Corporatisation and demutualisation mandated with public majority shareholding and capped trading member voting rights, plus governance obligations. The Scheme mandates conversion of MSEA into Magadh Stock Exchange Limited, separating ownership from trading rights, prescribing equity subscription and allotment, limiting representation of Members and Trading Members on the Governing Board, capping voting rights of trading member shareholders, requiring a public majority shareholding, providing for transfer of clearing functions to a recognised clearing corporation, restricting use of pre existing assets and reserves to specified liabilities and exchange business, and imposing continuing compliance and reporting obligations with SEBI oversight.