The Securities Appellate Tribunal (‘SAT’) in Reliance Industries Holding Private Limited v. SEBI,^[1] has held that with respect to convertible securities, the obligation to make an open offer under Regulation 11(1) under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (‘1997 Regulations’) is triggered at the time of acquisition of such securities and not at the time of conversion of such securities into equity shares. SAT further held that the 1997 Regulations do not have retrospective effect.

[1] Reliance Industries Holding Pvt. Ltd. v. SEBI, 2023 SCC OnLine SAT 402.