{"id":247926,"date":"2021-05-07T16:48:45","date_gmt":"2021-05-07T11:18:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=247926"},"modified":"2023-08-30T16:29:10","modified_gmt":"2023-08-30T10:59:10","slug":"securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/07\/securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-amendment-regulations-2021\/","title":{"rendered":"Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span dir=\"ltr\"> 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. <\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">I.<\/span><span dir=\"ltr\"> T<\/span><span dir=\"ltr\">he <\/span><span dir=\"ltr\">words \u201cInstitutional Trading Platform\u201d <\/span><span dir=\"ltr\">shall be <\/span><span dir=\"ltr\">substituted with <\/span><span dir=\"ltr\">the <\/span><span dir=\"ltr\">wor<\/span><span dir=\"ltr\">ds \u201cInnovators Growth Platform\u201d in regulation 1.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">II. <\/span><span dir=\"ltr\">In regulation 3, <\/span><span dir=\"ltr\">the following new <\/span><span dir=\"ltr\">sub<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">regulation <\/span><span dir=\"ltr\">shall be inserted, <\/span><span dir=\"ltr\">namely<\/span><span dir=\"ltr\">,<\/span><span dir=\"ltr\">\u2013<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201c<\/span><span dir=\"ltr\">(5) For the purpose of this <\/span><span dir=\"ltr\">regulation, any reference to \u201ctwenty<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">five per<\/span><span dir=\"ltr\">cent\u201d in case of listed entity <\/span><span dir=\"ltr\">which ha<\/span><span dir=\"ltr\">s <\/span><span dir=\"ltr\">listed <\/span><span dir=\"ltr\">its <\/span><span dir=\"ltr\">specified securities on <\/span><span dir=\"ltr\">Innovators Growth Platform <\/span><span dir=\"ltr\">shall be read as \u201cforty<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">nine per<\/span><span dir=\"ltr\">cent<\/span><span dir=\"ltr\">\u201d<\/span><span dir=\"ltr\">.<\/span><\/span><span dir=\"ltr\"><span style=\"color: #008000;\">\u201d<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">III. <\/span><span dir=\"ltr\">In regulation 6, <\/span><span dir=\"ltr\">afte<\/span><span dir=\"ltr\">r the existing sub<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">regulation (3<\/span><span dir=\"ltr\">), <\/span><span dir=\"ltr\">the fo<\/span><span dir=\"ltr\">llowing new sub<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">regulation shall be inserted, <\/span><span dir=\"ltr\">namely<\/span><span dir=\"ltr\">,<\/span><span dir=\"ltr\">\u2013<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201c(4) For the purpose of this regulation, any reference to \u201ctwenty<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">five per<\/span><span dir=\"ltr\">cent\u201d in <\/span><span dir=\"ltr\">case of listed entity <\/span><span dir=\"ltr\">which has listed its <\/span><span dir=\"ltr\">specified securities on <\/span><span dir=\"ltr\">Innovators Growth Platform <\/span><span dir=\"ltr\">shall be read as \u201cforty<\/span><span dir=\"ltr\">&#8211;<\/span><span dir=\"ltr\">nine per<\/span><span dir=\"ltr\">cent<\/span><span dir=\"ltr\">\u201d<\/span><span dir=\"ltr\">.<\/span><span dir=\"ltr\">\u201d <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><span style=\"color: #000000;\"><span dir=\"ltr\">IV.<\/span><span dir=\"ltr\">In Regulation 26<\/span><span dir=\"ltr\">, the following new proviso shall be inserted:<\/span><\/span><span dir=\"ltr\"><br \/>\n<\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201cProvided further that while providing reasoned recommendations on the open offer <\/span><span dir=\"ltr\">proposal, the <\/span><span dir=\"ltr\">committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed.\u201d<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span dir=\"ltr\">V. <\/span><span dir=\"ltr\">In <\/span><span dir=\"ltr\">regulation 29<\/span><span dir=\"ltr\">, <\/span><span dir=\"ltr\">the <\/span><span dir=\"ltr\">following <\/span><span dir=\"ltr\">new provis<\/span><span dir=\"ltr\">o shall be inserted: <\/span><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201cProvided that in <\/span><span dir=\"ltr\">case of listed entity which ha<\/span><span dir=\"ltr\">s <\/span><span dir=\"ltr\">listed <\/span><span dir=\"ltr\">its <\/span><span dir=\"ltr\">specified securities on <\/span><span dir=\"ltr\">Innovators Growth <\/span><span dir=\"ltr\">Platform<\/span><span dir=\"ltr\">,<\/span><span dir=\"ltr\">any reference to \u201cfive per<\/span><span dir=\"ltr\">cent\u201d shall be read as \u201cten per<\/span><span dir=\"ltr\">cent<\/span><span dir=\"ltr\">\u201d<\/span><span dir=\"ltr\">.<\/span><\/span><span dir=\"ltr\"><span style=\"color: #008000;\">\u201d<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">VI. <\/span><span dir=\"ltr\">In R<\/span><span dir=\"ltr\">egulation 29<\/span><span dir=\"ltr\">, <\/span><span dir=\"ltr\">the <\/span><span dir=\"ltr\">following <\/span><span dir=\"ltr\">new provis<\/span><span dir=\"ltr\">o shall be <\/span><span dir=\"ltr\">inserted: <\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><span dir=\"ltr\">\u201cProvided that in case of liste<\/span><span dir=\"ltr\">d entity which has listed its <\/span><span dir=\"ltr\">specified securities on <\/span><span dir=\"ltr\">Innovators Growth <\/span><span dir=\"ltr\">Platform<\/span><span dir=\"ltr\">,<\/span><span dir=\"ltr\">any reference to \u201cfive per<\/span><span dir=\"ltr\">cent\u201d shall <\/span><span dir=\"ltr\">be read as \u201cten per<\/span><span dir=\"ltr\">cent\u201d and any reference to \u201ctwo per<\/span><span dir=\"ltr\">cent\u201d <\/span><span dir=\"ltr\">shall <\/span><span dir=\"ltr\">be read as \u201cfiv<\/span><span dir=\"ltr\">e per<\/span><span dir=\"ltr\">cent<\/span><span dir=\"ltr\">\u201d<\/span><span dir=\"ltr\">.\u201d<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Exchange Board of India in order to amend Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) <\/p>\n","protected":false},"author":8808,"featured_media":295621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-247926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) 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Bhardwaj","date":"December 7, 2021","format":false,"excerpt":"Securities and Exchange Board of India has notified the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021 which amends the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. \u00a0 Key amendment: New Regulation 5A- Delisting offer:\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, 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