Capital markets regulator Sebi has set up a high-level panel to review the takeover norms in a move to simplify and strengthen the current rules by adopting appropriate global practices.
Also, the regulator will assess the current rules in the light of past judicial pronouncements and various informal guidelines issued by the capital markets regulator.
Vazifdar to chair panel
The 20-member committee will be chaired by former Chief Justice of Punjab and Haryana High Court, Shiavax Jal Vazifdar, an update with the regulator's website showed.
The panel, which has representatives of Sebi, stock exchanges BSE and NSE as well as law firms, will advise the regulator on matters related to substantial acquisition of shares and takeovers including measures to facilitate ease of doing business.
Apart from Vazifdar, other members of the panel include Sundareswaran S Managing Director (MD) at Morgan Stanley Financial Advisors; Rajendra Kanoongo, Joint MD of Mark Corporate Advisors; K Srinivas MD of Saffron Capital Advisors, Ankur Verma, Senior Vice President at Tata Sons and Dolphy Dsouza Partner at E&Y.
In addition, Sudhir Kumar Jha, head of legal at HDFC Ltd and Sunil Sanghai, founder and CEO, NovaaOne Capital are part of the committee. Jha and Sanghai are also representatives of Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (FICCI) respectively.
Among other members are JN Gupta, founder and MD of Stakeholder Empowerment Services, Amit Tandon MD of Institutional Investor Advisory Services (IiAS), Professor Umakanth Varottil Faculty of Law at National University of Singapore, Mihir Mody Counsel of K Ashar & Co, Nishant Parikh Partner at Trilegal and Anay Khare chairman of Association of Investment Bankers of India (AIBI).