Vivek Biyani files substantial acquisition disclosure under SEBI Takeover Regulations

Regulatory 19 Jun 2026 · Filed / open· ✓ Verified

Vivek Biyani submitted a Regulation 31(4) disclosure to NSE under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This disclosure is mandated when an acquirer crosses the 25% shareholding threshold or makes subsequent acquisitions that trigger reporting. The disclosure initiates a regulatory clock: SEBI and the target company have fixed timelines to determine whether an open offer is required, unless an exemption applies (e.g., creeping acquisition relief under Reg 23A or personal circumstances under Reg 23B). Future Market Networks Limited operates a derivatives trading platform and data services; the identity and intent of Biyani and any group affiliations…

Why it mattersSubstantial acquisition disclosures are gatekeepers to mandatory open offers; the exemption relief available under Reg 23A/B and the timing of the open-offer notice (if required) within 4 weeks will determine whether this crystallises into a full takeover or remains a creeping acquisition.
Counsel—
SectorFinancial Services
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