Journals › Basic Terminologies
Voluntary aur compulsory delisting, reverse book building, aur shareholder ke options
Published by The Retail Trader · AUG 09, 2026 · Market Basics
Delisting ka matlab hai ki company ke shares ab exchange par trade nahi honge. Aapki ownership khatam nahi hoti, par usse bechne ka aasan raasta khatam ho jaata hai — aur yahi asli risk hai.
Voluntary delisting mein promoter khud public shareholding wapas kharid kar company ko exchange se hataana chahta hai. Yahan price reverse book building se banta hai, jahan shareholders apna price offer karte hain.
Compulsory delisting saza ke taur par hoti hai, jab company lagataar rules ya filings mein fail rehti hai. Yahan shareholder ke liye koi acha outcome nahi hota.
Delisting ke door mein ye options aur limits hoti hain:
• Offer mein apne share tender kiye ja sakte hain, agar price theek lage.
• Tender na karne par share aapke paas rehte hain, par unlisted ho kar.
• Unlisted share bechne ke liye buyer khud dhoondhna padta hai, aur valuation par kaabu nahi hota.
• Compulsory delisting ke baad promoter par exit offer ka obligation hota hai, par wo process lamba hota hai.
Bahut chhoti aur kam trade hone wali companies mein delisting ek real possibility hai, sirf ek theory nahi. Illiquid naam mein position lete waqt sirf upar ka scenario nahi, exit ka raasta bhi dekh lena chahiye.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.