Listing restriction on delisted shares: cooling off periods apply, with limited exceptions and fresh listing treatment. Regulation 40 restricts listing applications for delisted equity shares by imposing cooling off periods-three years for delisting under Chapter III or VI and ten years for Chapter V-while allowing limited exceptions (insolvency resolution plan, innovators growth platform delisting after an IPO, and regulation 35 delistings). Applications for re listing are treated as fresh listings subject to unlisted company listing laws; recognised stock exchanges must weigh the circumstances of the prior delisting, and companies must disclose reasons for seeking listing after delisting.