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    <title>Master Circular for Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”)</title>
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    <description>Master Circular consolidates and updates formats, reporting templates and operational procedures under the Takeover Regulations, rescinds specified prior circulars while preserving prior actions, mandates online filing via SEBI Intermediary Portal, standardises Letter of Offer and disclosure requirements, prescribes System Driven Disclosures with depository recording of all encumbrances (including ultimate lender/trustee details) and details stock exchange acquisition, tendering, settlement procedures, escrow and financial arrangements, and special conditions for trust acquirers and Regulation 10 exemption reporting.</description>
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