sebi:WTM/RKA/MRD/28/2015
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Facts / Headnote
Exit granted
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 47
- s. 4B(6)
Holding
SEBI allowed the exit of Pune Stock Exchange Limited as a stock exchange in terms of clause 8 of the Exit Circular, 2012, directing it to comply with tax obligations, its undertakings, other consequential exit conditions, and to change its name to remove the expression Stock Exchange.
Full text
Exit Order in respect of Pune Stock Exchange Limited Page 2 of 6 5. PSE vide letter dated June 19, 2014 made an application for renewal of its recognition under section-3 of the SCRA read with rule 7 of the SCRR. In this regard, vide letter dated July 02, 2014, SEBI informed PSE that its application for renewal of recognition could not be processed as PSE's application for voluntary exit was under process.
Exit Order in respect of Pune Stock Exchange Limited Page 3 of 6 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. (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 Pune Stock Exchange Limited Page 4 of 6 when these are distributed to shareholders as dividend at the net applicable tax rate; equally all future profits of the stock exchange after it becomes a for profit company may be taxed”.
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Source: SecMarx — sebi:WTM/RKA/MRD/28/2015. 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.