Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Markets
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Stock Exchanges SEBI okays corporatisation of Hyderabad SE Our Bureau
Hyderabad , Aug 31 THE Securities and Exchange Board of India has okayed the scheme for corporatisation and de-mutualisation of the Hyderabad Stock Exchange Ltd (HSEL). The scheme, inter alia, provides for the re-registration of HSEL as a company limited by shares, segregation of ownership and management from the trading rights of the members, restriction on voting rights of shareholders who are also trading members, composition of the Governing Board etc. The HSEL had, through its letter dated February 2 submitted a scheme for its corporatisation and demutualisation to SEBI in terms of sub-section (1) of section 4B of the Securities Contracts (Regulation) Act, 1956 SCRA. In response, the SEBI through its letter dated May 25 advised HSEL to submit a revised scheme taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005. After providing due information, interaction with the Executive Director and discussions, HSEL submitted a further revised scheme in June, 2005 in accordance with the provisions of the SCRA. SEBI, having considered the scheme and on being satisfied that it would be in the interest of the trade and also in the public interest okayed it, according to the HSEL
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