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Our Bureau

Mumbai, Nov. 5 The draft framework for stock exchanges for Small and Medium Enterprises issued by SEBI says these exchanges should become demutualised entities within one to two years from commencement of operations.

“The proposed stock exchange should be set up as a corporatised entity since inception,” said a news release issued by SEBI.

The exchanges should have a balance sheet of at least Rs 100 crore. The minimum trading lot is Rs 1 lakh. The trading system will be either order-driven or quote-driven.

Other general requirements for stock exchanges would apply to the SME exchanges too. The trading members should be registered with both the exchanges and SEBI. The exchanges should have nationwide terminals and an online surveillance capability. Information on trades and quotes should be disseminated to by the exchange in real time to at least two information vending networks accessible to investors in the country.

The market regulator had, in May of this year, released a discussion paper on developing a market for SMEs in India.

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