{"id":209483,"date":"2019-02-05T12:00:53","date_gmt":"2019-02-05T06:30:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=209483"},"modified":"2019-02-05T10:22:29","modified_gmt":"2019-02-05T04:52:29","slug":"sebi-relaxation-may-be-granted-from-strict-enforcement-of-buy-back-regulations-if-the-same-is-in-the-interest-of-investors-or-securities-market","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/05\/sebi-relaxation-may-be-granted-from-strict-enforcement-of-buy-back-regulations-if-the-same-is-in-the-interest-of-investors-or-securities-market\/","title":{"rendered":"SEBI | Relaxation may be granted from strict enforcement of Buy-Back Regulations if the same is in the interest of investors or securities market"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities and Exchange Board of India:<\/strong> The Board comprising G. Mahalingam as \u00a0Whole Time Member, allowed Oil India\u2019s application seeking exemption\/relaxation from strict enforcement of the requirement contained under Regulation 24(i)(e) of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.<\/p>\n<p style=\"text-align: justify;\">The aforesaid application was necessitated on account of the transfer of 333,20,401 equity shares held by the promoter of the company, i.e., Government of India to the Asset Management Company (AMC) of Central Public Sector Enterprise Exchange Traded Fund (CPSE\u2013ETF). This activity was carried out as a part of the government\u2019s disinvestment process.<\/p>\n<p style=\"text-align: justify;\">Oil India submitted that the proposed buy\u2013back inter alia will help in optimizing its capital structure and improve its key financial ratios and would also lead to a reduction in outstanding shares, improvement in earnings per share and enhanced return on invested capital.<\/p>\n<p style=\"text-align: justify;\">The Board noted that as per Regulation 28 of the Buy\u2013back Regulations, SEBI may, in the interest of investors and the securities market, relax the strict enforcement of any requirement of aforesaid Regulations except the provisions incorporated from the Companies Act, if it is satisfied that the requirement is procedural in nature or the requirement may cause undue hardship to investors.<\/p>\n<p style=\"text-align: justify;\">It opined that the strict enforcement of Regulation 24(i)(e) of Buy\u2013Back Regulations against Oil India, at this point in time, may result in undue hardship to investors including shareholders of the company who may seek to participate in the proposed buyback. In view thereof, the exemption\/relaxation sought for by Oil India was allowed.[Buy-back of securities in Oil India Ltd., In re, WTM\/GM\/CFD\/87\/2018\u201319, Order dated 31-01-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities and Exchange Board of India: The Board comprising G. Mahalingam as \u00a0Whole Time Member, allowed Oil India\u2019s application seeking exemption\/relaxation from <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[33617,20911,2591,32418,33618,29663],"class_list":["post-209483","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-buy-back-shares","tag-enforcement","tag-Interest","tag-investors","tag-securities-and-exchange-board-of-india-buyback-of-securities-regulations","tag-securities-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI | Relaxation may be granted from strict enforcement of Buy-Back Regulations if the same is in the interest of investors or securities market | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/05\/sebi-relaxation-may-be-granted-from-strict-enforcement-of-buy-back-regulations-if-the-same-is-in-the-interest-of-investors-or-securities-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI | Relaxation may be granted from strict enforcement of Buy-Back Regulations if the same is in the interest of investors or securities market\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Board of India: The Board comprising G. 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