C. Achuthan-led Takeover Regulations Advisory Committee (TRAC) appointed by SEBI in the 139-page report submitted on 19 July 2010 proposed changes with regards to regulatory rules concerning mergers and acquisitions (M&As). The proposals include open offer trigger, offer size, indirect acquisitions, exemptions from open offer obligations, calculating the offer price and competing offers. The Achuthan panel report came in 16 years after the first set of rules relating to takeovers were first framed in India. A major review was undertaken in this field was undertaken in 1997 and since then there have been 23 amendments thereby suggesting the regulator's faith in gradualism.
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