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<h1>SEBI Can Exempt Parties from Open Offer Obligations Under Takeover Regulations 2011 with Conditions to Protect Investors.</h1> The Securities and Exchange Board of India (SEBI) may exempt parties from the obligation to make an open offer for acquiring shares under the Substantial Acquisition of Shares and Takeovers Regulations, 2011. This exemption is granted based on written reasons and may include conditions to protect investors and the securities market. Exemptions or relaxations can be provided if a government or regulatory authority has replaced a target company's board, provided the new board formulates a fair acquisition plan. Applications for exemptions must include a fee and are subject to SEBI's review, potentially involving expert panels, with decisions published on SEBI's website.