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Securities market regulator SEBI has proposed to reduce the time period taken for share \u2018buy backs\u2019 and \u2018open offers\u2019, on the back of technological advancements made in the tendering and settlement of shares.<\/p>\n
\u201cConsidering the technological advancements in digital and fintech and changes made in the manner of tendering and settlement of shares, a need was felt to review the overall timelines for procedural activities, including the duration of the tendering period, involved in the open offers and buy-back tender offers\u2026<\/p>\n
\u201c\u2026 so as to conclude the same in a more efficient and time bound manner and also to synchronise the timelines of similar activities across all the tender offers, \u2018i.e. Open Offers, Buybacks and Delisting Offers\u2019, to the extent possible,\u201d it said in a Consultation Paper.
\nThe regulator has proposed changes to various procedural activities involved in the \u2018buy back\u2019 tender offers which would help reduce the overall time required in the \u2018open offer\u2019 process from 43 working days to 36 working days. Besides, other proposed amendments would help reduce the overall time required in the \u2018open offer\u2019 process from the existing timeline of 62 working days to proposed timeline of 42 working days.<\/p>\n
\u201cIt is proposed that the 5 working days\u2019 period required for publishing of DPS (detailed public statement) from the PA (public announcement) may be reduced to 3 working days and the requirement of DLOF (draft letter of offer) submission to SEBI within 5 working days from the DPS may be changed to 5 working days from the date of PA, i.e. two working days from the date of DPS,\u201d the SEBI said in one of its proposals.<\/p>\n
\u201cFurther, considering the time constraint involved in creation of escrow account, which is required to be done at least two working days prior to the DPS, it is proposed that deposit of money in the escrow account may be linked with filing of the DLOF with the SEBI and may be effected at least two working days prior to the date of the DLOF.\u201d AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"
Securities market regulator SEBI has proposed to reduce the time period taken for share \u2018buy backs\u2019 and \u2018open offers\u2019, on the back of technological advancements made in the tendering and settlement of shares. \u201cConsidering the technological advancements in digital and fintech and changes made in the manner of tendering and settlement of shares, a need […]<\/p>\n","protected":false},"author":59,"featured_media":336546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[9319],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/336545"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=336545"}],"version-history":[{"count":1,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/336545\/revisions"}],"predecessor-version":[{"id":336547,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/336545\/revisions\/336547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media\/336546"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=336545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=336545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=336545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}