Sebi Modernizes Share Acquisition Filings with Dual Submission System

Sebi introduces a dual submission system for exemption-related reports in share acquisitions under the Takeover Regulations, allowing filings via email and its new intermediary portal until May 14, 2025. Afterward, submissions will be exclusively through the portal, streamlining processes and fee payments.

The Securities and Exchange Board of India (Sebi) announced a significant update on Thursday, revealing a new dual submission system for reports related to specific exemptions under the 'Takeover Regulations'.

Effective immediately, stakeholders can now file these reports via both email and a newly launched intermediary portal, the Sebi Intermediary Portal (SI Portal). This new system, available until May 14, 2025, aims to streamline the submission and processing of reporting related to substantial share acquisitions. Post this date, the online portal will become mandatory for such filings.

These changes, rooted in the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, pertain to acquisitions that meet certain criteria, such as intra-family share transfers or promoter listings for over three years, exempting acquirers from making an open offer. As part of this update, fee payments related to these reports must also be processed through the SI Portal from the date of the circular.

(With inputs from agencies.)