sebi:WTM/RKA/MRD/166/2014
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Facts / Headnote
Exit allowed
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 47
- s. 4B(6)
Parties
- Ludhiana Stock Exchange Limited
Holding
SEBI allowed the exit of Ludhiana Stock Exchange Limited as a stock exchange under clause 8 of the Exit Circular, 2012 and directed it to comply with tax obligations, its undertakings, consequential exit conditions, change of name, vanishing-company reporting and expeditious pursuit of the CPF tax appeal.
Full text
Exit Order in respect of Ludhiana Stock Exchange Limited Page 2 of 6 vide letter dated February 12, 2014, SEBI informed LSE that its application for renewal of recognition could not be processed as LSE's application for voluntary exit was under process.
Exit Order in respect of Ludhiana Stock Exchange Limited Page 3 of 6 dissemination board will give wide publicity about the dissemination board in one leading national daily and one local daily. (f) The exiting stock exchange shall set aside sufficient funds in order to provide for settlement of any claims, pertaining to pending arbitration cases, arbitration awards, not implemented, if any, liabilities/claims of contingent nature, if any, and unresolved investor complaints/grievances lying with it. (g) The exiting exchange may provide trading opportunity to their trading members to trade on stock exchanges having nationwide terminals through their subsidiary company, which will function as a normal broking entity.
Exit Order in respect of Ludhiana Stock Exchange Limited Page 4 of 6 9. The corporatisation and demutualisation scheme of LSE was approved by SEBI vide notification F. No. SEBI/MRD/49403/2005 dated September 15, 2005 (hereinafter referred as "the scheme"). The scheme, inter alia, provided for the segregation of ownership and management from the trading rights of the members, restriction on voting rights of shareholders who are also trading members, composition of the Governing Board, etc. in accordance with the provisions of section 4B(6) of the SCRA, utilization of assets and reserves and other matters required for the purpose of and in connection with the corporatisation and demutualisation of LSE.
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Source: SecMarx — sebi:WTM/RKA/MRD/166/2014. 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.