Lawgist4ACorporatisation and demutualisation of stock exchanges
1[4A. Corporatisation and demutualisation of stock exchanges.--On and from the appointed date, all recognised stock exchanges (if not corporatised and demutualised before the appointed date) shall be corporatised and demutualised in accordance with the provisions contained in section 4B:
Provided that the Securities and Exchange Board of India may, if it is satisfied that any recognised stock exchange was prevented by sufficient cause from being corporatised and demutualised on or after the appointed date, specify another appointed date in respect of that recognised stock exchange and such recognised stock exchange may continue as such before such appointed date.
Explanation.--For the purposes of this section, "appointed date" means the date which the Securities and Exchange Board of India may, by notification in the Official Gazette, appoint and different appointed dates may be appointed for different recognised stock exchanges.]
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1. Ins. by Act 1 of 2005, s. 3 (w.e.f. 12-10-2004).
- 3 Application for recognition of stock exchanges
- 4 Grant of recognition to stock exchanges
- 4A Corporatisation and demutualisation of stock exchanges
- 4B Procedure for corporatisation and demutualisation
- 5 Withdrawal of recognition
- 6 Power of Central Government to call for periodical returns or direct inquiries to be made
- 7 Annual reports to be furnished to the Central Government by stock exchanges
- 7A Power of recognised stock exchange to make rules restricting voting rights, etc
- 8 Power of Central Government to direct rules to be made or to make rules
- 8A Clearing corporation
- 9 Power of recognised stock exchanges to make bye-laws
- 10 Power of Securities and Exchange Board of India to make or amend bye-laws of recognised stock exchanges
- 11 Power of Central Government to supersede governing body of a recognised stock exchange
- 12 Power to suspend business of recognised stock exchanges
- 12A Power to issue directions
