Clearing corporation transfer: exchange may transfer clearing house functions with regulator approval and applicable exchange provisions. Authorises a recognised stock exchange, with prior SEBI approval, to transfer clearing house duties to a clearing corporation (a company) for settlement of contracts, delivery and payment of securities and related matters. The clearing corporation must make bye laws and submit them to SEBI for approval; SEBI may approve the bye laws and transfer if satisfied it serves trade and public interest. Sections 4-12 shall, as far as may be, apply to the clearing corporation as they apply to a recognised stock exchange.
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.
Clearing corporation transfer: exchange may transfer clearing house functions with regulator approval and applicable exchange provisions.
Authorises a recognised stock exchange, with prior SEBI approval, to transfer clearing house duties to a clearing corporation (a company) for settlement of contracts, delivery and payment of securities and related matters. The clearing corporation must make bye laws and submit them to SEBI for approval; SEBI may approve the bye laws and transfer if satisfied it serves trade and public interest. Sections 4-12 shall, as far as may be, apply to the clearing corporation as they apply to a recognised stock exchange.
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