SEBI vide Circular no. CFD/DCR2/CIR/P/2016/131 on December 9, 2016; in order to streamline & ease the process for Acquisition of Shares in Tender-Offers made for Takeover, Buy-Back & Delisting of securities and to reduce the systematic risk for investors, it has now been decided that transfer of shares of shareholders under the tender offers would be made directly to the account maintained by the clearing corporation, while previously the said process was routed through stock broker.
Also, after the said transfer of securities, the clearing corporation will be allowed to utilize the securities towards the settlement obligations and consideration for the accepted shares & shares tendered but not accepted would be credited directly to shareholders’ bank & demat accounts respectively.
The said revised process shall be applicable to all the offers for which Public Announcement is made on or after January 02, 2017.
The said Circular can be accessed at the following link:SEBICircular_09.12.2016_ProcessForAcq.SharesInTenderOffer