Timing of public announcement: merchant banker must announce acquisitions within the prescribed period after agreement or control change. Regulation 14 requires the merchant banker to make the public announcement of an open offer within four working days of entering into an agreement or deciding to acquire shares or voting rights beyond the prescribed thresholds; includes a specific proviso applying the same timing to disinvestment of Public Sector Undertakings upon execution of the relevant government agreement. It mandates advance announcement for securities convertible into voting rights and immediate announcement for depository receipts that confer voting rights, and requires announcement within four working days after changes resulting in control under regulation 12. Indirect acquisitions or restructuring-triggered control changes must be announced within three months of consummation.