The Securities and Exchange Board of India (SEBI) introduced delisting guidelines in 2003. However, there were operational difficulties in implementing the guidelines and in 2006 SEBI issued a concept paper on improving it. Then on 10 June 2009, SEBI notified the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.
Simultaneously, the government introduced amendments to the Securities Contracts (Regulations) Rules, 1957, to allow the delisting of securities according to the provisions of the Delisting Regulations (rule 21). This article discusses aspects of the delisting regime.
Applicability
The regulations pertain to the delisting of equity shares whereas the guidelines apply to the delisting of securities in general. As the guidelines have not been specifically withdrawn, it appears that delisting of securities other than equity shares would continue to be governed by the guidelines.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
Subhayu Chatterjee is an associate at Khaitan & Co in Mumbai. Khaitan & Co is a full-service law firm with offices in Bangalore, Kolkata, Mumbai and New Delhi.
One Indiabulls Centre, Tower 1,
13/F, 841 Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400 013,
India
Tel: +91 22 6636 5000
Fax: +91 22 6636 5050
Email: mumbai@khaitanco.com
