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<h1>Regulation 23: Extinguishment of Certificates in Open Market Buy-Backs Mirrors Tender Offer Rules</h1> Regulation 23 of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, addresses the extinguishment of certificates in the context of buy-backs from the open market. It specifies that the provisions applicable to the extinguishment of certificates for tender offers shall apply similarly to buy-backs conducted through the book-building process.