sebi:WTM/RKA/MRD/49/2015
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Facts / Headnote
Exit allowed to Uttar Pradesh Stock Exchange Limited as a stock exchange subject to conditions
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 4B
- s. 47
Parties
- Uttar Pradesh Stock Exchange Limited
Holding
SEBI allowed the exit of Uttar Pradesh Stock Exchange Limited as a stock exchange under clause 8 of the Exit Circular, 2012, subject to conditions including compliance with tax obligations, undertakings, and consequential conditions, and a direction to change its name.
Full text
Exit Order in respect of Uttar Pradesh Stock Exchange Limited Page 2 of 6 recognition as per the Exit Circular, 2012. 5. Accordingly, I proceed to deal with the exit request of UPSE in terms of clause 2.2 of the Exit Circular, 2012. I note that as per the Exit Circular, 2012, inter alia, the following conditions are required to be complied by the de-recognised/non-operational stock exchanges for seeking exit:
Exit Order in respect of Uttar Pradesh Stock Exchange Limited Page 3 of 6 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 Uttar Pradesh Stock Exchange Limited Page 4 of 6 there would be no objection to taxation of these reserves, in the hands of the shareholders 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/49/2015. 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.