Demutualisation requirements limit trading member voting rights and require majority public shareholding after corporatisation.
The Scheme mandates re registration of the Pune Stock Exchange as a company limited by shares, prescribes share allotment to Members (including additional shares for multiple memberships), and requires incorporation of Scheme provisions into corporate instruments. It caps Trading Member representation on the Governing Board and limits voting rights of shareholder Trading Members to no more than five percent while requiring at least fifty one percent public shareholding. The Scheme sets uniform admission standards for Trading Members, preserves trading liabilities and client rights, restricts use of assets and reserves, and requires transfer of clearing functions to a recognised clearing corporation within two years subject to approval.

Demutualisation of a stock exchange: scheme mandates corporatisation, transfer of assets and separation of ownership from trading rights.
SEBI approved a Scheme for corporatisation and demutualisation whereby the unincorporated Madhya Pradesh Stock Exchange will be succeeded by a company limited by shares that shall assume all assets, liabilities, contracts, recognitions and employees from the operative date. The Scheme prescribes member share subscription and allotment, governance composition with limits on trading member representation, separation of trading rights from shareholding, majority public ownership requirement, restrictions on voting influence of trading shareholders, safeguards on asset utilisation, transitional clearing arrangements, incorporation of Scheme terms into the company's constitutional documents, and continuous compliance and reporting to the regulator.

Corporatisation and demutualisation of stock exchange approved; requires segregation of trading rights, public shareholding and voting cap.
SEBI approved a scheme for corporatisation and demutualisation requiring re-registration of the exchange as a company limited by shares, segregation of ownership and trading rights, vesting of all assets and liabilities in the successor company, allotment of equity shares to identified members, limits on trading-member representation on the Governing Board, uniform standards for admission as Trading Members, transitional clearing arrangements pending transfer to a clearing corporation, mandated public shareholding and voting restrictions for trading-member shareholders, embedding of scheme provisions in constitutional documents, and ongoing compliance and reporting to SEBI.

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.

Demutualisation: trading members' voting capped and majority public shareholding required, with governance and compliance conditions.
Approval is given for demutualisation of DSE under Section 4B with a Scheme requiring segregation of ownership and management from trading rights, incorporation of Scheme provisions into corporate documents, and SEBI's power to modify the Scheme. Governing Board composition limits trading member representation to one fourth and allows SEBI nominations; trading members and shareholders may be distinct; public must hold at least 51% of equity and trading member shareholders' combined voting rights are capped at 5%. Clearing functions must transfer to a recognized Clearing Corporation within two years, asset/reserve use is restricted to liabilities and exchange operations, and DSE must report compliance to SEBI.

Renewal of recognition granted to OTC Exchange of India under securities law for limited period of regulated operations.
The Securities and Exchange Board of India exercised its statutory power to renew recognition of OTC Exchange of India, authorising it to deal in contracts in securities for a limited, time bound period, having been satisfied that renewal served the interests of trade and the public; the renewal is subject to conditions that may be prescribed or imposed during the renewed recognition period.

Renewal of recognition under Securities Contracts (Regulation) Act: OTC Exchange authorised for a one-year term subject to conditions.
The Securities and Exchange Board of India grants renewal of recognition to the OTC Exchange of India under the Securities Contracts (Regulation) Act for a defined limited period in respect of contracts in securities, subject to conditions prescribed or imposed by the regulator and conditional on compliance with regulatory oversight.

Renewal of recognition granted to a stock exchange for a one-year term, subject to regulatory conditions and oversight.
Renewal of recognition is granted to Saurashtra Kutch Stock Exchange Limited under the Securities Contracts (Regulation) Act for a one year period commencing 10 July 2005 and ending 9 July 2006, subject to conditions that may be prescribed or imposed subsequently by the regulator.

Supersession of a stock exchange governing board extended to allow completion of corporatisation and elections.
SEBI extended the supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited and directed that Shri M.N. Sabharwal, IPS (Retd.) continue as Administrator to exercise and perform all powers and duties of the Governing Board; the Administrator may take assistance of such persons as he deems necessary to complete corrective measures, elections, corporatisation and demutualisation during the extended period.

Extension of supersession preserves administrator control to complete corrective measures, elections and corporatisation processes.
Extension of the supersession of the Council of Management of a recognised stock exchange so the Administrator continues to exercise and perform all powers and duties of the Council; Administrator may take such assistance as necessary. The extension is intended to allow completion of corrective measures, the election and constitution of a new Council, and the processes of corporatisation and demutualisation, relying on the regulator's statutory powers.

Supersession of exchange governing committee extended to allow elections and corporatisation to proceed.
The supersession of the Committee of the stock exchange is extended to permit continuation of corrective measures, completion of elections, and corporatisation and demutualisation; the existing Administrator shall continue to exercise and perform all powers and duties of the Committee during the extended period and may take assistance as necessary, the extension being effected under the applicable statutory regulatory powers.

Enquiry Officer discretion expanded to allow documented time extensions and require enquiry report disclosure with show cause notices.
Amendments formalise Enquiry Officer discretion to extend time limits for sufficient reasons recorded in writing, clarify that contraventions include specified regulations as amended, make certain submissions permissive rather than mandatory, require enclosure of the enquiry officer's report with show cause notices, convert some mandatory reply obligations into permissive ones, and direct the Chairman or Member to consider replies (including oral submissions) and pass orders expeditiously within an endeavour timeframe.

Renewal of recognition for a regional stock exchange under the Securities Contracts (Regulation) Act, subject to regulatory conditions.
The Securities and Exchange Board of India, exercising powers under section 4 of the Securities Contracts (Regulation) Act, 1956 and having considered the application under section 3, renews recognition of the Uttar Pradesh Stock Exchange Association Limited for a limited period in respect of contracts in securities, subject to conditions that may be prescribed or imposed hereafter.

Voting rights restriction reduces trading member control; scheme enforces board governance, trading member registration, asset use and compliance.
The approved Scheme converts BSE into Bombay Stock Exchange Limited with conditions: restrict voting influence of shareholder trading members; require trading members to be SEBI registered or obtain registration within a transition period; limit trading member representation on the Governing Board and preserve SEBI's right to nominate directors with the Chief Executive as ex officio director; transfer all assets, liabilities, contracts and employees to the new company; mandate transfer of clearing functions to a SEBI recognized clearing corporation; and require that non current assets and reserves be used solely for exchange operations, with ongoing compliance reporting to SEBI.

Appointment to Securities Appellate Tribunal: member designated under SEBI Act with term until statutory age or further orders.
The Central Government, under Section 15L read with 15N of the SEBI Act, appoints Shri R.N. Bhardwaj, Chairman LIC, as Member of the Securities Appellate Tribunal, Mumbai. The appointment is by notification of the Ministry of Finance and is for the period until he attains the age of sixty two years or until further orders, whichever is earlier.

Appointment to Securities Appellate Tribunal member under statutory authority, term limited until prescribed retirement age or further orders.
Central Government designates Shri Chandan Bhattacharya, former Managing Director of a major public sector bank, as Member of the Securities Appellate Tribunal by formal notification dated 20 May 2005, exercising powers under the securities regulatory statute; the appointment is limited to the appointee attaining the prescribed retirement age or until further orders.

Renewal of recognition to a stock exchange conditioned on approval of a settlement or trade guarantee fund before trading.
Grant of renewal of recognition to Bhubaneswar Stock Exchange under the Securities Contracts (Regulation) Act, 1956 for one year from 5 June 2005 to 4 June 2006, subject to the condition that the Exchange shall commence trading only after obtaining final approval for establishment of a Settlement Guarantee Fund or Trade Guarantee Fund.

Renewal of recognition granted to a regional stock exchange, subject to prior approval for establishment of a Settlement Guarantee Fund.
The regulator granted renewal of recognition to The Guwahati Stock Exchange Limited under section 4 of the Securities Contracts (Regulation) Act, 1956 for a one year term, conditioned expressly that the Exchange may commence trading only after obtaining final approval for establishment of the Settlement Guarantee Fund.

Appointment as Part-time Member: Venu Srinivasan named to SEBI for a three-year term subject to age and orders.
The Central Government appoints Shri Venu Srinivasan, Managing Director of Sundaram Clayton Ltd., Chennai, as a Part-time Member of SEBI under the SEBI Act, 1992 and related Rules, for a period of three years from assumption of charge, subject to earlier termination upon attainment of age sixty-two or by further government order.

Renewal of recognition to a regional stock exchange granted subject to SEBI directives and expedited investor grievance redressal.
Renewal of recognition to Ludhiana Stock Exchange Association Limited is granted under section 4 of the Securities Contracts (Regulation) Act, 1956 for one year from 28 April 2005 to 27 April 2006, on satisfaction of public and trade interest, and is subject to compliance with SEBI's earlier unimplemented advice: expedite the Girnar Fibres matter within one year, redress investor complaints within six months, and ensure the Investor Grievance Committee settles grievances within six months.