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Order Under Section 4B (6) Read With Section 4B (7) Of The Securities Contracts (Regulation) Act, 1956 In The Matter Of The Uttar Pradesh Stock Exchange Association Limited (Demutualisation) Scheme, 2005.
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....pur. It is required to be demutualised under the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the 'SCRA'). 2.0 The UPSE, vide its letter dated January 28, 2005, submitted a Scheme for its demutualisation for approval to the Securities and Exchange Board of India (hereinafter referred to as the 'SEBI') in terms of sub-section (1) of section 4B of the SCRA. SEBI, vide letter dated May 25, 2005, advised UPSE to submit a revised Scheme, after taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005, which may be applicable and relevant to UPSE. 3.0 Accordingly, UPSE, vide its letter dated June 8, 2005, submitted a revised Scheme for its demutualisation, after taking into accou....
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....he Scheme in the interest of the trade and the public interest and in furtherance of the objectives of the demutualisation of the stock exchange. 8.0 The Scheme shall come into effect on the day of its publication in the Official Gazette. [F. No. SEBI/MRD/48113/2005] M. DAMODARAN, Chairman Encl: Annexure - A Annexure - A THE UTTAR PRADESH STOCK EXCHANGE ASSOCIATION LIMITED (DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called "The Uttar Pradesh Stock Exchange Association Limited (Demutualisation) Scheme, 2005" (hereinafter referred to as "this Scheme") and shall have effect on its publication under sub-section (4) of Section 4B of the Securities Contracts (Regulation) Act, 1956 (hereinafter referre....
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....ck broker of UPSE and registered with SEBI as such under the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992. 2.7 Words and expressions used and not defined in this Scheme but defined in the Securities and Exchange Board of India Act, 1992, the Depositories Act, 1996, the SCRA, the Companies Act, 1956, the rules and regulations made under these Acts, the Memorandum and Articles of Association, Rules, Bye-Laws and Regulations of UPSE, shall have the same meaning respectively assigned to them in the above mentioned Acts, memorandum and articles, rules, bye-laws and regulations. 3. Memorandum and Articles of Association, etc. 3.1 UPSE shall incorporate the provisions of this Scheme appropriately in its memorandum and articles of asso....
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....under SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 within 3 months from the Due Date. 6.3 After the Due Date, a person desirous of becoming a Trading Member shall be admitted if he complies with the requirements and brings in fees and deposits as specified in the rules, bye-laws and regulations of UPSE. 6.4 UPSE shall, for the purpose of admitting any person as a Trading Member, follow uniform standards in terms of capital adequacy, deposits, fees, etc. irrespective of mode of acquisition of trading right by that person: Provided that different standards may be followed for admission of a person as a Trading Member who has acquired trading right by way of transmission. 6.5 A Trading Member may surrender his membership to UPSE ....
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....f the voting rights in UPSE. 8. Transfer of Clearing and Settlement Functions 8.1 UPSE shall, within two years of the Due Date, subject to the prior approval of SEBI, transfer the duties and functions of its clearing house to a Clearing Corporation, recognised under the SCRA. 8.2 Until the duties and functions of the clearing house are transferred as provided in clause 9.1, the clearing and settlement functions in relation to trading on UPSE, shall be carried out by the clearing and settlement mechanism as used by UPSE at present or in such other manner as the Governing Board or the Administrator, as the case may be, may determine. 9. Utilisation of Assets and Reserves 9.1 UPSE shall not do anything contrary to the provisions of Sectio....