Shareholding limits in recognised clearing corporations restrict exchange majority and cap resident and foreign holdings. Regulation 18 prescribes that a recognised clearing corporation's paid up equity must be majority held by one or more recognised stock exchanges, with additional caps: individual recognised stock exchanges cannot hold more than fifteen percent in more than one clearing corporation; resident persons (other than exchanges) are generally limited to five percent, except certain financial institutions which may hold up to fifteen percent; similarly defined foreign entities may hold up to fifteen percent individually, and combined non resident holdings are capped at forty nine percent, subject to Central Government limits.