Mumbai : As industry opposition mounts against new delisting norms wherein promoters planning to take their company private have to secure the consent of 25 per cent of public shareholders, capital market regulator Sebi today indicated that it is ready to have a re-look at them. Sebi norms issued last month, which mandate participation of at least 25 per cent public shareholders in the delisting process, has also drawn criticism from market participants.

“There is one particular aspect of the new delisting… We will have a relook at it, but first we will wait for some time to see how it pans out,” Sebi chairman Upendra Kumar Sinha told investment bankers.

Sebi board had on November 19 approved revamped norms that aim to reduce the time taken by the delisting process by about half, from minimum 137 days at present, to make the regulatory framework more effective.

“Timelines for completing the delisting process has been reduced from 137 calendar days (around 117 working days) to 76 working days,” the regulator had said. Apart from reducing the timeline, Sebi has decided to retain the reverse book-building process for discovering the price of shares for the purpose of delisting.

But at the same time, it also mandated that for the delisting to be successful, at least 25 per cent of retail shareholders should tender their shares.

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