Regulation 4 - Conditions for delisting

Delisting conditions restrict proposals where outstanding convertible instruments, recent corporate actions, improper funding, or fraudulent conduct are present.

Regulation 4 sets preconditions for delisting, prohibiting delisting where initial listing periods have not elapsed, convertible instruments remain outstanding, or delisting follows recent buybacks or preferential allotments except where expressly exempted; it also bars acquirers who recently sold shares from proposing delisting, forbids use of company funds to finance exit opportunities or acquisitions, and prohibits fraudulent, deceptive or manipulative devices or practices in connection with delisting or related acquisitions.