Reverse book building is essentially used for delisting of shares under SEBI (delisting of Securities) guidelines 2003. Securities and Exchange Board of India has issued the SEBI (Delisting of Securities) Guidelines 2003’ for delisting of shares from stock exchanges. The guidelines inter alia provide the overall framework for voluntary delisting by a promoter. In accordance with the guidelines for the first time in India the stock exchanges now provide online reverse book building for promoter/acquirer through its trading network which spans various cities and towns across India. Exchanges operate a fully automated screen based bidding system that enables trading members to enter offers directly from their offices through a sophisticated telecommunication network.