Under the newly imposed restrictions by SEBI on the placement of bids  for undertaking share buyback through the stock exchange route, a company will not be able to purchase more than ____ of the average daily trading volume of its shares in the 10 trading days preceding the day in which such purchases are made.

SEBI has imposed restrictions on the placement of bids, price and volume for the companies undertaking share buyback through the stock exchange route.Under the restrictions, a company will not be able to purchase more than 25 percent of the average daily trading volume (in value) of its shares in the 10 trading days preceding the day in which such purchases are made.Among others, the company will not place bids in the pre-open market, first 30 minutes and the last 30 minutes of the regular trading session and the firm's purchase order price should be within the range of 1 percent on either side from the last traded price.Currently, for share buyback, companies have both the options of the stock exchange and tender offer. Further, the companies would have to utilise 75 percent of the proceeds of the buyback undertaken through the stock exchange route from the existing minimum of 50 percent.