Rare & Exclusive: SEBI's Usha Narayanan on M&A

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Rare & Exclusive: SEBI's Usha Narayanan on M&A

If you work in merger and acquisition (M&A) heaven she is Saint Peter because she decides if your deal can pass through the pearly gates of the takeover code.

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If you work in merger and acquisition (M&A) heaven she is Saint Peter because she decides if your deal can pass through the pearly gates of the takeover code. Usha Narayanan, Executive Director of Securities and Exchange Board of India (SEBI) and in charge of the Corporation Finance Department, currently she is also a member of the Takeover Regulation Advisory Committee (TRAC), a 12 member committee appointed by Sebi to review India's takeover regulations. Last week in a rare interview Ms. Narayanan spoke about the scope of the track review and shared her views on some of the most contentious issues of control, triggers and exemptions.

Here is a verbatim transcript of the interview. Also watch the accompanying video:

Q: Is the TRAC is on track to submit its report this month.

A: The TRAC has got members who are all busy in their own field as we would like to finish the work by March 10th. We are working towards it but I find the timeline a little too short to complete the report; probably a draft could be ready. We want to have interaction with some of the industry players and other things etc before we go for our final thing. So we need to setup some meetings for that purpose maybe with the Bar Association and some industry associations and things like that. How we are going to structure after the draft report or before the draft report is something that we need to decide yet and probably a rough draft could be ready by March 10th.

Q: And thereafter you will pursue more industry as well as legal interactions and then come up on a final draft?

A: That's correct.

Q: By June-July-August is what the realistic plan?

A: I would say even earlier than that, at the outset maybe June.

Q: So by June we will have clear idea of what the TRAC has decided the appropriate review of this Code is and that will be then presented to Sebi, am I correct?

A: Yes.