sebi:WTM/SKM/MRD/19/2019
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Exit allowed to Magadh Stock Exchange Limited (derecognised) as a stock exchange, subject to compliance with tax obligations, undertakings, and other conditions of the Exit Circular, 2012.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
- s. 45
- s. 4B
- s. 47
Parties
- Magadh Stock Exchange Limited (derecognised)
Holding
SEBI allowed the exit of Magadh Stock Exchange Limited (derecognised) as a stock exchange, directing it to comply with its tax obligations, undertakings given to SEBI, and other consequential conditions of the Exit Circular, 2012, including changing its name and paying outstanding dues.
Full text
Exit Order in respect of Magadh Stock Exchange Limited (derecognised) Page 2 of 8 recognised/non-operational stock exchanges seeking exit are, inter alia, required to, comply with the following conditions: (a). Distribution of its assets subject to certain conditions as laid down in the Exit Circular as well as the other guidelines that may be issued by SEBI, Governments or any other statutory body from time to time.
Exit Order in respect of Magadh Stock Exchange Limited (derecognised) Page 3 of 8 (e). The companies exclusively listed on a stock exchange which is 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 recognised Stock Exchange with nationwide trading terminals. The exiting stock exchange as well as the exchange providing dissemination board to the listed companies of the exiting exchange will give wide publicity about the dissemination board in one leading national daily and one local daily.
Exit Order in respect of Magadh Stock Exchange Limited (derecognised) Page 4 of 8 of individuals is succeeded by such company: Provided that – … (e) the demutualisation or corporatisation of a recognised stock exchange in India is carried out in accordance with a scheme for demutualisation or corporatisation which is approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SKM/MRD/19/2019. 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.