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of <h1>SEBI Issues Exit Policy for De-Recognized Stock Exchanges; Guidelines on Asset Distribution and Investor Protection Fund Contribution.</h1> The circular outlines the exit policy for de-recognized or non-operational stock exchanges by the Securities and Exchange Board of India (SEBI). Exchanges with annual trading turnover below Rs. 1000 Crore can voluntarily surrender recognition within two years or face compulsory de-recognition. Exclusively listed companies must seek listing on other exchanges or be moved to a dissemination board. De-recognized exchanges can distribute assets under SEBI guidelines, contributing up to 20% to the Investor Protection and Education Fund. Exchanges must transfer investor protection funds to SEBI and settle dues. The policy applies to recognized, de-recognized, and exiting exchanges.
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