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Securities and Exchange Board of India

General Manager
Secondary Market Department
e-mail :

February 17, 2003

The Executive Director/Managing Director of all Stock Exchanges

Dear Sir/Madam,

Sub: Scurities and Exchange Board of India (Delisting of Securities) Guidelines 2003

SEBI had appointed a Committee on Delisting of Shares to inter-alia examine and review the present conditions for delisting of securities of companies listed on the recognized stock exchanges and suggest norms and procedures in connection therewith. The Report of the Committee was considered and accepted by SEBI Board.

Pursuant to the above Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003, has been issued (Copy enclosed). These guidelines shall come into effect immediately.

With coming into effect of the above guidelines, the extant guidelines with regard to delisting issued by SEBI vide Circular No. SMD/POLICY/CIR-14/98 dated April 29, 1998 stands withdrawn.

Steps are being taken for withdrawal of the Government of India Circular F.No. 14(2)/SE/85 dated September 23, 1985 issued by Ministry of Finance, providing for listing at regional stock exchanges.

You are advised to take appropriate action immediately.

Yours faithfully,


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