Markets regulator Sebi on Friday said that its board has approved a proposal to reintroduce open-market buybacks. The new mechanism will come into effect from August 1, Sebi chief Tuhin Kanta Pandey said at a press conference. Currently, companies are permitted to repurchase shares through tender offers, where shareholders participate proportionately, or via odd-lot buybacks and other structured routes. The open market mechanism through stock exchanges, however, was earlier phased out due to concerns around inefficiencies and lack of equitable participation.