South Korea's tougher delisting regime is facing legal and industry resistance after two KOSPI-listed companies and one KOSDAQ-listed company sought injunctions against the Korea Exchange. The firms argue that market-cap thresholds were accelerated by six months without adequate notice, undermining regulatory predictability. The Seoul Southern District Court is scheduled to hold its first hearing on the 21st. The exchange designated 36 companies as administrative issues on the 12th, while 39 companies have been designated this month under rules covering shares below 1,000 won and market-cap shortfalls. Separately, five actively managed ETFs have been removed from the market in two months after failing to maintain a correlation coefficient of at least 0.7 with their benchmark indexes. The disputes are reviving questions about proportionality, investor protection and whether uniform standards account for market conditions and active-management strategies.