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G Naga Sridhar

Hyderabad, Aug. 30 Trading at Hyderabad Stock Exchange (HSE) came to a halt for the second consecutive day on Thursday as it is now de-recognised as per the Securities Contracts Regulations 2006 notified by SEBI.

The 64-year-old HSE was required to complete the demutualisation scheme on or before August 28 and it failed to do so because of lack of response from investors to its offloading of 51 per cent of outstanding capital.

According to HSE officials the exchange had not received any formal communication from SEBI on its status. “But as per the Act, HSE was automatically deregistered from August 29. SEBI is not required to communicate the same immediately,” a source in HSE told Business Line.

The fate of SEBI-appointed directors on HSE board is also not clear. “They will cease to exist as directors from the moment of deregistration. But they are also awaiting formal communication from SEBI,” he said.

The exchange had called for expression of interests on June 17 by fixing July 31 as last date for receipt of final payment for bidding.

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