(1) These regulations shall apply to delisting of equity shares of a company from all or any of the recognised stock exchanges where such shares are listed 9[:]
10[Provided that these regulations shall not apply to securities listed without making a public issue, on the institutional trading platform of a recognised stock exchange.]
5 Inserted by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018.
6 Words “acquirer and public shareholding” omitted ibid.
7 Substituted for words "Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997" by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f.
24-03-2015.
8 Substituted for “1956 (1 of 1956)” by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018.
9 Substituted for the full stop by the SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013, w.e.f. 08-10-2013 10 Substituted by SEBI (Delisting of Equity shares) (Second Amendment) Regulations 2015, w.e.f. 14-08-2015.
Prior to its substitution, the proviso to sub-regulation (1) read as under:
“Provided that these regulations shall not apply to securities listed on the institutional trading platform of a recognised stock exchange.” 4
(2) Nothing in these regulations shall apply to any delisting made pursuant to a scheme sanctioned by the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985 or by the National Company Law Tribunal under section 424D of the Companies Act, 1956, if such scheme –
(a) lays down any specific procedure to complete the delisting; or
(b) provides an exit option to the existing public shareholders at a specified rate.
Delisting not permissible in certain circumstances and conditions for delisting