SEBI vide Notification No. SEBI/LAD-NRO/GN/2016-17/002 dated 25/05/2016 issued the Securities And Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2016, thereby inserting 1) clause (ze) in Sub – Regulation (1) of the Regulation 2, i.e. definition of “Wilful Defaulter” and 2) Regulation 6A restricting wilful defaulter to make public announcement of an open offer.

The said Amended Regulation can be accessed at the following link:SEBI-SAST Reg 2016 dt 25.05.16