The Securities and Exchange Board of India’s (Sebi’s) committee to take care of the loopholes in the takeover code is set to meet on September 17. Sebi had announced the setting up of the committee on September 8.
Sebi sources told Business Standard that the guidelines had not been set so far. Sebi had come up with the Substantial Acquisition of Shares and Takeover (SAST) regulations over a decade ago. These were last amended in 2002.
The 12-member Takeover Regulation Advisory Committee (TRAC), set up on September 4, is likely to address issues related to norms for overseas acquisitions, creeping acquisitions, increasing the threshold for open offers, and non-compete fees.
Sebi has circulated a paper among investment bankers for suggestions.