The Securities and Exchange Board of India (Sebi)-appointed Takeover Regulations Advisory Committee has sought suggestions for framing the new takeover norms by October 31. The next meeting of the panel is scheduled on October 10.
With a number of members absent from the meeting, the committee did not discuss the demerits of the existing Substantial Acquisition of Shares and Takeovers Regulations and discussed how to approach the review.
A sources in Sebi told Business Standard, “The committee is not going to sit idle till the next meeting. We will start collecting information and start evaluating it.”
C Achuthan, former presiding officer of the Securities Appellate Tribunal, is the head of the committee.
The regulator had constituted the committee on September 4 to suggest amendments to the takeover regulations. Since the takeover code came into existence in 1997, it has been amended only once.
