Regulation 3 - Scope and applicability - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

CHAPTER II DELISTING OF EQUITY SHARES Scope and applicability 3 . (1) These regulations shall apply to delisting of equity shares of a company including equity shares having superior voting rights from all or any of the recognised stock exchanges where such shares are listed. (2) Nothing contained in these regulations shall apply to the delisting of equity shares of a listed company- (a) that have been listed and traded on the innovators growth platform of a recognised stock exchange without making a public issue; (b) made pursuant to a resolution plan approved under section 31 of the Insolvency Code , if such plan provides for: (i) delisting of such shares; or (ii) an exit opportunity to the existing public shareholders at a specified price: Provided that the existing public shareholders shall be provided the exit opportunity at a price which shall not be less than the price, by whatever name called, at which a promoter or any entity belonging to the promoter group or any other shareholder, directly or indirectly, is provided an exit opportunity: Provided further that the details of delisting of such shares along with the justification for the exit price in respect of the proposed delisting shall be disclosed to the recognized stock exchange(s) where the shares are listed within one day of approval of the resolution plan under section 31 of the Insolvency Code .