Delisting restrictions bar removal of shares after buyback, preferential allotment, or while convertible instruments remain outstanding.

Delisting is prohibited where it follows a company buyback or preferential allotment, where the class has not satisfied the minimum listing period, or while convertible instruments into that class are outstanding. Promoters who have caused sales by related entities within the statutory look back period may not propose delisting. Promoters cannot use company funds to finance exit opportunities or certain share acquisitions, and acquirers, promoters, promoter groups, persons acting in concert and related entities are subject to anti fraud, deceptive and manipulative prohibitions in connection with delisting or exit opportunities.

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