Model rules for stock exchanges mandate implementation of core governance and bye laws, with exchanges to report compliance promptly. SEBI's Committee submitted Model Rules divided into four Parts: Part A (rules already effected via SEBI/GOI instruments), Part B (rules to be implemented by exchanges now), Part C (rules to await demutualisation/corporatisation) and Part D (rules requiring statutory/regulatory amendment). Exchanges are advised to implement Part B, may adopt Part A where material differences exist, seek approvals from their governing bodies, notify SEBI of implementation difficulties and submit a compliance report within the prescribed period. Prevailing SEBI/GOI provisions continue to govern overlapping matters.
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Provisions expressly mentioned in the judgment/order text.
Model rules for stock exchanges mandate implementation of core governance and bye laws, with exchanges to report compliance promptly.
SEBI's Committee submitted Model Rules divided into four Parts: Part A (rules already effected via SEBI/GOI instruments), Part B (rules to be implemented by exchanges now), Part C (rules to await demutualisation/corporatisation) and Part D (rules requiring statutory/regulatory amendment). Exchanges are advised to implement Part B, may adopt Part A where material differences exist, seek approvals from their governing bodies, notify SEBI of implementation difficulties and submit a compliance report within the prescribed period. Prevailing SEBI/GOI provisions continue to govern overlapping matters.
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