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ARTICLE · 30 AUGUST 2023

Tracker – Dissecting SEBI's Proposed Changes To Delisting Norms

The Securities and Exchange Board of India ("SEBI"), on August 14, 2023, released a Consultation Paper on the Review of Voluntary Delisting Norms under the SEBI (Delisting of Equity Shares) Regulations, 2021 ("the Paper").

IndiaCorporate/Commercial Law
Mihir Deshmukh
Mihir Deshmukh
Navneeta Shankar
Navneeta Shankar
Rashmi Birmole
Rashmi Birmole
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The Securities and Exchange Board of India ("SEBI"), on August 14, 2023, released a Consultation Paper on the Review of Voluntary Delisting Norms under the SEBI (Delisting of Equity Shares) Regulations, 2021 ("the Paper"). The Paper proposes to rejig the existing reverse book building process under the SEBI (Delisting of Equity Shares) Regulations, 2021 ("Delisting Regulations") and introduce a fixed price mechanism as an alternative pricing method. The proposals are intended to align the regulatory framework with market realities and enhance efficiency.

The proposals in the Paper have been discussed in greater detail below.

(1) Review of the Reverse Book Building Process

The Paper proposes a number of substantial modifications to the existing reverse book building process.

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