SECURITIES AND EXCHANGE BOARD OF INDIA(SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

Chapter: I
PRELIMINARY
Regulation 1	:	Short title and commencement
Regulation 2	:	Definitions.
Regulation 3	:	Applicability of the Regulation.
Regulation 4	:	Takeover Panel.
Regulation 5	:	Power of the Board.
Chapter: II
DISCLOSURES OF SHAREHOLDING AND CONTROL IN A LISTED COMPANY
Regulation 6	:	Transitional provision.
Regulation 7	:	Acquisition of 5 per cent and more shares or voting rights of a company.
Regulation 8	:	Continual Disclosures.
Regulation 8A	:	Disclosure of pledged shares.
Regulation 9	:	Power to call for information.
Chapter: III
SUBSTANTIAL ACQUISITION OF SHARES OR VOTING RIGHTS IN AND ACQUISITION OF CONROL OVER A LISTED COMPANY
Regulation 10	:	Acquisition of fifteen per cent or more of the shares or voting rights of any company.
Regulation 11	:	Consolidation of holdings.
Regulation 12	:	Acquisition of control over a company.
Regulation 13	:	Appointment of a merchant banker.
Regulation 14	:	Timing of the public announcement of offer.
Regulation 15	:	Public announcement of offer.
Regulation 16	:	Contents of the public announcement of offer.
Regulation 17	:	Brochures, advertising material, etc.
Regulation 18	:	Submission of letter of offer to the Board.
Regulation 19	:	Specified date.
Regulation 20	:	Offer price.
Regulation 20A	:	Acquisition price under creeping acquisition.
Regulation 21	:	Minimum number of shares to be acquired.
Regulation 21A	:	Offer conditional upon level of acceptance.
Regulation 22	:	General obligations of the acquirer.
Regulation 23	:	General obligations of the board of directors of the target company.
Regulation 24	:	General obligations of the merchant banker.
Regulation 25	:	Competitive bid.
Regulation 26	:	Upward revision of offer.
Regulation 27	:	Withdrawal of offer.
Regulation 28	:	Provision of Escrow.
Regulation 29	:	Payment of consideration.
Regulation 29A	:	Relaxation from the strict compliance of provisions of Chapter III in certain cases.
Chapter: IV
BAIL OUT TAKEOVERS
Regulation 30	:	Bail out takeovers.
Regulation 31	:	Manner of acquisition of shares.
Regulation 32	:	Manner of evaluation of bids.
Regulation 33	:	Person acquiring shares to make an offer.
Regulation 34	:	Person acquiring shares to make public announcement.
Regulation 35	:	Competitive Bid.
Regulation 36	:	Exemption from the operations of Chapter III.
Regulation 37	:	Acquisition of shares by a State level public financial institution.
Chapter: V
INVESTIGATION AND ACTION BY THE BOARD
Regulation 38	:	Board’s right to investigate.
Regulation 39	:	Notice before investigation.
Regulation 40	:	Obligations on investigation by the Board.
Regulation 41	:	Submission of Report to the Board.
Regulation 42	:	Communication of Findings.
Regulation 43	:	Appointment of Auditor.
Regulation 44	:	Directions by the Board.
Regulation 44A	:	Manner of service of summons and notices issued by the Board.
Regulation 45	:	Penalties for non-compliance.
Regulation 46	:	Appeal to the Central Government.
Regulation 47	:	Repeal and Saving.
FORMAT	:	FORMAT FOR FILING THE INFORMATION WITH STOCK EXCHANGES BY ACQUIRER AS REQUIRED UNDER REGULATION 3(3)