SEBI UPDATE
Revised Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
SEBI vide Circular no SEBI/HO/CFD/DCR1/CIR/P/2016 /52 dated 02nd May, 2016 has prescribed the revised format for reports to be furnished to SEBI under regulation 10(7) of the regulations in respect of acquisitions made in reliance upon exemption provided under sub-clauses (i), (ii), (iii), (iv) and (v) of regulation 10(1)(a) of the regulations have also been prescribed
In order to bring it in line with the requirement under regulation 10(1)(a), it is necessary that the compliance should be reported for a period of 3 years.
SEBI, vide circular No. CIR/CFD/DIL3/18/2015 dated December 31, 2015, prescribed the procedure to deal with cases involving offer / allotment of securities to more than 49 and up to 200 persons.
Para 7 of the Circular provides for submission of a certificate from an independent peer reviewed practicing Chartered Accountant certifying compliance as prescribed in the circular.
It has now been decided that the certification as provided in Para 7 of the Circular dated December 31, 2015 may also be provided by an independent peer reviewed practicing Company Secretary
