Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018

Jan 04, 2019 | by Avantis RegTech Legal Research Team


The Securities and Exchange Board of India (SEBI) on December 31, 2018 has published the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018 to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The following amendment in the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are asunder:

In Regulation 29 which specifies the procedure for disclosure for acquisition and disposal, in sub-regulation (4):

         i.            In the proviso, after the word “institution” and before the words “as pledgee”, the words “or a housing finance company or a systemically important non-banking financial company” shall be inserted; and

       ii.            After the proviso, the following Explanation shall be inserted, namely:

“Explanation. - For the purpose of this sub-regulation:

A.      a “housing finance company” means a housing finance company registered with the National Housing Bank for carrying on the business of housing finance and is either deposit taking or having asset size worth rupees five hundred crores or more; and

B.      a “systemically important non-banking financial company” shall have the same meaning as assigned to it in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.”

[Notification No. SEBI/LAD-NRO /GN/ 2018/55]

URL: https://www.sebi.gov.in/legal/regulations/dec-2018/securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-third-amendment-regulations-2018_41533.html


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