sebi:WTM/RKA/MRD/25/2015
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Facts / Headnote
Exit allowed
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Holding
SEBI allowed the exit of OTC Exchange of India as a stock exchange in terms of clause 8 of the Exit Circular, 2012, and directed OTCEI to comply with its tax obligations under the Income Tax Act, 1961, its undertakings to SEBI, and other consequential conditions of the 2012 Exit Circular.
Full text
Exit Order in respect of OTC Exchange of India Page 2 of 5 5. Accordingly, I proceed to deal with the exit request of the OTCEI in terms of clause 2.2 of the Exit Circular, 2012. I note that as per the Exit Circular, 2012, inter alia, following conditions are required to be complied with by the de-recognised/non-operational stock exchanges for seeking exit:
Exit Order in respect of OTC Exchange of India Page 3 of 5 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.
Exit Order in respect of OTC Exchange of India Page 4 of 5 circular no. CIR/MRD/DSA/18/2014 dated May 22, 2014 and other circular/directions issued by SEBI from time to time. It has further undertaken to extend all the co-operation to SEBI and other regulatory authorities with regards to any matters/issues that may arise subsequently.
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Source: SecMarx — sebi:WTM/RKA/MRD/25/2015. 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.