# Buyback — Time Limits & Statutory Forms
## 1. Important Time Limits
| Time Limit | What it Means |
|---|---|
| 1 year | Buyback must be completed within 1 year from the date of passing the BR or SR authorising buyback |
| 7 days | Bought-back securities must be physically destroyed / extinguished within 7 days of completion of buyback |
| 1 year | NO fresh buyback can be made within 1 year from the closure of the preceding buyback |
| 6 months | NO fresh issue of same kind of shares/specified securities within 6 months of closure of buyback |
### Exceptions to the 6-Month Fresh Issue Restriction
The company may still make a fresh issue within 6 months, in the following cases:
- Issue under ESOPs
- Sweat Equity Shares (SES)
- Conversion of warrants / stock options / convertible securities
- Bonus issue or Rights issue
## 2. Forms Related to Buyback
| Form | Purpose |
|---|---|
| SH-8 | Company to file Letter of Offer with ROC |
| SH-9 | Declaration of Solvency (DOS) |
| SH-10 | Register of Buyback — to be maintained at registered office by an authorised person |
| SH-11 | Return of Buyback — filed within 30 days of completion of buyback with ROC (and SEBI if listed) |
| SH-15 | Certificate of Compliance with this Act, signed by 2 directors (1 being MD), attached along with SH-11 |
## Quick Memory Anchor
```
1 year → Complete buyback / Gap before next buyback
7 days → Destroy securities post buyback
6 months → No fresh issue (with exceptions)
30 days → File Return SH-11
```