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of <h1>Regulation 19 mandates fit and proper criteria for shareholders in stock exchanges; exemptions and approvals outlined for compliance.</h1> Regulation 19 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 stipulates that individuals or entities must be deemed fit and proper to acquire or hold equity shares or voting rights in recognized stock exchanges or clearing corporations. Stock exchanges and clearing corporations are responsible for ensuring shareholder compliance. Shareholders holding less than two percent of shares are exempt from this requirement. Those wishing to hold more than five percent must obtain prior approval from the Board. Shareholders with two percent or more must annually declare compliance with fit and proper criteria.
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