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India's market regulator, the Securities and Exchange Board of India (Sebi), has decided to retain the power to take a final call on the definition of 'control' in mergers and acquisitions after the government advised it not to change the current regulation.
In 2016, Sebi had proposed to adopt the so-called bright-line tests for acquiring control under the takeover code. The regulator had proposed to provide a list of illustrative rights below the control definition which would state that following rights either individually or collectively won't tantamount to control.
Sebi said it received a number of comments from various stakeholders including the ministry of corporate affairs, RBI, industry bodies, intermediaries, advocates, and investors. But since the responses were mixed, no particular option garnered overwhelming support among the stakeholders.
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