Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders.

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....h stock exchange mechanism pursuant to tender offers for the purpose of takeovers, buy back and delisting of securities. Subsequently, SEBI vide Circular CFD/DCR2/CIR/P/2016/131, dated December 09, 2016 streamlined the process for acquisition of shares pursuant to tender offers made pursuant to open offers, buy back offers and delisting of securities. 2. Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the clearing corporation and different tendering processes are being adopted by Depositories. Such transfer involves systematic risk, substantial time and cost. 3. In consultation with Depositories, Clearing Corporations and Stock Exchanges, it has bee....

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.... Circular is available on SEBI website at www.sebi.gov.in under the categories "Legal Framework > Circulars". Yours faithfully, T. Venkateshwarlu Deputy General Manager Division of Corporate Restructuring Corporation Finance Department Email ID: [email protected] Phone +91-22-26449223 Annexure Amendments to procedure for tendering and settlement of shares through Stock Exchange a) Changes in respect of Intra Depository - Tender Offer Instructions (within Depository): i) The lien shall be marked in the depository system by the Depositories in the Beneficial Owner's Demat Account for the shares offered in tender offers. ii) Details of shares marked as lien in clients' demat account shall be provided by respective Deposit....