Compulsory Delisting of 10 Companies Effective December 15, 2025

Description

BSE announces compulsory delisting of 10 companies suspended for over 6 months, including Aneri Fincap, Channel Nine Entertainment, and others, effective December 15, 2025.

Summary

BSE has announced the compulsory delisting of 10 companies that have remained suspended for more than 6 months. The delisting will be effective from December 15, 2025, pursuant to orders of the Delisting Committee under SEBI (Delisting of Equity Shares) Regulations, 2021. The affected companies will cease trading, and their promoters face significant restrictions including a 10-year ban from securities markets and mandatory obligation to provide exit offers to public shareholders at fair value determined by independent valuers.

Key Points

• 10 companies to be delisted from BSE effective December 15, 2025
• Companies have been suspended for more than 6 months
• Delisting ordered by BSE Delisting Committee under SEBI Regulations, 2021
• Securities will cease to be listed and unavailable for trading
• Promoters, whole-time directors, and compliance officers face 10-year ban from securities market access and cannot seek new listings
• Promoters must purchase shares from public shareholders at fair value determined by independent valuer
• For positive fair value companies: promoter shares cannot be transferred/pledged and corporate benefits frozen until exit offer completed
• Promoters and directors ineligible to become directors of any listed company until exit provided
• Companies to be moved to Dissemination Board of the Exchange

Regulatory Changes

No new regulatory changes introduced. This circular implements existing provisions under SEBI (Delisting of Equity Shares) Regulations, 2021, specifically:

• Regulation 34(1): 10-year market access ban for delisted companies and their promoters
• Regulation 34(2): Transfer restrictions and benefit freezes on promoter shareholding
• Regulation 33(4): Mandatory exit offer requirements

Compliance Requirements

For Delisted Companies:

• Companies will be moved to Dissemination Board of BSE
• Cannot access securities market for 10 years
• Cannot seek listing of any equity shares for 10 years

For Promoters:

• Must provide exit option to public shareholders at fair value determined by independent valuer appointed by BSE
• Cannot transfer, sell, or pledge equity shares held until exit offer completed (for positive fair value companies)
• Corporate benefits (dividend, rights, bonus, split) frozen on promoter shares until exit compliance
• Cannot act as intermediary in securities market for 10 years
• Cannot become directors of any listed company until exit offer provided

For Whole-time Directors and Compliance Officers:

• 10-year ban from accessing securities market
• Cannot become directors of any listed company until exit offer provided

For Depositories:

• Must not effect transfer of promoter/promoter group equity shares until exit compliance certified by stock exchange

Important Dates

• Notice Date: December 11, 2025
• Delisting Effective Date: December 15, 2025
• Market Access Ban Period: 10 years from December 15, 2025
• Public Notice: To be issued shortly with fair value details from independent valuer

Impact Assessment

Market Impact:

• 10 companies permanently removed from trading platform
• Investors holding shares in these companies will need to await exit offer from promoters
• Trading ceases completely for all 10 securities

Investor Impact:

• Public shareholders entitled to exit at fair value determined by independent valuer
• No immediate liquidity until promoters provide exit mechanism
• Protection through mandatory buyback obligation on promoters

Promoter Impact:

• Severe restrictions including 10-year exclusion from capital markets
• Financial obligation to purchase all public shares at fair value
• Complete freeze on promoter shareholding rights and benefits until exit completed
• Reputational damage and loss of directorship opportunities

Operational Impact:

• Companies cannot raise capital through securities market for 10 years
• Restricted from promoting new ventures seeking listing
• Companies moved to Dissemination Board for information purposes only

Companies Affected

Contact Information

For clarifications, contact: bse.delistscn@bseindia.com

Issued by:

• Netra Sahani, Deputy Vice President, Listing Compliance
• Manish Raval, Manager, Listing Compliance

Impact Justification

Permanent delisting of 10 companies with severe consequences including 10-year market access ban for promoters and directors, mandatory exit offers, and transfer restrictions on promoter shares.