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SEBI (Amendment) Regulations


 
 
 

 

Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2004

 


F. No. SEBI/LAD/DOP/3349/2004. In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, namely :-
1. These Regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2004.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, in regulation 15, in sub-regulation (3), in clause (c):
(i) in the second proviso, after the words "Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997" and before the colon, the following words and figures shall be inserted, namely:
"or to sale of securities by a Foreign Institutional Investor in response to an offer made by any promoter or acquirer in accordance with the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003"
(ii) after the fourth proviso, the following proviso shall be inserted, namely:
"Provided further that nothing contained in clause (c) shall apply to any bid for, or acquisition of, securities by a Foreign Institutional Investor in response to an offer for disinvestment of shares made by the Central Government or any State Government."

 
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