SEBI has proposed a consultation paper suggesting changes in the timelines for procedural activities, including a shorter time period for tendering shares to reduce the overall time taken for completion of open and buyback offers.

The proposed changes would bring down the overall time taken for completion of open offers to 42 working days from the current 62 working days, while in the case of buyback offers, the time period will reduce to 36 working days from 43 working days at present. According to SEBI, the changes would be "investor-friendly and make the process more efficient". Further, considering the technological advancements in digital and fin-tech and changes made in the manner of tendering and settlement of shares, a need was felt to review the overall timelines for procedural activities, including the duration of the tendering period, involved in the open offers and buy-back tender offers so as to conclude the same in a more efficient and time bound manner and also to synchronize the timelines of similar activities across all the tender offers, i.e. Open Offers, Buybacks and Delisting Offers, to the extent possible.

Consultation paper is open for comments by April 15, 2022.

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