Section 15 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
15. Buy Back through stock exchange.-
A company shall buy-back its [shares or other specified securities] [Substituted by S.O. 745(E), dated 18.6.2004] through the stock exchange as provided hereunder;(a)Shall specify the maximum price at which the buy-back shall be made;(b)The buy-back of the shares shall not be made from the promoters or persons in control of the company;(c)The company shall appoint a merchant banker and make a public announcement as referred to in regulation 8;(d)The public announcement shall be made at least seven days prior to the commencement of buy-back;(e)A copy of the public announcement shall be filed with the Board within two days of such announcement along with the fees as specified in schedule IV;(f)The public announcement shall also contain disclosures regarding details of the brokers and stock exchanges through which the buy-back of [shares or other specified securities] [Substituted by S.O. 745(E), dated 18.6.2004] would be made;(g)[ The buy-back shall be made only on stock exchanges having nationwide trading terminals] [Substituted by S.O. 745(E), dated 18.6.2004](h)The buy-back of [shares or other specified securities] [Substituted by S.O. 745(E), dated 18.6.2004] shall be made only through the order matching mechanism except `all or none' order matching system;(i)[ The company and the merchant banker shall submit the information regarding the shares or other specified securities bought-back to the stock exchange on a daily basis and publish the said information in a national daily on a fortnightly basis and every time when an additional five per cent of the buy back has been completed. [Substituted by S.O. 745(E), dated 18.6.2004]Provided that where there is no buy back during a particular period the company and the Merchant Banker shall not be required to publish the details in a national daily.](j)The identity of the company as a purchaser shall appear on the electronic screen when the order is placed.
