SEBI chief hints at reviewing takeover norms

Sebi chairman C B Bhave Stock market regulator Securities and Exchange Board of India (SEBI) plans to set up a committee to review the takeover code soon, Sebi chairman C B Bhave said yesterday.

''The guidelines on takeover code keep evolving. So, we are looking at the entire takeover code. Whether it needs any changes or not will depend on the changes that have taken place since we last amended it,'' he told reporters.

''For that purpose, we are considering setting up of a committee,'' Bhave said.

The committee would be set up ''fairly soon,'' he added.

The SEBI introduced the Substanstial Acquisition of Shares and Takeover Regulations in 1997 and in 2002 undertook a review to infuse greater transparency into the system.

In 30 October 2008, SEBI amended the takeover code again, and allowed creeping acquisition beyond 55 per cent up to 75 per cent.