Section 21(3) in Securities Contracts (Regulation) Rules, 1957
(3)A recognized stock exchange may, on the request of the company, delist any securities listed thereon in accordance with the regulations made under the Act by Securities and Exchange Board of India, subject to the following conditions, namely :-(a)the securities of the company have been listed for a minimum period of three years on the recognized stock exchange;(b)the delisting of such securities has been approved by the two-third of public shareholders; and(c)the company, promoter and/ or the director of the company purchase the outstanding securities from those holders who wish to sell them at a price determined in accordance with regulations made by Securities and Exchange Board of India under the Act:Provided that the condition at (c) may be dispensed with by Securities and Exchange Board of India if the securities remain listed at least on the National Stock Exchange of India Limited or the Bombay Stock Exchange Limited.] [Inserted by the Securities Contracts (Regulation) (Second Amendment) Rules, 2010, w.e.f. 09.08.2010.]Form A(See Rules 3 and 7)Application for recognition/ renewal of recognition of a stock exchange under section 3 of the Securities Contracts (Regulation) Act, 1956To............................................................................Subject:- Application for recognition/ renewal of recognition of a stock exchange under section 3 of the Securities Contracts (Regulation) Act, 1956.Sir,Pursuant to the [Securities and Exchange Board of India] [Substituted for 'Central Government' by the Securities Contracts (Regulation) (Amendment) Rules, 1996, w.e.f. 23.12.1996.] Notification No. .......................... ................. dated ................................./ Certificate of recognition dated ............................. We/ I on behalf of .................. (name and address of stock exchange) being a stock exchange as defined in section 2 of the Securities Contracts (Regulation) Act, 1956 hereby apply for recognition/ renewal of recognition for the purposes of the said Act in respect of contracts in securities.
