Demutualisation: approved scheme separates ownership from trading rights and limits trading-member control while requiring compliance. Approval is granted to JSEL's corporatisation and demutualisation scheme, which separates ownership and management from trading rights, prescribes allotment of equity to members, requires incorporation of Scheme provisions into constitutional documents, limits trading-member representation on the Governing Board to one-fourth with the chief executive as ex officio director, caps voting rights of shareholders who are trading members, mandates a majority public shareholding excluding trading-right holders, standardizes admission and rights of trading members, restricts use of assets and reserves to pre Scheme liabilities and exchange operations, and requires transfer of clearing functions and regulator-directed compliance reporting.