Section 21 in Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018
21. Extinguishment of certificates for open market buy-back through stock exchange.
- (i) Subject to the provisions of sub-regulation (ii) and (iii), the provisions of regulation 11 pertaining to the extinguishment of certificates for tender offers shall apply for extinguishment of certificates under this Chapter.(ii)The company shall complete the verification of acceptances within fifteen days of the payout.(iii)The company shall extinguish and physically destroy the securities certificates so bought back during the month in the presence of a Merchant Banker and the Statutory Auditor, on or before the fifteenth day of the succeeding month:Provided that the company shall ensure that all the securities bought-back are extinguished within seven days of expiry of buy-back period.
