{"id":108387,"date":"2023-08-28T18:44:36","date_gmt":"2023-08-28T13:14:36","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=108387"},"modified":"2023-08-28T18:44:37","modified_gmt":"2023-08-28T13:14:37","slug":"sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities\/","title":{"rendered":"SEBI Tightens Regulation on Voluntary Delisting of Non-Convertible Debt Securities"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1270622827\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>With an aim to protect investors&#8217; interest and the integrity of the capital markets, SEBI has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3366051523\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Under the new rule, the listed entity will have to obtain permission from all holders of non-convertible debt securities within 15 working days of receiving the notification of delisting. The present rule allows entities to delist by giving a prior intimation to the stock exchange about the meeting of the board of directors, where the proposal for a voluntary delisting is considered.<\/p><p>Unlike equity, wherein approval by a threshold majority is sufficient for approval of delisting, in the new framework, approval of 100% of the debt security holders has been mandated for delisting of debt securities. This is because, unlike equity which is a perpetual instrument, listed debt securities have a finite term to maturity.<\/p><p>Also, it would not apply to the delisting of non-convertible debt securities in certain situations such as delisting as a consequence of any penalty or action initiated against the listed entity by stock exchanges; delisting pursuant to the redemption of the non-convertible debt securities.<\/p><div class=\"trade-content_5\" id=\"trade-881955689\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Further, the mechanism would not apply to the delisting of a listed entity&#8217;s non-convertible debt securities that have been delisted under a resolution plan authorized under the Insolvency Code. In case of delisting pursuant to a resolution plan as per the provisions of the Insolvency Code, the details of delisting of non-convertible debt securities will be disclosed to the stock exchanges within one working day of the approval of the resolution plan under the Insolvency Code.<\/p><p>The listed entity will have to send the notice of delisting to the holders of non-convertible debt securities within three working days from the date of receipt of in-principle approval from the exchanges.<\/p><p>Within five working days from the date of obtaining approval from all the holders of non-convertible debt securities, the listed entity will have to make the final application for delisting to the exchange.<\/p><p>SEBI said that the delisting proposal will be considered failed in case of non-receipt of in-principle approval from the stock exchange, such as non-receipt of no-objection certificate from the debenture trustee and non-receipt of approval from all the holders of non-convertible debt securities. In case of failure of the delisting proposal, the listed entity will have to intimate the same to the exchange within one working day from the date of such event of failure.<\/p><div class=\"trade-after-content\" id=\"trade-1811803761\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>With an aim to protect investors&#8217; interest and the integrity of the capital markets, SEBI has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily. Under the new rule, the listed entity will have to obtain permission from all holders of [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":24720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-108387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI Tightens Regulation on Voluntary Delisting of Non-Convertible Debt Securities - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"With an aim to protect investors&#039; interest and the integrity of the capital markets, SEBI has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI Tightens Regulation on Voluntary Delisting of Non-Convertible Debt Securities\" \/>\n<meta property=\"og:description\" content=\"With an aim to protect investors&#039; interest and the integrity of the capital markets, SEBI has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T13:14:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-28T13:14:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/SEBI-2-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Trade Brains\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Trade Brains\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities\/\",\"url\":\"https:\/\/tradebrains.in\/features\/sebi-tightens-regulation-on-voluntary-delisting-of-non-convertible-debt-securities\/\",\"name\":\"SEBI Tightens Regulation on Voluntary Delisting of Non-Convertible Debt Securities - 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