India’s Bharti Airtel on Tuesday moved a step closer to obtaining Indian regulatory clearance for its proposed equity alliance with South Africa’s MTN in a deal that would be one of the largest mergers and acquisitions this year.

The Securities and Exchange Board of India, the stock market regulator, said MTN would not be required to launch an open offer for Bharti if the complex cash-and-shares deal was conducted using global depository receipts that did not confer voting rights.