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July 9, 2002 | 1131 IST
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Sebi to frame new delisting norms

The Securities and Exchange Board of India will soon come out with new rules that make it easier for firms to delist from stock exchanges, the capital market regulator's chairman said on Monday.

"When there is an entry, there should be an exit also," Sebi chairman G N Bajpai told a business conference in Kolkata.

"But when the exit takes place, what has to be ensured is that the capital markets and the small investors are not hurt."

Indian laws currently stipulate that a firm acquiring another can delist the target firm if the acquirer's holding crossed 90 per cent, which analysts say could be difficult to achieve.

"The number one factor is price. The investor might feel that the company is offering a low price," said a Kolkata-based analyst.

"The investor also feels the company could do well in future and would like to hold on to the shares."

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