The Securities and Exchange Board of India (Sebi) has introduced additional measures to enhance its framework for open market buybacks, following consultations with the Primary Market Advisory Committee (PMAC). The new proposal allows companies to complete buybacks within a maximum of 66 working days from the offer's opening date, while maintaining that at least 40% of the buyback size must be utilized during the first half of the offer period. This is a modification from the PMAC's recommendation of a 50% utilization level within six months. Sebi emphasized the need for a balanced approach due to ongoing changes in the Companies Act under the Finance Act, 2026. The regulator also plans to introduce safeguards such as freezing shares held by promoters during the buyback period and eliminating the need for a separate trading window for buyback transactions. Additionally, companies may no longer need to display their identity as purchasers on trading screens. Sebi aims to ensure that buybacks do not breach minimum public shareholding norms and has proposed making the appointment of a merchant banker optional, redistributing responsibilities to companies and stock exchanges. Companies will also be required to notify shareholders electronically about the buyback offer within one working day of the public announcement.