Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Vadodara stock Exchange has failed to comply with the said order within the time stipulated - S.O. No.439(E) - SEBI/LE/6220/02

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<h1>SEBI Amends Vadodara Stock Exchange Rules to Prevent Brokers from Holding Key Positions Under Securities Contracts Act.</h1> The Securities and Exchange Board of India (SEBI) issued a notification regarding the segregation of ownership and trading membership from the management of stock exchanges. Despite an order dated January 10, 2002, directing all stock exchanges to amend their rules within two months, Vadodara Stock Exchange failed to comply. Consequently, SEBI amended the Articles of Association of Vadodara Stock Exchange, prohibiting broker members from holding positions as President, Vice-President, or Treasurer. This action was taken under the powers conferred by the Securities Contracts (Regulation) Act, 1956.

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