India - Amendments To The Disclosure Regime Under Takeover Code And PIT Regulations.

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India - Amendments To The Disclosure Regime Under Takeover Code And PIT Regulations.

 

1 October 2021

 

Asia Pacific Legal Updates
 

SEBI vide notification dated 13 August 2021, has made amendments to the Takeover Code which shall come into force from 1 April 2022. SEBI has relaxed certain disclosure obligations on the acquirers / promoters pertaining to the acquisition or disposal of shares aggregating to 5% (five percent) and any change of 2% (two percent) thereafter. Further, SEBI has also relaxed the annual shareholding disclosure requirements and the requirements in relation to disclosure of the creation/invocation/release of any encumbrance that are registered in depository systems. These relaxations have been given on account of the implementation of the system driven disclosures whereby such information will be readily available with the stock exchanges.
 

Please click here to read the notification.
 
SEBI vide circular dated 13 August 2021 relaxed the regulatory provisions under the PIT Regulations. As per the circular, listed companies which have complied with requirements of the circular dated 9 September 2020 related to the implementation of mechanism of system driven disclosures, will no longer need to continue with the manual filing of disclosures as required under Regulation 7(2) (a) & (b) of PIT Regulations.
 
Please click here to read the circular.
 

 

For further information, please contact:  


Souvik Ganguly, Partner, Acuity Law