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of <h1>SEBI Amends 2011 Regulations: Open Offer Exemption for Share Conversions, Expanded 'Encumbrance' Definition, New Promoter Disclosure Rules.</h1> The Securities and Exchange Board of India (SEBI) has issued amendments to the 2011 regulations on substantial acquisition of shares and takeovers, effective upon publication in the Official Gazette. The changes include an exemption from the obligation to make an open offer for shareholders whose voting rights increase beyond threshold limits due to conversion of shares with superior voting rights. Additionally, the definition of 'encumbrance' is expanded to include various restrictions on share titles. Promoters must annually declare any undisclosed encumbrances to stock exchanges and the company's audit committee within seven working days after the financial year ends.
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