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.