Jul 01, 2016

Revised Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

The formats for disclosures prescribed by SEBI under Regulation 10(5) and 10(7) of the SEBI (Substantial Acquisition of Shares and Takeover Regulations), 2011 (‘Takeover Regulations’) require the acquirers to report compliance with Chapter V of the Regulations (dealing with disclosure of shareholding and control). The prescribed formats for acquisitions under Regulation 10(1)(a)(i), (ii), (iii), (iv) and (v), did not specify the time period to be considered while reporting compliance with respect to such disclosures. Pursuant to its circular dated May 2, 2016, SEBI has amended the format to require acquirers to provide such information for a period of three years prior to the date of acquisition.

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