Demutualisation of stock exchange: separate ownership from trading rights, restrict member voting and ensure public majority shareholding. Approval is granted for Bhubaneswar Stock Exchange's conversion into a company limited by shares and implementation of corporatisation and demutualisation measures: Members are allotted fully paid equity shares for conversion; trading rights are separable from ownership and governed by uniform admission standards; Trading Member representation on the Governing Board is limited and the Chief Executive is ex officio; Trading Members' collective voting is capped and public shareholding must constitute a majority; clearing functions must be transferred to a recognised Clearing Corporation within the prescribed period; assets and reserves are restricted to exchange liabilities and operations; compliance reporting to the regulator is required.