Section 28 in Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018
28. Power to relax strict enforcement of the regulations.
- (i) The Board may, in the interest of investors and the securities market, relax the strict enforcement of any requirement of these regulations except the provisions incorporated from the Companies Act, if the Board is satisfied that:(a)the requirement is procedural in nature; or(b)the requirement may cause undue hardship to investors;(ii)For seeking relaxation under sub-regulation (i), the company shall file an application with the Board, supported by a duly sworn affidavit, giving details and the grounds on which such relaxation has b(iii)The company shall along with the application referred to under sub-regulation (ii), pay a non-refundable fee of rupees fifty thousand, by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or by way of a banker's cheque or demand draft payable in Mumbai in favour of the Board.(iv)The Board may after affording reasonable opportunity of being heard to the applicant and after considering all the relevant facts and circumstances, pass a reasoned order either granting or rejecting the relaxation sought as expeditiously as possible.
