The Hindu Business Line : LS approves Bill on corporatisation of stock exchanges

THE Lok Sabha today approved the Securities Laws (Amendment) Bill, 2004 to provide for the corporatisation and demutualisation of all recognised stock exchanges.

Replying to a brief discussion on the Bill, the Finance Minister, Mr P. Chidambaram, said that retail investors were the `driving force' of any stock market and the proposed legislation would encourage their increased participation.

Mr Chidambaram said that once the Bill becomes a law, all stock exchanges would be required to submit a scheme for corporatisation and demutualisation to the Securities and Exchange Board of India (SEBI).

The scheme would have to be submitted within a time frame specified by the SEBI.

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