Form 25-NSE Filings

What Is SEC Form 25-NSE?

SEC Form 25-NSE is filed by a national securities exchange under Rule 12d2-2 of the Securities Exchange Act of 1934. Unlike standard Form 25 filings submitted in other delisting circumstances, Form 25-NSE is used when the exchange itself initiates the removal of a security from listing and registration.

This form is typically filed when a company no longer meets listing standards, has ceased operations, has entered bankruptcy, or when trading is suspended and ultimately terminated by the exchange. Form 25-NSE formally notifies the SEC and the public that the security will be removed from exchange trading and registration.

By filing Form 25-NSE, the exchange ensures that the delisting process follows SEC rules and that investors receive proper notice of the security’s removal from the public market. Researchers comparing different delisting records may also review Form 25 filings to follow exchange-listing removals and related deregistration activity.

Key elements typically found in SEC Form 25-NSE include:

• Name of the issuer and security being delisted
• Name of the national securities exchange filing the form
• Reason for delisting initiated by the exchange
• Date trading was suspended or ceased
• Effective date of delisting and deregistration
• Confirmation of compliance with SEC Rule 12d2-2

Material developments associated with a delisting may also appear in Form 8-K filings, allowing researchers to connect the exchange action with company disclosures about listing-status changes, bankruptcy, restructuring, or other significant events.

SEC Form 25-NSE Filing Deadlines

SEC Form 25-NSE follows the regulatory timing framework applicable to exchange-initiated delistings. The deadlines are tied to exchange action rather than a recurring issuer reporting schedule.

Delisting from a national securities exchange does not necessarily terminate every SEC reporting obligation.

Key Things to Know About Form 25-NSE Filing Rules

• Filed by the Exchange:
  Form 25-NSE is submitted by a national securities exchange rather than the issuing company.
• Often Involuntary:
  This filing can reflect an involuntary delisting, such as failure to satisfy exchange listing requirements or other circumstances leading the exchange to remove the security.
• Public Disclosure Requirement:
  The filing ensures investors are publicly notified when a security is removed from exchange trading.
• Does Not Immediately End All Reporting:
  Issuers may still have SEC reporting obligations after an exchange delisting, depending on their registration and reporting status.
• Used in Enforcement and Compliance Actions:
  Form 25-NSE may appear in filing histories involving prolonged trading halts, bankruptcies, listing-standard deficiencies, or other regulatory and compliance developments.

Investors researching the opposite end of a company’s public-market lifecycle can use the IPO Filings Tracker to follow companies entering the public markets through initial offering activity, while Form 25-NSE reflects securities being removed from exchange listing.