Buy-back disclosure requirements: Mandatory standardised Letter of Offer disclosures ensure equitable treatment and clear buy-back procedures. The circular mandates a standardized Letter of Offer for buy-backs requiring comprehensive, clear disclosures on buy-back mechanics, timelines and eligibility; submission of a Due Diligence Certificate by the Merchant Banker; dispatch of the Letter of Offer and tender form within five working days of SEBI comments; opening the offer within five working days of dispatch and keeping it open for ten working days; disclosure of escrow arrangements, sources of funds, capital structure and pre/post buy-back shareholding; procedures for demat and physical shareholders; auditors' certificate; and investor remedies and taxation notes.