Streamlining the disclosure norms related to substantial acquisition of shares in listed companies, securities market regulator SEBI on Monday directed acquirers to report compliance to shareholding and control norms for past three years. Currently, there is no specific time period for reporting of such compliance.

The regulator said the acquirer will have to make disclosure that the transferor and transferee have complied (during three years prior to the date of the proposed acquisition)/ will comply with applicable disclosure requirements under the Takeover Regulations, 2011. The disclosures will have to be made during previous three years prior to the date of the proposed acquisition to be furnished, it added. The entities are required to make these disclosures to the stock exchanges, where the target company is listed.

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