MUMBAI - India's market regulator on Tuesday said buybacks through stock exchanges would be phased out gradually.

The Securities and Exchange Board of India also increased the minimum utilisation amount earmarked for buybacks through stock exchange to 75% from 50%, and said that it would permit upward revision of buyback price until one working day prior to the record date.

(Reporting by Abhirup Roy, writing by Shivam Patel in New Delhi; Editing by Krishna N. Das)