Listing is permission, not a property
A share trades because an exchange has admitted it and the company keeps meeting the conditions of that admission — filing results on time, disclosing what it must, maintaining enough public shareholding.
Listing is a standing arrangement between the company and the exchange. It is renewed by conduct, and it can be withdrawn.
Owning a share and being able to sell it are two separate things.
Three ways trading stops
Tap each one. Your shares survive all three — what changes is whether there is anyone to sell them to.
The distinction that matters is whether someone is obliged to offer you an exit.
Why compulsory delisting is the bad one
In a voluntary delisting there is a buyer by design: the promoters want your shares, and the rules make them offer for them. There is a process, a price, and a window.
In a compulsory delisting nobody wants anything. The share is off the exchange, the daily market is gone, and what remains is a private holding in a company that was removed for failing to follow rules.
A company you hold is compulsorily delisted. What happens to your shares?
All of this — the conditions, the risks, the exit terms — is written down before you ever buy into a public issue. It is written down at enormous length.