The Securities and Exchange Board of India (Sebi) is waiting for “more data’’ and clarity from market participants before an overhaul of its voluntary delisting norms.

Sebi chief Madhabi Puri Buch had recently said it may review the rules at its next board meeting. However, the board did not consider the proposal at its meeting on Saturday.

Buch then said they are seeking more data-driven inputs from the market as the suggestions have so far been patchy.

It is not clear when the board will consider changing the delisting regulations and whether there will be some modifications to the proposals suggested by a consultation paper in August.

The regulator has proposed that companies delist through a fixed price mechanism instead of the existing reverse book-building process.

In reverse book building, shareholders offer a price at which they are willing to sell their shares to the promoters or the large shareholders.

The rules say if the discovered price is acceptable to the acquirer, it will have to accept all the equity shares tendered by the public shareholders up to such discovered price; if not, the acquirer has the option of either making a counteroffer or rejecting the discovered price.

Sebi’s consultation paper has recommended changes in four areas: an alternative to reverse book-building in the fixed price delisting; modification in the counter-offer framework; determination of floor price; and review of the reference date for the floor price.

The paper said the announcement of delisting results in more volatility and increased speculative activities in a particular scrip.

Volatility occurs as the delisting price is not known as it is fixed through reverse book-building.

A fixed price will offer greater certainty to acquirers and shareholders.

Another proposal relates to insider trading. Sebi wants relaxations in trading plans by persons, who are perpetually in possession of unpublished price-sensitive information. It would enable persons such as senior management or key managerial personnel to trade in securities in a compliant manner.

```Since the introduction of trading plans in 2015, data and market feedback suggest that the current regulatory requirements in respect of trading plans are onerous and consequently, trading plans are not very popular,” Sebi said.