Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Chapter: I
PRELIMINARY
Regulation 1	:	Short title and commencement
Regulation 2	:	Definitions
Chapter: II
DELISTING OF EQUITY SHARES
Regulation 3	:	Scope and applicability
Regulation 4	:	Conditions for delisting
Chapter: III
VOLUNTARY DELISTING
Part: A
Conditions and procedure for delisting where exit opportunity is not required
Regulation 5	:	Delisting from some of the recognised stock exchanges
Regulation 6	:	Procedure for delisting where no exit opportunity is required
Part: B
Conditions and procedure for delisting where exit opportunity is required
Regulation 7	:	Delisting from all the recognised stock exchanges
Regulation 8	:	Initial public announcement
Regulation 9	:	Appointment of the Manager to the offer
Regulation 10	:	Approval by the Board of Directors
Regulation 11	:	Approval by shareholders
Regulation 12	:	In-principle approval of the stock exchange
Chapter: IV
EXIT OPPORTUNITY
Regulation 13	:	Applicability of Chapter IV
Regulation 14	:	Escrow account
Regulation 15	:	Detailed public announcement
Regulation 16	:	Letter of offer
Regulation 17	:	Bidding / tendering mechanism
Regulation 18	:	Manner of tendering shares
Regulation 19	:	Right of shareholders to participate in the delisting process
Regulation 19A	:	Floor Price
Regulation 20	:	Discovered price
Regulation 20A	:	Fixed Delisting Price
Regulation 21	:	Minimum number of equity shares to be acquired
Regulation 22	:	Option to accept or reject the discovered price or counter offer
Regulation 23	:	Failure of the offer
Regulation 24	:	Payment upon success of the offer
Regulation 25	:	Final application to the stock exchange after successful delisting
Regulation 26	:	Right of the remaining public shareholders to tender equity shares
Regulation 27	:	Measures to protect the rights of remaining public shareholders
Regulation 28	:	Obligations of the company
Regulation 29	:	Obligations of the Manager to the offer
Regulation 30	:	Obligations of the acquirer
Regulation 31	:	Cancellation of outstanding depository receipts
Chapter: V
COMPULSORY DELISTING
Regulation 32	:	Compulsory delisting by a stock exchange
Regulation 33	:	Rights of public shareholders in case of compulsory delisting
Regulation 34	:	Consequences of compulsory delisting
Chapter: VI
Part: A
SPECIAL PROVISIONS FOR SMALL COMPANIES
Regulation 35	:	Delisting of equity shares of small companies
Part: B
SPECIAL PROVISIONS FOR COMPANIES LISTED ON INNOVATORS GROWTH PLATFORM
Regulation 36	:	Delisting of equity shares of companies listed on innovators growth platform after making an initial public offer
Part: C
SPECIAL PROVISIONS FOR A SUBSIDIARY COMPANY GETTING DELISTED THROUGH A SCHEME OF ARRANGEMENT WHEREIN THE LISTED HOLDING COMPANY AND THE SUBSIDIARY COMPANY ARE IN THE SAME LINE OF BUSINESS
Regulation 37	:	Delisting of equity shares of a subsidiary company pursuant to a scheme of arrangement
Part: D
SPECIAL PROVISIONS FOR DELISTING BY OPERATION OF LAW
Regulation 38	:	Delisting in case of winding up of a company and de-recognition of a stock exchange
Part: E
SPECIAL PROVISIONS FOR DELISTING OF INVESTMENT HOLDING COMPANY
Regulation 38A	:	Delisting of equity shares of a listed investment holding company pursuant to a scheme of arrangement
Chapter: VII
MISCELLANEOUS
Regulation 39	:	Recognised stock exchanges to monitor compliance
Regulation 40	:	Listing of delisted equity shares
Chapter: VIII
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Regulation 41	:	Power of the Board to issue clarifications
Regulation 42	:	Power to relax strict enforcement of the regulations
Regulation 43	:	Directions by the Board
Regulation 44	:	Repeal and Savings
SCHEDULE
Schedule I	:	Contents of the detailed public announcement
Schedule II	:	The Reverse Book Building Process
Schedule III	:	Guidelines for Compulsory Delisting
Schedule IV	:	Timelines for counter offer