Regulation 15 - Buy-back through stock exchange - Securities and Exchange Board of India (Buy Back Of Securities) Regulations, 1998

Buy-back through stock exchange 15. A company shall buy-back its 1 [shares or other specified securities] through the stock exchange as provided hereunder : (a) 2 [The special resolution referred to in regulation 5 or the resolution passed by the Board of Directors at its meeting as referred to in regulation 5A] shall specify the maximum price at which the buy-back shall be made; (b) The buy-back of the 3 [shares or other specified securities] shall not be made from the promoters or persons in control of the company; (c) The company shall appoint a merchant banker and make a public announcement as referred to in regulation 8; (d) The public announcement shall be made 4 [within seven working days from the date of passing the resolution referred to in regulation 5 or regulation 5A] 5 [, and shall contain disclosures as specified in Schedule II, Part B]; 6 [(e) Simultaneously with the issue of such public announcement, the company shall file a copy of the public announcement with the Board along with the fees specified in Schedule IV;] (f) The public announcement shall also contain disclosures regarding details of the brokers and stock exchanges through which the buy-back of 7 [shares or other specified securities] would be made; 8 [(g) The buy-back shall be made only on stock exchanges having nationwide trading terminals;] (h) The buy-back of 9 [shares or other specified securities] shall be made only through the order matching mechanism except all or none order matching system; 10 [(i) the company shall submit the information regarding the shares or other specified securities bought-back, to the stock exchange on a daily basis in such form as may be specified by the Board and the stock exchange shall upload the same on its official website immediately;] 11 [(ia) The company shall upload the information regarding the shares or other specified securities bought-back on its website on a daily basis;] (j) The identity of the company as a purchaser shall appear on the electronic screen when the order is placed; 12 [(k) The buy-back offer shall open not later than seven working days from the date of public announcement and shall close within six months from the date of opening of the offer.] ********* 1 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 2 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2001, w.e.f. 28-11-2001 for the words The special resolution referred to in regulation 5 . 3 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 4 Inserted by SEBI (Buy-back of Securities) (Amendment) Regulations, 2013 w.e.f. 08-08-2013. 5 Inserted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2012, w.e.f. 07-02-2012. 6 Substituted by SEBI (Buy-back of Securities) (Amendment) Regulations, 2013 w.e.f. 08-08-2013. 7 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 8 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the following: (g) The buy-back shall be made only on stock exchanges with electronic trading facility; 9 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 10 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2013 w.e.f. 08-08-2013 which had earlier been substituted by SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06- 2004. 11 Inserted by SEBI (Buy-back of Securities) (Amendment) Regulations, 2013 w.e.f. 08-08-2013. 12 ibid.