Sebi directs depositories to freeze promoter holdings during buyback period, new rules explained

Sebi has directed depositories to freeze promoter share holdings from the date a company's board or shareholders approve a buyback until the offer closes, with implementation guidelines required before August 1. The restriction does not prevent promoters from tendering shares in tender-offer route buybacks, and pre-existing encumbrances can still be invoked. The new framework brings greater structure and transparency to promoter activity during the buyback period.