SEBI in its Board Meeting dated 21st June, 2018 has taken the following decisions:
1. Review of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
The Board has approved certain amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As part of the amendments, it has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period.
2. Replacing SEBI (Buy-back of Securities) Regulations, 1998 with new SEBI (Buy-back of Securities) Regulations, 2018
Under the new Regulations, the buy back period has been defined as the period between board of directors resolution/date of declaration of results for special resolution authorizing the buyback of shares and the date on which payment consideration is made to the shareholders.
3. Review of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
The Board, while approving the ICDR Regulations, 2018, considered the recommendations of the Primary Market Advisory Committee (PMAC) and the public comments on the Consultation Paper.
4. Decision on review of regulation and relevant circulars pertaining to Stock Exchanges, Clearing Corporations and Depositories (‘Market Infrastructure Institutions’)
The Board took note of the recommendations of the Gandhi Committee constituted by SEBI for ‘Review of regulation and relevant circulars pertaining to MIIs’ and the proposals thereon.
5. Role of Sub-broker vis-a-vis Authorized Person
The Board has discontinued the category of Sub-Brokers as Market Intermediaries. No fresh registration shall be granted as Sub-Brokers. Registered Sub-Brokers shall migrate to Authorised Persons or Trading Members as the case may be and Sub-Brokers, who do not choose to migrate, shall be deemed to have surrendered their registration as Sub-Broker. Suitable time shall be permitted to facilitate this transition.
6. Consultation Paper for the Amendment of various SEBI Regulations in respect of entities undertaking third party assignment under securities laws
The Board approved the proposal to issue consultation paper to amend various regulations in respect of entities who undertake third party fiduciary duty/assignment/engagement under the securities laws, in respect of any Issuer, Pooled Investment Vehicle, Intermediaries, Market Infrastructure Entities.
7. Establishment of National Centre for Financial Education (NCFE) as Section 8 Company – subscription to its Share Capital
8. SEBI Annual Report 2017-18
The Board considered and approved the SEBI Annual Report 2017-18.
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