Regulation 21 - Extinguishment of certificates for open market buy-back through stock exchange - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018

Extinguishment of certificates for open market buy-back through stock exchange: 21. (i) Subject to the provisions of sub-regulation (ii) and (iii), the provisions of regulation 11 pertaining to the extinguishment of certificates for tender offers shall apply for extinguishment of certificates under this Chapter. (ii) The company shall complete the verification of acceptances within 1 [ fifteen working days ] of the payout. (iii) The company shall extinguish and physically destroy the securities certificates so bought back during the month in the presence of a Merchant Banker and the 2 [ secretarial auditor ] , on or before the fifteenth day of the succeeding month: Provided that the company shall ensure that all the securities bought-back are extinguished within 3 [ seven working days ] of expiry of buy-back period. **************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 , w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as:- fifteen days 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 , w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as:- Statutory Auditor 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 , w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as:- seven days