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<h1>Regulation 22D allows retail investors to bid in open market buy-backs; promoters and associates are prohibited.</h1> Regulation 22D of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, stipulates that retail investors can bid at the buy-back price in open market buy-backs. Retail investors are defined as those holding securities valued up to two lakh rupees based on the closing price on a specified date. Conversely, promoters and their associates are prohibited from participating in buy-backs through book building. These provisions were introduced by a notification effective thirty days after its publication in the Official Gazette.