Regulation 3 - Applicability - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

CHAPTER II DELISTING OF EQUITY SHARES Applicability 3. (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 1 [:] 2 [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.] 3 [ Explanation : For the purposes of these regulations, the term shares shall include equity shares having superior voting rights. ] (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. ********* 1 Substituted for the full stop by the SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013, w.e.f. 08-10-2013 2 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. 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2019/25 dated 29-07-2019