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<h1>SEBI 2003 Guidelines Revamp Securities Delisting: Voluntary, Compulsory Procedures, Shareholder Rights, and Reinstatement Framework.</h1> The Securities and Exchange Board of India (SEBI) issued the Delisting of Securities Guidelines in 2003, replacing previous guidelines from 1998. These guidelines, effective immediately, outline procedures for voluntary and compulsory delisting of securities from stock exchanges. Voluntary delisting requires shareholder approval, a public announcement, and an exit opportunity for investors. The guidelines specify methods for determining exit prices and conditions under which delisting can occur. Compulsory delisting can be initiated by stock exchanges for non-compliance. The guidelines also address the rights of security holders in cases of compulsory delisting and provide a framework for reinstatement of delisted securities after a two-year period.