Restoration of listing status permitted upon payment of statutory dues and pending submission of RTA certificate.

In brief

The question

1. Whether the delisting order should be set aside and the listing status restored based on the Appellant’s substantial subsequent compliance with LODR Regulations.

The court held

The Tribunal disposed of the appeal by directing BSE Ltd. to restore the listing of the Company, subject to the Appellant submitting the RTA certificate within three working days.

It also directed

The Court held that BSE must direct the defreezing of the demat accounts of the promoters and promoter group once the certificate is submitted to allow trading.

Furthermore, if the Appellant fails to comply with all norms for revocation of suspension within four weeks of restoration, BSE is at liberty to restore the ‘delisting’ status.

No costs were awarded

01Facts

The Appellant, Betala Global Securities Limited, challenged an order dated February 24, 2025, passed by the BSE Delisting Committee and a subsequent notice dated May 26, 2025, directing the delisting of the company’s equity shares due to non-compliance with Listing Obligations and Disclosure Requirements (LODR) Regulations.

¶ 1

By May 07, 2026, the Appellant significantly complied with its defaults by paying outstanding Standard Operating Procedure (SOP) fines, Annual Listing Fees, Processing Fees, and Reinstatement Fees.

¶ 3

However, the Registrar and Transfer Agent (RTA) certificate remained outstanding in the prescribed format.

¶ 3

02Issues

i.1. Whether the delisting order should be set aside and the listing status restored based on the Appellant’s substantial subsequent compliance with LODR Regulations.

¶ 1-3

ii.2. Whether the demat accounts of the promoters should be defrozen to facilitate trading upon the submission of the remaining regulatory documents.

¶ 5(v)

03Law Applied

Securities Contracts (Regulation) Act, 1956 (“SCRA”)

p. 1

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) regarding the continuous obligations of listed entities

¶ 1

Regulatory framework governing the "revocation of suspension" of trading and the procedural requirements for delisting due to non-compliance

¶ 3-4

Provisions in the judgment · 2

The Securities Contracts (Regulation) Act, 1956 Section 22ASection 23L

04Reasoning

The Tribunal noted that the Appellant had cured the "major shortfalls" including the payment of all requisite fees and fines by May 07, 2026.

¶ 3

The Respondent (BSE) conceded that once the final technical requirement—the RTA certificate in the prescribed format—is submitted, the process to revoke the suspension could commence.

¶ 3

The Tribunal balanced the necessity of regulatory compliance with the principle of proportionality, allowing the company a window of four weeks to finalize all extant norms.

¶ 5(iv)

It explicitly linked the restoration of listing and the defreezing of promoter accounts to the specific act of submitting the RTA certificate, ensuring that the relief was contingent upon full procedural transparency.

¶ 5(ii) & (v)

05Holding

The Tribunal disposed of the appeal by directing BSE Ltd. to restore the listing of the Company, subject to the Appellant submitting the RTA certificate within three working days.

¶ 5(ii)

The Court held that BSE must direct the defreezing of the demat accounts of the promoters and promoter group once the certificate is submitted to allow trading.

¶ 5(v)

Furthermore, if the Appellant fails to comply with all norms for revocation of suspension within four weeks of restoration, BSE is at liberty to restore the ‘delisting’ status.

¶ 5(iv)

No costs were awarded

¶ 6

LawLens.Securities Appellate Tribunal

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