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of <h1>SEBI Orders BSE's Transformation to Corporate Entity, Limits Voting Rights, and Ensures Board Independence Under 1956 Act.</h1> The Securities and Exchange Board of India (SEBI) issued an order for the corporatisation and demutualisation of the Bombay Stock Exchange (BSE) under the Securities Contracts (Regulation) Act, 1956. The order outlines the transformation of BSE from an association of persons to a corporate entity named Bombay Stock Exchange Limited. Key provisions include restricting voting rights of trading members to 5%, ensuring board composition limits trading member representation, and mandating SEBI's authority to nominate directors. The scheme also mandates the use of BSE's assets solely for exchange operations, ensuring uniform standards for trading members, and stipulates compliance and monitoring by SEBI. The scheme will take effect upon publication in the Official Gazette.
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