Prior knowledge of a subject matter is a prerequisite to dwelling upon the intricate issues woven in its web. This is the line of thought adopted in addressing the question of buy-back of shares. Firstly, the author analyzes the buy-back option introduced by the Government in 1998 and attempts to provide a detailed understanding of the buy-back ordinance along with its salient features. Thereafter, this write-up sets forth the parameters & considerations weighed by the management in exercising the option of buyback. In this context, recent buy-back proposals have been highlighted. In the subsequent part of this write up, a comparative approach has been adopted in contrasting the Indian system with that of other countries. In conclusion, a critique is made bearing in mind the investor’s point of view.