The Indian investment banking arm of the group, HSBC Capital Markets has decided to bring together the top corporates who have so far got approvals from their shareholders for buy-back of shares, for a brainstorming session on the various issues involved in going through the exercise.

The closed-door meeting expected to be attended by heads of about 30-40 corporates, will be held in Mumbai on November 12, two days after the Sebi board takes up the guidelines on buy-back of shares.

A top HSBC group official, Peter Harrison, a specialist in buy-backs is being brought in to address the corporate chieftains, while the legal perspective will be provided by noted solicitor, Cyril Shroff. The accounting and tax perspective is sought to be provided by noted accounting firm, Arthur Andersen.

When contacted, chief executive officer of HSBC Caps, ShaunBrowne, said that the entire process of buying back the shares is not going to be so easy as several industry participants believe.

``We may end up seeing the entire process being done in quite the same manner in which an open offer for shares under the takeover code goes through. The offer should be open to all shareholders and all shares should be accepted on a pro-rata basis,'' said Browne.

``There is a fear of there being insider trading by a promoter ahead of the offer and hence it is imperative to carry out the entire process in a most transparent basis. To ensure that the procedures are adopted and the entire process goes through smoothly, a corporate might well require professional help. For example, a company may be asked to prepare a prospectus with adequate disclosures in it when it makes an offer for buy-back. This is where an investment banker would step in,'' said Browne.

``We would be inviting some of the top corporate houses who have so far shown an inclination to buy-back shares,'' saidBrowne.

The top corporates who have already received preliminary approval from their shareholders to buy-back their shares include Reliance Industries, Tisco, IPCL, Essar Steel, Bajaj Auto, CESC, Essar Oil, Tata Power, Tata Chem, M&M, ACC, Andhra Valley, Escorts, Indian Hotels, Bombay Dyeing, BPL, Dr Reddy's, Kotak Mahindra, Godrej Soaps, Apollo Tyres, P&G, Smithkline Beecham and Godrej Foods.