Whalesbook
Buyback ka Process Ab Aaram Se, Fast Fast!
India mein Securities and Exchange Board of India (SEBI) ne share buyback ke niyamon mein kuch bade badlav karne ka proposal diya hai. Sabse pehli aur badi khabar yeh hai ki stock exchanges ke through open market mein shares wapas kharidne ka option phir se shuru ho raha hai. Pehle yeh option 1 April, 2025 se band hone wala tha, lekin ab SEBI ne isko wapas laane ka socha hai.
Iske saath hi, buyback ko poora karne ka time bhi record time mein kam kar diya gaya hai. Ab se yeh poora process offer shuru hone se maximum 66 working days mein complete karna hoga, jo pehle 6 mahine tak chal sakta tha. Company ko offer period ke pehle half mein hi kam se kam 40% buyback amount use karna hoga, taaki koi 'announce karke baad mein kharidenge' wala scene na ho.
Merchant Bankers Ka Role: Optional Ya Mandatory?
Business ko thoda aasan banane ke liye, SEBI yeh bhi soch raha hai ki buyback operations mein merchant bankers ko compulsory na rakha jaye. Isse companies par zyada responsibility aayegi disclosures aur execution ke liye. Pehle merchant bankers yeh sab manage karte the, par ab shayad companies khud, stock exchanges aur secretarial auditors yeh kaam sambhalenge. SEBI ne yeh bhi kaha hai ki buybacks ke dauraan promoter aur unke related shares ko ISIN wise freeze kar diya jayega, lekin tender offers mein exception milega. Minimum public shareholding ko violate hone se rokne ke liye bhi rules banaye jayenge.
Tax Ka Chakkar Aur Global Trends
SEBI ka yeh open market buybacks par focus isliye aa raha hai kyunki pehle shareholders ko tax dena padta tha, jo ki galat lag raha tha. Ab Finance Act, 2026 ke baad, shareholders ko buyback gains par capital gains ke tarah tax dena padega, jisse yeh deal ab zyada fair ho gayi hai.
Potential Risks Bhi Hain
Lekin haan, in sab changes mein kuch risks bhi hain. Jab merchant bankers jaise intermediaries ka role kam hoga, toh companyyon dwara jaldbazi mein liye gaye decisions ya galat valuation ka risk badh sakta hai. Tax change se fairness aa sakti hai, par open market mein kuch shareholders ko doosron se zyada fayda ho sakta hai kyunki sabko participate karne ka mauka nahi milega. Bahut zyada buybacks karne se company ka capital bhi waste ho sakta hai agar woh company ki asli value se match nahi karta.
Public Comments Ka Intezaar
SEBI abhi is proposal par public comments maang raha hai, jiska last date 29 May, 2026 hai. FICCI aur Association of Investment Bankers of India jaise groups isko support kar rahe hain, kyunki unko international standards ke hisaab se flexibility chahiye. Tax rules mein hua badlav isko aur attractive bana raha hai, khas kar IT aur Pharma sectors ke liye jinmein achha cash flow hai. Dekhte hain SEBI kaise speed aur oversight ko balance karta hai.