Voluntary delisting allows companies to voluntarily delist their shares from stock exchanges to reduce costs and regulatory burdens. The document discusses the costs of maintaining a stock exchange listing and the process for voluntary delisting according to SEBI guidelines. Companies can delist by obtaining shareholder approval, appointing a merchant banker, announcing an exit option for shareholders through reverse book building to determine an exit price, and applying to stock exchanges for delisting. The process aims to provide a fair exit price to remaining public shareholders.