SEBI vide Notification No. EBI/LAD-NRO/GN/2015-16/010 dated 14/08/2015 issued the SEBI (Delisting of Equity Shares)(Second Amendment) Regulations, 2015 where by it substituted the Proviso to Regulation 3(1).
The Amendment text of the said Regulation 3 is reproduced hereunder:
Regulation 3: Applicability:
(1) These regulations shall apply to delisting of equity shares of a company from all or any of the recognised stock exchanges where such shares are listed.
“Provided that these regulations shall not apply to securities listed without making a public issue, on the institutional trading platform of a recognised stock exchange.”
(2) Nothing in these regulations shall apply to any delisting made pursuant to a scheme sanctioned by the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985 or by the National Company Law Tribunal under section 424D of the Companies Act, 1956, if such scheme –
(a) lays down any specific procedure to complete the delisting; or
(b) provides an exit option to the existing public shareholders at a specified rate.
To Link to the said Notification is given herein below: SEBI(Delisting of Equity Shares)(Second Amendment) Regulations, 2015 dated 14.08.2015