SEBI To Allow Dual Submission Of Share Acquisition Reports Only Till May 14

SEBI on Thursday said that, starting immediately, it will allow a dual submission system for certain share acquisition exemption reports under the 'Takeover Regulations'.

Such entities can submit the exemption reports through both email and the newly-introduced intermediary portal, the markets regulator stated.

However, it added that the facility of dual submission system will be available only till May 14, 2025. After that, only the online portal will be used for these filings, SEBI's circular said.

Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations), an acquirer is required to submit a report along with supporting documents and non-refundable fee to SEBI in respect of any acquisition of or increase in voting rights pursuant to certain exemptions.

The exemptions waive the requirement for an open offer in certain situations. They apply to acquisitions resulting from the transfer of shares between immediate relatives or among individuals listed as promoters in the company's shareholding pattern for at least three years before the acquisition.

In such cases, the acquirer is not required to make an open offer to other shareholders, provided that specific conditions are met.

Right now, these reports are filed through email. However, the securities regulator has introduced an online system for filing these reports, through SEBI Intermediary Portal, or SI Portal. This was done so as to facilitate ease of operations in terms of submission and processing of these reports.

In the first phase, SEBI has decided to enable filing of two reports related to exemptions under the takeover rules.

This dual filing option will remain available until May 14, 2025, SEBI said adding, "after this date, only the online system will be allowed for these reports".

Additionally, payment of the required fees for these reports must be made through the SI Portal starting from the date of this circular.

—With PTI inputs