Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009
[See regulation 14]
Amendments to other regulation Amendment of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
In regulation 28,
in sub-regulation (12) , for clause (e) , the following shall be substituted, namely:- “(e) the entire amount to the merchant banker, in the event of forfeiture for non- fulfillment of any of the obligations under the Regulations, for distribution in the following manner, after deduction of expenses, if any, of the merchant banker and the registrars to the offer, -
one third of the amount to the target company;
(ii) one third of the amount to the Investor Protection and Education Fund established by the Board;
one third of the amount to be distributed pro-rata among the shareholders who have accepted the offer.”
in sub-regulation (13) , for the words “to the regional stock exchange of the target
company, for the credit of the Investor Protection Fund or any other similar fund” appearing after the words “ proceeds thereof” the words “to the Investor Protection and Education Fund established by the Board” shall be substituted.
C. B. BHAVE CHAIRMAN