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<h1>SEBI Approves Demutualisation of Ludhiana Stock Exchange: Ownership Separation, Voting Limits, and Public Equity Mandates.</h1> The Securities and Exchange Board of India (SEBI) has approved a demutualisation scheme for the Ludhiana Stock Exchange Association Limited (LSE) under the Securities Contracts (Regulation) Act, 1956. The scheme mandates the separation of ownership and management from trading rights, limits voting rights for trading members, and outlines the composition of the Governing Board. LSE must ensure public ownership of at least 51% of its equity shares and transfer clearing and settlement functions to a recognized Clearing Corporation within two years. Compliance with the scheme's provisions is mandatory, and SEBI retains the right to amend the scheme as necessary.