On 5 December 2025, IND SEBI published Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2025.
- The amendment regulations 2025 dated 3 December, 2025, amend regulation 2, 8 and 9 of the SEBI (substantial acquisition of shares and takeovers) regulations, 2011.
- Provides that valuer shall have the same meaning as assigned to it under section 247 of the Companies Act, 2013 (18 of 2013) as amended from time to time.
- Requires valuation of shares exclusively by an independent registered valuer instead of the acquirer, open-offer manager, merchant banker, independent chartered accountant.
- A transitional proviso allows any valuation already initiated before the amendment to conclude within 9 months from 2 January 2026, i.e. by 2 October 2026.
- The amendment regulations 2025 will be effective from 2 January 2026.
