The committee, set up by Sebi, reviewed various suggestions received from merchant bankers and sought to reduce certain ambiguities relating to the code. Sebi sources said it the panel was likely to finalise its recommendations to the Sebi board in its next meeting.

The takeover committee in its previous meetings had considered increasing creeping acquisition limit to five per cent from the existing two per cent. Under the existing takeover code, promoters are allowed to consolidate their holdings in the company by two per cent every year without triggering the code.

The committee, which framed the original guidelines in 1997, also considered a proposal to reduce the minimum public offer size by the acquirer or promoter to 10 per cent from the existing 20 per cent. At present, the take-overis triggered if anybody buys 10 per cent or more in a company.