Demutualisation of a stock exchange approved, requiring re-registration, ownership trading separation and voting and governance limits. SEBI approved ISE's corporatisation and demutualisation Scheme requiring re-registration as a company limited by shares, segregation of ownership and management from trading rights, incorporation of Scheme provisions into constitutional documents, allotment of equity to participating exchanges for re-registration, uniform admission standards for Trading Members while preserving pre-existing rights and liabilities, shareholding and voting constraints to ensure public ownership predominance and limit Trading Member voting power, governance composition limits with SEBI nomination rights, restrictions on asset utilisation, and transfer of clearing functions to a recognised clearing corporation within a prescribed period.