SEBI Guidelines

Understanding the regulatory framework for unlisted securities

Important Regulatory Notice

Polemarch is not a stock exchange recognized by SEBI and does not facilitate secondary market trading. We operate within India's pre-listing equity segment to facilitate access to information about private market investment opportunities.

Objective

To protect investor interests and ensure transparency and fairness in the securities market

Compliance

Users must confirm compliance with SEBI, RBI, FEMA Act, Companies Act 2013

Delisting Guidelines Overview

The Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 were issued under Section 11(1) and 11A(2) of the SEBI Act, 1992. These guidelines establish the framework for delisting of securities from recognized stock exchanges.

Key Definitions

  • Compulsory Delisting: Delisting mandated by a stock exchange
  • Exchange: Any stock exchange recognized under the Securities Contracts Regulation Act, 1956

Delisting Requirements

Companies must maintain:

  • Adequate public shareholding
  • Trading liquidity with sufficient volume for price discovery
  • Reasonable revenue/income/profits over last 2-3 years
  • Demonstrated earning power

Exit Price Rules

Promoters must use the book-building process to determine exit prices. The offer must set a floor price based on the 26-week average trading price, with no ceiling on maximum price. For infrequently traded securities, SEBI Takeover Regulations apply.

Disclaimer

Content is provided for educational and informational purposes only and does not constitute investment advice. The information herein should not be construed as legal, financial, or professional advice. Users should consult with qualified professionals before making any investment decisions.

For complete SEBI guidelines, visit www.sebi.gov.in