Demutualisation: trading members' voting capped and majority public shareholding required, with governance and compliance conditions. Approval is given for demutualisation of DSE under Section 4B with a Scheme requiring segregation of ownership and management from trading rights, incorporation of Scheme provisions into corporate documents, and SEBI's power to modify the Scheme. Governing Board composition limits trading member representation to one fourth and allows SEBI nominations; trading members and shareholders may be distinct; public must hold at least 51% of equity and trading member shareholders' combined voting rights are capped at 5%. Clearing functions must transfer to a recognized Clearing Corporation within two years, asset/reserve use is restricted to liabilities and exchange operations, and DSE must report compliance to SEBI.