Security and Exchange Board of India (SEBI) has reconstituted its Takeover Panel.
- Panel was constituted in accordance with regulation 11(5) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The takeover panel looks into application that seeks exemption from mandatory open offer which as acquirer needs to make to minority shareholders.
- It makes its recommendations to Sebi on applications following which SEBI gives an opportunity to concerned parties before passing any order.
Members of the Takeover Panel:
- The regulator has appointed N Venkatram MD and CEO, Deloitte India as the new member of the Takeover Panel.
- The panel is chaired by N K Sodhi, former chief justice of high courts of Karnataka and Kerala. He was also the former presiding officer of the Securities Appellate Tribunal.
- The other members of the panel are Darius Khambata (former advocate general, Maharashtra) and Thomas Mathew T (former chairman of Life Insurance Corporation of India).
- SEBI had first constituted a four-member Takeover Panel in November 2007, under chairmanship of former Bank of Baroda chairman K Kannan.
- The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the jurisdiction of Ministry of Finance, Government of India (GoI).
- It was established on 12 April 1988 and given Statutory Powers on 30 January 1992 through the SEBI Act, 1992.
- The Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India.
- The main function of SEBI is to safeguard the rights and interests of the investor, reduce malpractices related to the stock exchange, establishing a code of conduct and promoting the healthy functioning of the stock exchange.
- It is headquartered in Mumbai, Maharashtra.
- The current Chairman of SEBI is Ajay Tyagi.
The SEBI is managed by its members, which consists of the following:
- The chairman is nominated by the Union Government of India.
- Two members, i.e., Officers from the Union Finance Ministry.
- One member from the Reserve Bank of India.
- The remaining five members are nominated by the Union Government of India; out of them at least three shall be whole-time members.
Note: Controller of Capital Issues was the regulatory authority before SEBI came into existence; it derived authority from the Capital Issues (Control) Act, 1947.