 "Sebi to reduce timelines for completion of buybacks, open offers")
Market regulator Sebi has proposed to bring down the timelines for completion of buybacks and open offers. Currently, the overall time for completion of a share buyback is 43 days, which Sebi intends to bring down to 36 days. Meanwhile, the completion of an open offer takes 62 working days, which is proposed to be reduced to 42 working days.
“Considering the technological advancements in digital and fintech and changes made in the manner of tendering and settlement of shares, a need was felt to review the overall timelines for procedural activities,”Sebi said in a consultation paper.
The regulator has detailed the various changes that need to be undertaken to shorten the timeline. This includes shortening the share tendering process by five days in the case of both buybacks and open offers.
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