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ARTICLE · 04 AUGUST 2015

SEBI Clarification Makes Delisting Easier

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The Indian securities market regulator, the Securities Exchange Board of India has overhauled the regulatory regime for voluntary delisting of companies in India.

IndiaCorporate/Commercial Law
Sudhir Bassi
Sudhir Bassi
Moin Ladha
Moin Ladha
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The Indian securities market regulator, the Securities Exchange Board of India (SEBI) has overhauled the regulatory regime for voluntary delisting of companies in India. Delisting of Indian companies is governed by the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations). While SEBI had initially announced amendments to these regulations on 19 November 2014, these were notified only on 24 March 2015. SEBI's intent behind these amendments has been two - fold i.e., to make the cumbersome delisting process easier for companies and simultaneously align it with the investors' interests.

Regulation 17 of Delisting Regulations which enlists the conditions for success of a delisting offer was amended to include an additional condition which required participation by minimum 25% of public shareholders (holding shares in the dematerialised form on the date of the board meeting approving the relevant delisting) (Relevant Public Shareholders). This

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