The Securities and Exchange Board of India (Sebi) is directing companies that have proposed buy-backs to keep their plans on hold.
About 12 companies, including Britannia, Novartis and Kirloskar Engine Oils, have applied to the stock market regulator for permission to buy back their shares since April. But Sebi has not cleared a single proposal in the last three months. Apparently, some of its own regulations are not compatible.
The problem springs from the fact that the capital market regulator has not yet finalised what the promoter