Securities market regulator SEBI has ordered the exit of the 17th stock exchange, Vadodara Stock Exchange.
The exit follows the exchange not complying to SEBI's guidelines (of May 12, 2012) on stock exchanges which requires them to have a continuing networth of Rs 100 crore, continuing annual turnover of at least Rs 1,000 crore besides having their own clearing corporation.
SEBI on May 30, 2012 had said that exchanges which do not comply with these norms would have to exit either on their own vide an application or face compulsory exit.
Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Gujarat are being intimated about the exit of VSEL, for appropriate action at their end, SEBI said.
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