Demutualisation of a stock exchange: scheme mandates corporatisation, transfer of assets and separation of ownership from trading rights. SEBI approved a Scheme for corporatisation and demutualisation whereby the unincorporated Madhya Pradesh Stock Exchange will be succeeded by a company limited by shares that shall assume all assets, liabilities, contracts, recognitions and employees from the operative date. The Scheme prescribes member share subscription and allotment, governance composition with limits on trading member representation, separation of trading rights from shareholding, majority public ownership requirement, restrictions on voting influence of trading shareholders, safeguards on asset utilisation, transitional clearing arrangements, incorporation of Scheme terms into the company's constitutional documents, and continuous compliance and reporting to the regulator.