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Mumbai, Sept. 3 SEBI has withdrawn recognition granted to the Hyderabad Stock Exchange Ltd (HSE) as it failed to dilute 51 per cent of its equity share capital to public other than shareholders. Consequently, the recognition granted to HSE has been cancelled with effect from August 29, 2007, said a release from SEBI.

As per the Securities Contract Regulation Act, every recognised stock exchange whose scheme for corporatisation and demutualisation has been approved by SEBI has to ensure at least 51 per cent of its equity share capital is held by the general, within 24 months from the date of publication of the scheme.

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