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<h1>SEBI Regulation 94: Stock Exchanges Must Forward Draft Schemes to SEBI and Issue No-Objection Letters Within Deadlines.</h1> Regulation 94 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 outlines the duties of recognized stock exchanges regarding draft schemes of arrangement for entities with listed securities. The designated stock exchange must forward draft schemes to SEBI and issue a No-Objection Letter within specified timeframes after ensuring compliance with securities laws. The validity of this letter is six months. Any objections must be reported to the Court or Tribunal during approval. After the Court or Tribunal sanctions the scheme, the stock exchange forwards its recommendations to SEBI. Recent amendments have omitted certain terms previously used in these processes.