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SEBI clarifies buyback regulation

New Delhi, Sept. 19

The Securities and Exchange Board of India (SEBI) has ruled that non-convertible portions of partly convertible debentures cannot be bought back under SEBI's buyback regulation. This follows a reference made by Insilco Ltd regarding the premature redemption of the non-convertible portion of its partly convertible debentures issued in March 2000. SEBI said that nonconvertible debentures have not been notified by the Government as "specified securities" under Section 77 A of the Companies Act 1956. - Our Bureau

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