Demutualisation framework: corporatisation of exchange with public majority shareholding and limits on trading member voting rights. SEBI approved SKSE's corporatisation and demutualisation Scheme under Section 4B SCRA, requiring segregation of ownership and management from trading rights, allotment of equity to members, incorporation of Scheme provisions into SKSE's constitutional documents, governing board composition limits including trading members' representation and ex officio CEO status, uniform admission standards and rights for Trading Members, a public majority shareholding requirement excluding trading shareholders, a cap on voting power of shareholder trading members, transfer of clearing functions to a recognised clearing corporation with SEBI approval, restrictions on use of assets and reserves, and ongoing compliance and reporting to SEBI.