Sebi group to study revised norms on takeover

The Sebi has set up an internal group of senior officials to take a relook at the revised regulations pertaining to substantial acquisition of shares and takeover, popularly known as ‘Takeover Code’. The group set up by Sebi has chiefs of all divisions concerned with the takeover process like secondary markets, primary market, legal, takeovers and investigation.

The group has been asked to submit its report as soon as possible. The regulator wanted to take a relook at the regulations after some high-profile takeover cases in the recent past drew much public attention and pointed at some lacunae in the revised regulations. Each case on takeover throws up some new issue and certain patterns have emerged in deals of takeover, which were effected after the revised code came into force last year.