'General exemptions' under regulation 10 and 'Exemption by board' under regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are one and the same. Comment.

The statement that 'General exemptions' under Regulation 10 and 'Exemption by board' under Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are one and the same is incorrect . These two regulations provide for different types of exemptions: Regulation 10: General Exemptions (Automatic Exemption) Regulation 10 prescribes a list of specific transactions that are automatically exempt from the obligation to make an open offer. These exemptions are self-executing, meaning that if a transaction falls within the specified criteria, no prior approval from SEBI is required. Regulation 11: Exemption by Board (Discretionary Exemption) Regulation 11 allows SEBI, for reasons recorded in writing, to grant exemption from the obligation to make an open offer for acquiring shares, other than the listed grounds under Regulation 10. This exemption is not automatic and requires an application to SEBI. SEBI may impose such conditions as it deems fit in the interests of investors in securities and the securities market. Therefore, Regulation 10 provides for automatic exemptions for specified transactions, while Regulation 11 provides for discretionary exemptions granted by SEBI on a case-by-case basis, subject to certain conditions.