Though the guidelines provide for prices to be fixed at a shareholders' meeting only, there is no way retail investors spread across the country can gain much from the buyback. ``Something has prevented Sebi from making postal ballot compulsory for share pricing in buyback or Sebi could have stopped promoters from casting their votes in this crucial aspect," he said.

The Disinvestment Commission chairman said buyback has raised more expectations among public than it could fulfill. Another area that Sebi has overlooked while framing norms for buyback was of corporate governance, Ramakrishna said. "Sebi could have made corporate governance provision compulsory for companies going for buybacks," Ramakrishna said.

On the impact buyback may have on the stock market, hesaid in India only few companies were capable for buyback. "Buyback can have a positive impact only in these scrips," he said. Ramakrishna said the provision that companies cannot tap capital market for two years after buyback was retrogade.

"Sebi could have restricted this to one year instead of two years," he said.Asked if government could ask cash rich oil PSUs to buy back their shares to help it meet the disinvestment target of Rs 5,000 crore during the current fiscal, Ramakrishna said the companies might not agree for this as many of them had firmed up massive expansion programmes.