sebi:WTM/RKA/MRD/20/2015
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Facts / Headnote
Exit allowed - exit of Jaipur Stock Exchange Limited as a stock exchange granted with directions
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 47
- s. 4B(6)
Holding
SEBI allowed the exit of Jaipur Stock Exchange Limited as a stock exchange in terms of clause 8 of the Exit Circular, 2012, directing JSEL to comply with tax obligations, undertakings given to SEBI, consequential conditions of the 2012 Exit Circular, and to change its name to remove the expression Stock Exchange.
Full text
Exit Order in respect of Jaipur Stock Exchange Limited Page 2 of 6 letter dated April 09, 2014 thereby informing that the shareholders of JSEL at the Extra Ordinary General Meeting held on April 05, 2014, approved the resolution for exit through voluntary surrender of recognition as per the Exit Circular, 2012.
Exit Order in respect of Jaipur Stock Exchange Limited Page 3 of 6 (e). The companies exclusively listed on the stock exchange 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 Jaipur Stock Exchange Limited Page 4 of 6 demutualization, the following recommendation of the Justice Kania Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutualised stock exchanges is worth mentioning:
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Source: SecMarx — sebi:WTM/RKA/MRD/20/2015. 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.