MUMBAI (Dow Jones)--The Indian capital markets regulator, the
Securities and Exchange Board of India, Wednesday said it has set
up the Takeover Regulation Advisory Committee to review existing
takeover norms and make them more relevant.
India introduced a formal takeover code in 1997 that helped set
basic rules for mergers and acquisitions in what was then a nascent
market for consolidation activity.
The regulator last reviewed the code in 2002, when it made
greater disclosures at every level of holding mandatory and
exempted preferential issues from the purview of the code.
"There are certain provisions in the existing takeover code
which may warrant a relook in line with the changing dynamics of
the business environment," said Nishchal Joshipura, head of
the mergers and acquisitions practice at law firm Nishith Desai
Associates.
