SEBI has amended the Buy-back of Securities Regulations by providing for a 15% reservation for small shareholders in the buy-back. Small shareholders are reckoned as those whose market value of shares on the basis of closing price on the recognised stock exchange with the highest traded volume is not more than Rs.2 lakhs. 15% of the the number of shares which the company proposes to buy-back shall be reserved for small shareholders as per the new definition which has been introduced into the regulations. There are other disclosure requirements which have been amended also. Copy of the SEBI circular can be found here
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