The Securities and Exchange Board of India (Sebi) is working on streamlining the delisting process in the Indian securities market. Currently, the reverse book-building process for delisting is complex and often dysfunctional. Sebi aims to make the process more adaptive to market dynamics by allowing acquirers to make a counter-offer even if they don t meet the 90% ownership threshold. The regulator also proposes connecting the counter-offer price to market dynamics and introducing the concept of "adjusted book value" to determine the floor price.