sebi:WTM/MPB/MRD/160/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Exit allowed to Ahmedabad Stock Exchange Limited as a stock exchange, subject to compliance with conditions.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 4B
- s. 47
Parties
- Ahmedabad Stock Exchange Limited
Holding
SEBI allowed the exit of Ahmedabad Stock Exchange Limited (ASEL) as a stock exchange, directing it to comply with its tax obligations, undertakings given to SEBI, other consequential conditions of the Exit Circular, 2012, change its name, provide information on vanishing companies to the Ministry of Corporate Affairs, and pay outstanding brokers' fees due to SEBI that are sub-judice.
Full text
Exit Order in respect of Ahmedabad Stock Exchange Limited Page 2 of 8 clause 2.2 of the Exit Circular. I note that as per the Exit Circular, the de- recognised/non-operational stock exchanges seeking exit have to, inter alia, comply with the following conditions:
Exit Order in respect of Ahmedabad Stock Exchange Limited Page 3 of 8 (e). The companies exclusively listed on the stock exchange and seeking exit shall list their securities on any other recognised stock exchange. If such exclusively listed companies fail to obtain listing on any other recognised stock exchange, they will cease to be listed companies and will be moved to the dissemination board by the exiting stock exchange. Such dissemination board would be provided by a Stock Exchange with nationwide trading terminals. The exiting stock exchange as well as exchange providing dissemination board will give wide publicity about the dissemination board in one leading national daily and one local daily.
Exit Order in respect of Ahmedabad Stock Exchange Limited Page 4 of 8 … (e) the demutualisation or corporatisation of a recognised stock exchange in India is carried out in accordance with a scheme for demutualisation or corporatisation which is approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MPB/MRD/160/2018. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.