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of <h1>SEBI Approves Demutualization of Calcutta Stock Exchange; Limits Voting Rights and Ensures Public Equity Shareholding.</h1> The Securities and Exchange Board of India (SEBI) has approved the demutualization scheme for the Calcutta Stock Exchange Association Limited (CSEA), requiring the segregation of ownership and management from trading rights. The scheme restricts shareholders with trading rights from exceeding 5% voting rights and mandates that at least 51% of equity shares be held by the public. CSEA must transfer clearing functions to a recognized clearing corporation within two years and ensure compliance with the scheme, reporting to SEBI as specified. SEBI reserves the right to amend the scheme for public and trade interest.
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