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ARTICLE · 09 JANUARY 2023

SEBI Changes Share Buyback Norms

Ahlawat & Associates
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The Securities and Exchange Board of India ("SEBI") in an announcement in December 2022 made changes to the share buyback norms intending to gradually phase out the buyback...

IndiaFinance and Banking
Sumit Kochar
Sumit Kochar
Upamanyu Banerjee
Upamanyu Banerjee

The Securities and Exchange Board of India (“SEBI”) in an announcement in December 2022 made changes to the share buyback norms intending to gradually phase out the buyback of shares via the stock exchange route. SEBI has done this by amending the share buyback norms for listed companies and by making changes to disclosure requirements. This will limit the route for a share buyback to only the tender route. This move seems to be a follow-up to the public consultation paper introduced by the SEBI sub-group headed by HDFC chairman Keki Mistry in this regard at the beginning of September.

Existing Situation

Till the time share buybacks are permitted through the exchange route stock exchanges will have to operate a separate window for this purpose. The reason behind these restrictions is to prevent the apparent favouritism which takes place when share buybacks take place via stock exchanges. Under the new regulations as introduced by SEBI Companies are required to use

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