The Securities and Exchange Board of India has been instrumental in promoting and enforcing corporate governance in India. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 is one such initiative which stipulates that any acquisition of voting rights in a listed company in excess of the thresholds specified therein would trigger an obligation to make a mandatory open offer with an intention to provide a fair opportunity to exit when an acquirer acquires substantial stake.