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Share Buyback Time Gap Lowered To 6 Months From 1 Year
On Thursday, the Securities and Exchange Board of India (SEBI) said that it will cut restriction on fresh fundraising by companies after the buyback to six months from one year earlier in light of the COVID-19 pandemic.
The relaxation will come into effect immediately and is applicable up to 31 December 2020.
The decision was made based on representations made by various industry bodies and is expected to help businesses that have been severely impacted by the pandemic.
Earlier this week, SEBI granted a one-time relaxation in its primary market fund-raising norms amid the current gloomy scenario.
The period of approval for initial public offerings (IPOs) and rights issues was relaxed by six months. It will be applicable to companies where SEBI's approvals have expired or are due to expire between 1 March 1 and 30 September.
