SEBI amends the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Securities Exchange Board of India ( “SEBI”) has introduced amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. These changes insert a new chapter specifically addressing the voluntary delisting of non-convertible debt securities (“securities”) and non-convertible redeemable preference shares (“shares”) from stock exchanges.

These provisions apply to all such voluntary delisting, except for cases where:

1. The listed entity that has outstanding listed securities or shares issued by way of a public issue.
2. The listed entity has more than two hundred securities holders (excluding qualified institutional buyers) for a specific International Securities Identification Number relating to shares and securities.
3. The shares or securities have been delisted resulting from penalties or actions initiated against the listed entity under rule 21 of the Securities Contracts (Regulation) Rules, 1957.
4. The shares or securities have been delisted due to the redemption of the securities or shares.
5. The shares or securities have been delisted pursuant to a resolution plan under Section 31 of the Insolvency Code.

The circular also outlines the procedures for stock exchange approval, consent of holders, no-objection letter from the debenture trustees, and other obligations of the listed entity in such cases.

For a detailed read, please refer to the hyperlink below.

Source : Securities Exchange Board of India