Buy-back limits require compliance with capital-and-reserve caps, standalone/consolidated accounting basis, and debt-to-capital ratio conditions. Regulation 4 limits buy-backs to twenty-five per cent of paid-up capital and free reserves based on standalone or consolidated statements, imposes a post-buy-back debt-to-capital ratio ceiling with alternative exclusion of certain regulated subsidiaries, requires all acquired securities to be fully paid-up, permits tender offers and specified open market methods subject to phased quantitative limits, prohibits buy-backs that delist securities or use negotiated/private deals or subsidiary/investment company purchases, mandates reduction of share capital, and restricts funding sources for buy-backs.