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    <description>Revision increases specified penalties in regulation 3(5) to twenty five thousand rupees and in regulation 4(3) to one lakh rupees, and replaces regulation 18(3) with a substituted provision requiring acquirers to pay a graduated fee on filing the draft letter of offer with the Board, payable by banker&#039;s cheque or demand draft to the Securities and Exchange Board of India, payable at Mumbai, with fees linked to the offer size including fixed bands and a percentage-based fee for the largest offers.</description>
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