Order In The Matter Of Superseding The Board Of Directors Of Pune Stock Exchange Limited Under Section 11 Of The Securities Contracts (Regulation) Act, 1956. - S.O. No.398(E) - SEBI/LE/6668/2003 - SEBI
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Supersession of stock exchange board: regulator appointed an administrator to restore governance, surveillance, and investor protection. SEBI found systemic failures in listing due diligence, concentrated and abnormal trading with inadequate surveillance, governance interference, deficient margin and capital maintenance, and multiple operational lapses in the exchange and its subsidiary; invoking statutory powers under Section 11 the regulator superseded the Governing Board and appointed an Administrator to assume the board's functions and implement corrective measures to restore compliant governance, surveillance and risk management.
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Supersession of stock exchange board: regulator appointed an administrator to restore governance, surveillance, and investor protection.
SEBI found systemic failures in listing due diligence, concentrated and abnormal trading with inadequate surveillance, governance interference, deficient margin and capital maintenance, and multiple operational lapses in the exchange and its subsidiary; invoking statutory powers under Section 11 the regulator superseded the Governing Board and appointed an Administrator to assume the board's functions and implement corrective measures to restore compliant governance, surveillance and risk management.
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