Demutualisation separates ownership and trading rights, imposing governance and shareholding limits to protect public interest. SEBI approved CSEA's Demutualisation Scheme requiring segregation of ownership and trading rights, amendment of corporate documents, uniform admission standards for Trading Members, Governing Board composition limiting Trading Member representation to one fourth and the Chief Executive as ex officio director, a continuous public shareholding of at least 51%, a five percent cap on voting rights of shareholder Trading Members, transfer of clearing functions to a recognized Clearing Corporation within the stipulated period, restrictions on use of assets and reserves, and mandatory compliance reporting to SEBI.