Sebi proposes delisting mechanism for non-convertible debt securities

Capital markets regulator Sebi has proposed a mechanism for the voluntary delisting of non-convertible debt securities. Under the mechanism, an entity should not be permitted to delist a few non-convertible debt securities while other non-convertible debt securities continue to remain listed. Accordingly, the proposed mechanism would apply to the voluntary delisting of all listed non-convertible debt securities from all or any of the recognised stock exchanges. The proposed mechanism would not be applicable to the delisting of non-convertible debt securities of a listed entity that have been delisted by the stock exchanges as a consequence of any penalty or delisted under a resolution plan approved under the IBC. Notwithstanding this, a listed entity that has more than 200 non-QIB (qualified institutional buyers) holders in any ISIN (International Securities Identification Number) relating to listed non-convertible debt securities, should not be able to voluntarily delist any of it

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