Appointment of Whole Time Member: Government appoints Dr. T. C. Nair with a fixed term and age cap.
Central Government appoints Dr. T. C. Nair as a Whole Time Member of the Securities and Exchange Board of India under Sub section (1) of Section 4 of the Securities and Exchange Board of India Act, 1992 and the Securities and Exchange Board of India (Terms and Conditions of Services of Chairman and Members) Rules, 1992, for a fixed tenure from assumption of charge subject to an upper age limit and until further orders.

Amendment to SEBI notification substitutes the government-appointed member, naming Dr. K.P. Krishnan as Member under law.
The Central Government, exercising powers under the SEBI Act, amends S.O. 147(E) by substituting the entry at serial number two to appoint Dr. K.P. Krishnan as Member, identified as Joint Secretary, Ministry of Finance, Department of Economic Affairs.

Renewal of recognition to a regional stock exchange conditioned on suspension of regulatory functions and Settlement Guarantee Fund approval.
Renewal of recognition to Magadh Stock Exchange Association, Patna, for one year beginning 11 December 2005 is granted under the Securities Contracts (Regulation) Act subject to conditions: the Exchange shall not regulate or control dealings in securities until further directions under SEBI's separate order, and shall commence trading only after obtaining SEBI's final approval for establishment of a Settlement Guarantee Fund.

Renewal of recognition granted subject to settlement guarantee fund approval and member base minimum capital compliance.
Renewal of recognition is granted to Coimbatore Stock Exchange Ltd. under the Securities Contracts (Regulation) Act, 1956 for a one-year period commencing 18th September, subject to conditions: final approval for a Settlement Guarantee Fund/Trade Guarantee Fund before commencing trading; maintenance by every member of adequate Base Minimum Capital free from encumbrance prior to trading; and compliance with recommendations in the SEBI inspection report.

Renewal of recognition: trading permitted only after settlement guarantee fund operationalisation approved by regulator as condition.
Renewal of recognition is granted to Cochin Stock Exchange Limited under the Securities Contracts (Regulation) Act for the period 8 November 2005 to 7 November 2006, subject to the condition that the Exchange shall commence trading only after operationalisation of Settlement Guarantee Fund/Trade Guarantee Fund duly approved by SEBI, and subject to any further prescribed or imposed conditions.

Demutualisation safeguards: corporatisation scheme bars using exchange assets or reserves to enrich members, while vesting operations in a successor company.
The Scheme vests all assets, liabilities, rights and obligations of the unincorporated Stock Exchange - Ahmedabad in the newly incorporated Ahmedabad Stock Exchange Limited, requires incorporation of Scheme provisions into ASEL's constitutional documents, mandates separation of ownership and trading rights with limits on trading member board representation and voting, and prohibits use of exchange assets or reserves for allotment of shares or member enrichment, permitting their use only for discharge of current liabilities or exchange operations.

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.

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.

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.

Demutualisation requirements enforce segregation of ownership and trading rights, capping voting for trading-member shareholders and mandating majority public shareholding.
SEBI approves LSE's demutualisation Scheme requiring separation of ownership and management from trading rights, incorporation of Scheme provisions into corporate documents by the Due Date, limits on voting by shareholders who are trading members, a majority-public shareholding requirement excluding trading-right holders, transfer of clearing functions to a recognised Clearing Corporation within a prescribed period subject to SEBI approval, restrictions on use of assets and reserves for purposes other than discharging pre-existing liabilities and exchange operations, and ongoing compliance and reporting obligations to SEBI.

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.

Demutualisation: approved scheme separates ownership from trading rights and limits trading-member control while requiring compliance.
Approval is granted to JSEL's corporatisation and demutualisation scheme, which separates ownership and management from trading rights, prescribes allotment of equity to members, requires incorporation of Scheme provisions into constitutional documents, limits trading-member representation on the Governing Board to one-fourth with the chief executive as ex officio director, caps voting rights of shareholders who are trading members, mandates a majority public shareholding excluding trading-right holders, standardizes admission and rights of trading members, restricts use of assets and reserves to pre Scheme liabilities and exchange operations, and requires transfer of clearing functions and regulator-directed compliance reporting.

Corporatisation and demutualisation: scheme mandates separation of ownership from trading rights, voting and shareholding controls.
Approval is granted to a scheme under section 4B of the SCRA for corporatisation and demutualisation of the Vadodara Stock Exchange, requiring re registration as a company limited by shares, allotment of equity to members subject to specified conditions, segregation of ownership from trading rights, limits on trading member representation and voting, incorporation of the Scheme into constitutional documents, transfer of clearing functions to a recognised clearing corporation, constraints on use of assets and reserves, and ongoing compliance and reporting to SEBI.

Corporatisation and demutualisation exemption: existing corporatised and demutualised exchange need not file a scheme, subject to approval and compliance.
The OTC Exchange of India, already corporatised and demutualised, is specified as not required to submit a scheme for corporatisation and demutualisation, provided it does not change its current corporatised and demutualised structure without prior approval and complies with further conditions that the regulator may impose from time to time.

Recognition renewal under Securities Contracts (Regulation) Act permits Pune Stock Exchange to operate in securities subject to conditions.
SEBI renews recognition of the Pune Stock Exchange Limited under the Securities Contracts (Regulation) Act for a one year period commencing 2nd September 2005 and ending 1st September 2006 for contracts in securities, exercising powers under Section 4 and subject to conditions to be prescribed or imposed.

Demutualisation requires segregation of ownership and trading rights, voting cap for trading shareholders and public majority shareholding.
Approval of the Cochin Stock Exchange Demutualisation Scheme establishes segregation of ownership and management from trading rights, requires at least 51% public shareholding excluding trading-right holders, limits voting rights of any trading-member shareholder (with concert parties) to 5%, restricts trading-member representation on the Governing Board to one-quarter, mandates incorporation of Scheme provisions into constitutional documents, requires transfer of clearing functions to a recognised Clearing Corporation within the transitional period, restricts use of assets and reserves, and imposes ongoing compliance and reporting obligations to SEBI.

Demutualisation and corporatisation: trading-member voting capped and public shareholding mandated, with governance and clearing reforms by regulator.
The Scheme approves re-registration of The Hyderabad Stock Exchange Limited as a company limited by shares, prescribes member subscription and allotment of equity, and separates ownership from trading rights. It limits member representation on the Governing Board, allows SEBI director nominations, and requires uniform admission standards for Trading Members. Crucially, voting rights of shareholders who are trading members are capped at 5% and at least 51% of equity must be held by the public other than shareholders with trading rights. The Scheme mandates incorporation into constitutional documents, restricted use of assets and reserves, transfer of clearing functions within two years, and ongoing compliance reporting.

Demutualisation imposes segregation of ownership and trading rights with governance, shareholding and compliance requirements.
The Scheme mandates demutualisation by segregating ownership and management from trading rights, requiring incorporation of provisions into BgSE's constitutional documents, limiting Trading Member representation on the Governing Board to one fourth with the Chief Executive as an ex officio director, and permitting SEBI nominations. It prescribes registration, admission standards, dues settlement and surrender rules for Trading Members, requires at least 51% equity to be held by the public other than trading shareholders, caps voting rights of trading shareholders at 5%, restricts use of assets and reserves, and mandates transfer of clearing functions to a recognized Clearing Corporation within two years.

Corporatisation and demutualisation: SEBI approval requires re registration, governance limits, shareholding re structuring and compliance.
SEBI approved a scheme requiring the Gauhati Stock Exchange to re-register as a company limited by shares, allot equity shares to existing members (not constituting a public offer), incorporate the Scheme into its constitutional documents, and implement governance, shareholding and trading rights rules including limits on trading members' board representation and voting rights; transfer clearing functions to a recognised Clearing Corporation within the prescribed period; restrict use of assets and reserves to specified exchange liabilities and operations; and report compliance to SEBI, which may amend or relax Scheme provisions as necessary.

Demutualisation of stock exchange reorganises trading rights and governance to separate ownership from management and restrict trading control.
The Scheme mandates statutory demutualisation of UPSE by segregating ownership and management from trading rights, requiring incorporation of Scheme provisions into UPSE's constitutional documents by the Due Date, and converting members on the day preceding the Due Date into Trading Members and Shareholders. Admission to trading membership post Due Date must follow uniform capital, deposit and fee standards, and Trading Members' representation on the Governing Board is limited while SEBI may nominate directors. The Scheme also requires majority public shareholding, caps on trading shareholders' voting rights, restrictions on asset utilisation, transfer of clearing functions to a recognised Clearing Corporation, and ongoing compliance reporting to SEBI.