Withdrawal of recognition: government or regulator may revoke stock exchange status after notice and hearing, preserving existing contracts. Withdrawal of recognition may be ordered where the government or regulator deems it necessary in the interest of trade or the public, subject to written notice, stated reasons and an opportunity for the exchange's governing body to be heard; the notification may provide, after consultation with the exchange, for due performance of outstanding contracts and does not affect validity of contracts entered into before notification. Recognition also stands withdrawn if the exchange fails to corporatise or demutualise, fails to submit the required scheme in time, or the regulator rejects the scheme, with the regulator empowered to specify transitional provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withdrawal of recognition: government or regulator may revoke stock exchange status after notice and hearing, preserving existing contracts.
Withdrawal of recognition may be ordered where the government or regulator deems it necessary in the interest of trade or the public, subject to written notice, stated reasons and an opportunity for the exchange's governing body to be heard; the notification may provide, after consultation with the exchange, for due performance of outstanding contracts and does not affect validity of contracts entered into before notification. Recognition also stands withdrawn if the exchange fails to corporatise or demutualise, fails to submit the required scheme in time, or the regulator rejects the scheme, with the regulator empowered to specify transitional provisions.
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