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The Securities and Exchange Board of India (Sebi) on Wednesday floated a consultation paper seeking public comments on the Sebi (Buyback of Securities) Regulations 2018. Comments will be sought till 1 December 2022.

The consultation paper has proposed changes with respect to the maximum limit, quantum, and time taken for completion of buybacks.

The markets regulator has been receiving suggestions and representations from market participants requesting a review of substantive provisions pertaining to the buyback of specified securities, according to the consultation paper.

Sebi has constituted a sub-group to be headed by Keki Mistry, the chief executive officer and chairman of HDFC Ltd. The sub-group will also comprise members of Sebi’s Primary Markets Advisory Committee. It will look at certain terms of reference, including streamlining the process of buybacks to make the process more robust, transparent, efficient, and shareholder-friendly.

The sub-group will also look at refining the process of buyback through tender offers while also reviewing timelines for buybacks.

ABOUT THE AUTHOR

Priyanka Gawande

Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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