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.