation shall be inserted, namely,–
“(5) For the purpose of this regulation, any reference to “twenty–five percent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty–nine percent”.”
III. In regulation 6, after the existing sub–regulation (3), the following new sub–regulation shall be inserted, namely,–
“(4) For the purpose of this regulation, any reference to “twenty–five percent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty–nine percent”.”
IV.In Regulation 26, the following new proviso shall be inserted:
“Provided further that while providing reasoned recommendations on the open offer proposal, the committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed.”
V. In regulation 29, the following new proviso shall be inserted:
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform,any reference to “five percent” shall be read as “ten percent”.”
VI. In Regulation 29, the following new proviso shall be inserted:
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform,any reference to “five percent” shall be read as “ten percent” and any reference to “two percent” shall be read as “five percent”.”