The Securities and Exchange Board of India (SEBI) on November 20, 2024, issued the Securities and Exchange Board of India (Buy-Back of Securities) (Second Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.
The following amendments have been stated:
• In regulation 17, in sub-regulation (ii), the words “record date” shall be substituted by the words “date of public announcement”
• In regulation 24, in sub-regulation, in clause (b), i. after the words “made under these regulations” and before the symbol “;”, the symbol and words “, except in discharge of subsisting obligations through conversion of warrants, stock option schemes, sweat equity or conversion of preference shares or debentures into equity shares” shall be inserted.
• In Schedule II, in the table, in the column titled “content”, after item (ii), the following new item shall be inserted, namely,-
“(iii) Disclosures of the relevant details and the potential impact of subsisting obligations, if any, shall be made.”
• In Schedule III, in the table, in the column titled “content”, after item (iii) of the existing paragraph, the following new paragraph shall be inserted, namely,-
“Further, the cover page of the Letter of Offer should explicitly cover the following details
i. the entitlement ratio for small and general shareholders;
ii. web-link to the website of the Registrar and Share Transfer Agent for shareholders to check their entitlement under the buyback.”
They shall come into force on November 20, 2024.
[Notification No. SEBI/LAD-NRO/GN/2024/210]
