The Takeover Panel has been constituted in terms of the proviso to Regulation 11 (5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 under which SEBI may constitute a panel of experts to which an application for exemption under Regulation 11 (1) of the said regulations may, if considered necessary, be referred to make recommendations on the application to SEBI.