Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2010
No. LAD-NRO/GN/2010-11/05/1110. 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 amend the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997, namely:-
1. (i) These regulations may be called the Securities and
Exchange Board of India (Substantial Acquisition of Shares
and Takeovers) (Amendment) Regulations, 2010.
(ii) These regulations shall come into force on the date of
their publication in the Official Gazette.
2. In the Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 1997 –
(i) in regulation 3, in sub-regulation (1), in clause (f),
after sub-clause (vi), the following sub-clause shall be inserted,
namely: -
“(vii) a merchant banker or nominated investor in the
process of market making and subscription by the nominated
investor to the unsubscribed portion of issue, in terms of
Chapter XA of the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2009:
Provided that benefit of exception provided in sub-clause
(vii) shall not be available if the acquisition of securities
in the process of market making or subscription to the unsubscribed
portion of issue results in change in control over the target
company, directly or indirectly.”
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