Section 290 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
290. Exit of issuers whose securities are trading without making a public offer.
- An issuer whose specified securities are traded on the [innovators growth platform] [Substituted 'institutional trading platform' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).] without making a public issue may exit from that platform, if -(a)its shareholders approve such an exit by passing a special resolution through postal ballot where ninety per cent of the total votes and the majority of non-promoter votes have been cast in favor of such proposal; and(b)the recognised stock exchange where its shares are listed approves of such an exit.
