sebi:WTM/RKA/MRD/50/2015

SEBI · SEBI · Rajeev Kumar Agarwal, Whole Time Member

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Facts / Headnote

Exit of Madhya Pradesh Stock Exchange Limited as a stock exchange allowed, subject to conditions.

Provisions invoked

• s. 19
• s. 11(1)
• s. 11(2)
• s. 45
• s. 47
• s. 4B(6)

Parties

• Madhya Pradesh Stock Exchange Limited

Holding

SEBI allowed the exit of Madhya Pradesh Stock Exchange Limited as a stock exchange, subject to conditions including compliance with tax obligations, undertakings given to SEBI, other conditions of the 2012 Exit Circular, change of name, and provision of information on vanishing companies to the Ministry of Corporate Affairs.

Full text

Exit Order in respect of Madhya Pradesh Stock Exchange Limited Page 2 of 6 appointed by SEBI shall submit its report. (c) The quantum of assets for distribution will be available after payment of the following by the stock exchange: (i) Statutory dues including Income Tax; (ii) Transfer of Investor Protection Fund, Investor Services Fund, 1% security deposit available with the Exchange to SEBI Investor Protection and Education Fund (hereinafter referred to as the 'IPEF'); (iii) The exiting exchange shall pay the following dues to SEBI:-  Dues outstanding to SEBI including 10% of the listing fee and the annual regulatory fee;  The outstanding registration fees of brokers/trading members of such de- recognised stock exchanges as specified in the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, till the date of such de-recognition;  In case of any shortfall in collection of dues of the brokers to SEBI, the exiting Stock Exchange will make good the shortfall;

Exit Order in respect of Madhya Pradesh Stock Exchange Limited Page 3 of 6 subsidiary company. (h) 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 Madhya Pradesh Stock Exchange Limited Page 4 of 6 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 MPSE.

Source: SecMarx — sebi:WTM/RKA/MRD/50/2015. 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.