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SEBI asks SEs to submit scheme for demutualisation

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MUMBAI, Feb. 4

THE Securities and Exchange Board of India (SEBI) today asked the stock exchanges to submit a scheme, together with changes in rules, bye-laws and Articles for corporatisation and demutualisation of stock exchanges on the lines of the recommendations of the Justice Kania Group.

SEBI, in a circular, asked the exchanges to submit the scheme within six months for its approval.

The move is aimed at expediting the process for corporatisation and demutualisation. The circular further said some of the recommendations of the group, as approved by the SEBI Board, would require legislative changes and the regulator has taken up the issue with the Union Government.

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