Regulation 16 - Extinguishment of certificates - Securities and Exchange Board of India (Buy Back Of Securities) Regulations, 1998

Extinguishment of certificates 16. (1) Subject to the provisions of sub-regulation (2) 1 [and sub-regulation (3)], the provisions of regulation 12 pertaining to extinguishment of certificates shall be applicable mutatis mutandis. (2) The company shall complete the verification of acceptances within fifteen days of the payout. 2 [(3) The company shall extinguish and physically destroy the security certificates so bought back during the month in the presence of a Merchant Banker and the Statutory Auditor, on or before the fifteenth day of the succeeding month: Provided that the company shall ensure that all the securities bought-back are extinguished within seven days of the last date of completion of buyback.] ******** 1 Inserted by SEBI (Buy-back of Securities) (Amendment) Regulations, 2013 w.e.f. 08-08-2013. 2 ibid.