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.