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of <h1>SEBI Denies Renewal for Mangalore Stock Exchange Over Non-Compliance and Irregularities; Members Lose Broker Status.</h1> The Securities and Exchange Board of India (SEBI) has refused to renew the recognition of the Mangalore Stock Exchange (MGSE) due to significant non-compliance with regulatory requirements and serious management irregularities. Despite previous inspections and directives, MGSE failed to implement crucial recommendations, including establishing a Settlement Guarantee Fund and appointing a qualified Executive Director. Additionally, MGSE was found to have made unauthorized investments and allowed misuse of its infrastructure by directors for personal trading. SEBI concluded that MGSE's operations were not in the public interest, leading to its de-recognition as a stock exchange. Consequently, MGSE members will lose their status as recognized brokers.
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