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<h1>SEBI Amends Buy-Back Regulations: New Rules for Small Shareholders, Public Announcements, and Buyback Process Effective February 2012.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the Buy-Back of Securities Regulations, 1998, effective from February 7, 2012. Key changes include defining 'small shareholder' and 'working day,' revising regulations related to board resolutions, public announcements, and the buyback process. Companies must reserve 15% of securities for small shareholders and make public announcements within two working days of board resolutions. The buyback offer must be open for ten working days, and companies must complete verification and payment within seven working days post-offer closure. The amendments also update disclosure requirements in public announcements and letters of offer.