Delisting of securities may follow specified regulatory grounds, with compulsory purchase obligations on company and promoters. Delisting may be effected by a recognized stock exchange under SEBI regulations on specified grounds including consecutive losses with negative net worth, prolonged trading suspension, infrequent trading, conviction for serious regulatory breaches, unknown or false addresses, or insufficient public shareholding, after affording the company a reasonable opportunity of being heard. If delisted, the company, its promoters and directors are jointly and severally liable to buy outstanding securities from willing sellers at a SEBI determined fair price and the securities are removed from all recognized exchanges; voluntary delisting is permitted subject to listing tenure, public shareholder approval and purchase obligations, with a SEBI exemption in certain cases.