THE GAZETTE OF INDIA
EXTRAORDINARY
PART – III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, AUGUST 8, 2013
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th day of August 2013
SECURITIES AND EXCHANGE BOARD OF INDIA
(BUY BACK OF SECURITIES) (AMENDMENT) REGULATIONS, 2013
No. LAD-NRO/GN/2013-14/16/6348.─ In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with clause (f) of sub-section (2) of Section 77A of the Companies Act, 1956 (1 of 1956), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Buy back of Securities) 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 within a period of one year reckoned from the date of closure of the preceding offer of buy-back, if any.”
(ii) in regulation 14, after sub-regulation (2), the following new sub-regulation shall be inserted, namely,-
“(3) The company shall ensure that atleast fifty per cent of the amount earmarked for buy-back, as specified in resolutions referred to in regulation 5 or regulation 5A, is utilized for buying-back shares or other specified securities.”
(iii) in regulation 15,
(a) in sub-regulation (d), for the words “at least seven days prior to the commencement of buy-back” the words and numbers ” within seven working days from the date of passing the resolution referred to in regulation 5 or regulation 5A”, shall be substituted.
(b) sub-regulation (e) shall be substituted with following, namely,-
“(e) Simultaneously with the issue of such public announcement, the company shall file a copy of the public announcement with the Board along with the fees specified in Schedule IV;”
(c) sub-regulation (i), shall be substituted with the following, namely,-
“(i) the company shall submit the information regarding the shares or other specified securities bought-back, to the stock exchange on a daily basis in such form as may be specified by the Board and the stock exchange shall upload the same on its official website immediately;”
(d) after sub-regulation (i), the following sub-regulation shall be inserted, namely,-
“(ia) The company shall upload the information regarding the shares 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,-
