Sebi relaxes norms for Wipro’s buyback plan

NEW DELHI: Markets regulator Securities and Exchange Board of India (Sebi) on Friday granted certain exemptions to Wipro from the buyback norms in case of the IT firm’s proposed share repurchase programme, according to an order by the watchdog. Wipro in November 2018 had filed an application with the SEBI to seek exemption from the strict enforcement of the buyback norms for the merger of its four wholly-owned subsidiaries with itself. The IT firm said its scheme of amalgamation is pending for sanction of the NCLT (National Company Law Tribunal) and considering the backlog of cases at NCLT, there could be delays and the firm cannot anticipate the time that it may take to complete the merger process.