This website is only for informational purposes. Visitors are requested to note that the information is intended to be correct, complete, and up-to-date. Juris Corp does not warrant that the information contained on this website is accurate or complete, and disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.

This website is not intended to be a source of advertising or solicitation. The reader must not consider the information contained herein to be an invitation for a lawyer-client relationship, must not rely on information provided herein and must seek independent advice. Transmission, receipt or use of any information on this website does not constitute or create a lawyer-client relationship. No recipients of content from this website should act or refrain from acting, based upon any or all of the contents of this website.

Furthermore, Juris Corp does not wish to represent anyone desiring representation based solely upon viewing this web site. Finally, the reader is warned that the use of e-mail for confidential or sensitive information is susceptible to inherent risks of lack of confidentiality associated with sending e-mail over the internet.

By clicking on the "I understand and agree" button below, the user acknowledges that:

  • This website is not a mode of advertisement, promotion, personal communication, or solicitation of any sort whatsoever and the user wishes to gain information about us for his/her own reasons;
  • Entering into this website does not establish a lawyer-client relationship.

We are not liable for any consequence of any action taken by the user relying on information provided under this website. In cases where the user has any legal issues, he/she must seek independent legal advice.

JC - Legal Updates - SEBI’s Voluntary Delisting Mechanism for NCDs

Legal Updates

12 Sep 2023

SEBI’s Voluntary Delisting Mechanism for NCDs

Brief Overview:
Securities and Exchange Board of India (“SEBI”) has introduced the mechanism for voluntary delisting of non-convertible debt securities (“NCDs”) and non-convertible redeemable preference shares (“NCRPS”).
Technical Details:
The summary of the process for delisting prescribed by SEBI is as follows:
1)   Passing of board resolution to the effect of proposed delisting;
2)   Seeking in-principle approval of proposed delisting within 15 working days from the date of board resolution from the relevant stock exchange;
3)   Disclosures in relation to the objects, cut-off date, etc. to be made to the stock exchanges and on the issuer’s website pertaining to delisting of the NCDs or NCRPS within 2 working days of receipt of in-principle approval;
4)    Provide notice of delisting to holders of NCDs or NCRPS within 3 working days of receipt of in-principle approval;
5)   Procuring consent from all holders of NCDs or NCRPS within 15 working days of the notice along with a no-objection letter from the Debenture Trustee;
6)   Application for final delisting within 5 working days from receipt of all necessary approvals and letters. The stock exchange shall dispose the application within 15 working days from receipt of the application; and
7)   This delisting mechanism shall be applicable to all listed NCDs and NCRPS except:
(a)  Publicly issued NCDs and NCRPs listed on the stock exchange,
(b)  Such NCDs and NCRPs having more than 200 holders (excluding QIBs), and
(c)  The NCDs or NCRPS have been delisted by the stock exchange due to any penalty / redemption or as per regulations of the insolvency code.
The above amendments have been introduced by way of an amendment to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to incorporate a new chapter on the voluntary delisting of NCDs or NCRPS.
For further details, please see:
For any queries / clarifications, please feel free to ping us and we will be happy to chat

●   Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com)
●   Mr. Smit Parekh (smit.parekh@jclex.com)
●   Mr. Mannan Gala (mannan.gala@jclex.com)