The Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper to seek feedback on areas of improvement in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Through these modification SECP aims to strengthen the regulatory framework governing takeover transactions of listed companies by enhancing transparency and introducing measures for safeguarding rights of minority shareholders. The key areas of improvement include proposals for streamlining public announcement timelines, revising price determination criteria for frequently and not frequently traded shares, and enhancing disclosure requirements for acquirers and listed companies. Provisions for voluntary offers, obligations of Manager to the Offer (MTO) and mechanisms for handling indirect or chain acquisitions have also been floated for further deliberations. The proposals have been developed following an initial round of consultations with various stakeholders including market experts, MTOs, law firms, chartered accountants and listed companies. The scope of consultations is now being expanded to ensure wider participation in finalizing proposed amendment areas so any amendments can effectively address the evolving needs of the market and its stakeholders. The consultation paper including rationale for each suggested area of improvement is uploaded on the SECP website.