Regulation 28 - Power to relax strict enforcement of the regulations - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018

Power to relax strict enforcement of the regulations. 28. (i) The Board may, in the interest of investors and the securities market, relax the strict enforcement of any requirement of these regulations except the provisions incorporated from the Companies Act , if the Board is satisfied that: (a) the requirement is procedural in nature; or (b) the requirement may cause undue hardship to investors; (ii) For seeking relaxation under sub-regulation (i), the company shall file 3 [ a ] 4 [ self-attested ] application with the Board, 2 [ **** ] giving details and the grounds on which such relaxation has been sought. 1 [ (iii) The company shall along with the application referred to under sub-regulation (ii) pay a non-refundable fee of rupees fifty thousand, by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time. ] (iv) The Board may after affording reasonable opportunity of being heard to the applicant and after considering all the relevant facts and circumstances, pass a reasoned order either granting or rejecting the relaxation sought as expeditiously as possible. *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/121 dated 07-02-2023 w.e.f. 01-04-2023 before it was read as, (iii) The company shall along with the application referred to under sub-regulation (ii), pay a non-refundable fee of rupees fifty thousand, by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or by way of a banker s cheque or demand draft payable in Mumbai in favour of the Board. 2. Omitted vide F. No. SEBI/LAD-NRO/GN/2024/212 dated 28-11-2024 before it was read as, supported by a duly sworn affidavit, 3. Substituted vide F. No. SEBI/LAD-NRO/GN/2024/212 dated 28-11-2024 before it was read as, an 4. Inserted vide F. No. SEBI/LAD-NRO/GN/2024/212 dated 28-11-2024