MANU/SREG/0036/2011

Ministry : Securities and Exchange Board of India

Department/Board : Legal Affairs Department

Notification No. : LAD-NRO/GN/2011-12/24/30181

Date : 23.09.2011

Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011

In exercise of the powers conferred under section 30 read with clause (h) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) the Securities and Exchange Board of India hereby, makes the following regulations, namely: --

CHAPTER -I
PRELIMINARY

Short title, commencement and applicability.

1.     (1) These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

(2) These regulations shall come into force on the thirtieth day from the date of their publication in the Official Gazette.

(3) These regulations shall apply to direct and indirect acquisition of shares or voting rights in, or control over target company.

Definitions.

2.     (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly,--

(a) "acquirer" means any person who, directly or indirectly, acquires or agrees to acquire whether by himself, or through, or with persons acting in concert with him, shares or voting rights in, or control over a target company;

(b) "acquisition" means, directly or indirectly, acquiring or agreeing to acquire shares or voting rights in, or control over, a target company;

(c) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(d) "Board" means the Securities and Exchange Board of India established ........