Transfer of membership right in a stock exchange treated as non transfer where demutualisation grants shares and trading rights. Section 47(xiiia) treats a membership right of a recognised stock exchange exchanged for equity shares and trading or clearing rights under a SEBI approved demutualisation or corporatisation scheme as not a transfer for capital gains purposes. The membership right is the capital asset with cost nil. The cost of acquisition of allotted equity shares is the cost to acquire the membership right; the cost of acquisition of trading/clearing rights is nil.