Securities and Exchange Board of India (Buy Back of Securities) (Amendment) Regulations, 2013.

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.... Regulations, 1998, namely 1. These regulations shall be called the Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 2013. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998- (i) in regulation 4, (a) in sub-regulation (1), the following proviso shall be inserted, namely,- "Provided that no offer of buy-back for fifteen per cent or more of the paid up capital and free reserves of the company shall be made from the open market." (b) after sub-regulation (3), the following sub-regulation shall be inserted, namely,- "(4) A company shall not make any offer of buy-back w....

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....hares or other specified securities bought-back on its website on a daily basis;" (e) After sub-regulation (j), the following new sub-regulation shall be inserted, namely,- "(k) The buy-back offer shall open not later than seven working days from the date of public announcement and shall close within six months from the date of opening of the offer." (iv) After regulation 15, the following new regulations shall be inserted, namely,- "Buy-back of physical shares or other specified securities 15A. A company shall buy-back its shares or other specified securities in physical from through open market method as provided hereunder: (a) a separate window shall be created by the stock exchange, which shall remain open during the buy-back pe....

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....he escrow account referred to in sub-regulation (i) may be in the form of,- (a) cash deposited with any scheduled commercial bank; or (b) bank guarantee issued in favour of the merchant banker by any scheduled commercial bank. (3) For such part of the' escrow account as is in the form of a cash deposit with a scheduled commercial bank, the company shall while opening the account, empower the merchant banker to instruct the bank to make payment of the amounts lying to the credit of the escrow account, to meet the obligations arising out of the buy-back. (4) For such part of the escrow account as is in the. form. of a bank guarantee: (a) the same shall be in favour of the merchant banker and shall be kept valid for a period of thi....

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....y orders placed by the company as certified by the Merchant banker based on the inputs provided by the Stock Exchanges. c. such circumstances which were beyond the control of the company arid in the opinion of the Board merit consideration, the Board may direct the merchant banker to forfeit the escrow account, subject to a maximum of 2.5 per cent of the amount earmarked for buy-back as specified in the resolutions referred to in regulations 5 or 5A. (9) In the event of forfeiture for. non-fulfillment of obligations specified in sub-regulation (8), the amount forfeited shall be deposited in the Investor Protection and Education Fund of Securities and Exchange Board of India." (v) in regulation 16, (a) in sub-regulation (l), after the ....