Sebi Mandates Online Filing for Share Acquisition Reports with Dual Submission Until May 14, 2025

The Securities and Exchange Board of India (Sebi) announced a new submission process for reports related to specific exemptions in share acquisitions under the Takeover Regulations. Effective immediately, these reports can be submitted via both email and the newly launched intermediary portal. This dual submission method will be available until 14 May 2025, after which only the online portal will be used.

Representative image

Under the Sebi Substantial Acquisition of Shares and Takeovers Regulations, 2011, acquirers must submit a report with supporting documents and a non-refundable fee to Sebi for any acquisition or increase in voting rights that qualifies for certain exemptions. Currently, these reports are submitted through email.

Online Portal Introduction for Share Acquisition Reports

Sebi has introduced an online system to streamline the submission and processing of these reports. The Sebi Intermediary Portal (SI Portal) is now available for filing two specific reports related to exemptions under the takeover rules. These exemptions waive the requirement for an open offer in certain acquisitions.

These exemptions apply when shares are transferred between immediate relatives or among individuals listed as promoters in the company's shareholding pattern for at least three years before the acquisition. In such scenarios, an open offer to other shareholders is not required if specific conditions are met.

Transition to Exclusive Online Submissions

The dual filing option through email and the SI Portal will remain until 14 May 2025. After this date, submissions will be exclusively through the online system. Additionally, starting from the date of this circular, all required fees for these reports must be paid via the SI Portal.

This change aims to facilitate ease of operations in terms of submission and processing of these reports. By introducing this online system, Sebi seeks to enhance efficiency and streamline regulatory compliance processes for market participants.