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of <h1>SEBI Approves Demutualisation for UP Stock Exchange: Ownership Separated from Trading, Public Holds Majority Shares.</h1> The Securities and Exchange Board of India (SEBI) approved a demutualisation scheme for the Uttar Pradesh Stock Exchange Association Limited (UPSE), a company registered under the Companies Act, 1956. The scheme separates ownership and management from trading rights, restricts voting rights of shareholder-trading members, and outlines the composition of the governing board. UPSE must ensure compliance with this scheme, which mandates that at least 51% of equity shares be held by the public, excluding those with trading rights. The scheme also requires the transfer of clearing functions to a recognized clearing corporation within two years, subject to SEBI's approval.
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