TaxTMI 
TaxTMI 
Order under section 4B (6) read with section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Gauhati Stock Exchange Limited (Corporatisation and Demutualisation) Scheme, 2005.
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....nexe, A.T. Road, Gauhati - 781 001. It is required to be corporatised and demutualised in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the 'SCRA'). 2.0 GSE, vide its letter dated February 17, 2005 submitted a scheme for its corporatisation and 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 its letter dated May 25, 2005 advised GSE to submit a revised scheme taking into account those provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005, which may be relevant and applicable to GSE. 3.0 Thereafter, GSE, vide its letter date....
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....ay be specified by SEBI. 8.0 SEBI reserves the right to amend, alter or modify the Scheme in the interest of the trade and in the public interest and in furtherance of the objectives of the corporatisation and demutualisation of the stock exchange. 9.0 The Scheme shall come into effect on the day of its publication in the Official Gazette. [F. No. SEBI/MRD/48112/2005] M. DAMODARAN, Chairman Encl: Annexure - A Annexure - A THE GAUHATI STOCK EXCHANGE LIMITED (CORPORATISATION AND DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called The Gauhati Stock Exchange Limited (Corporatisation and Demutualisation) Scheme, 2005 (hereinafter referred to as "this Scheme"). 1.2 This Scheme shal....
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....gistration, as per the register of members maintained by it. 2.5 "Shareholder" means a person who holds any equity share(s) of GSE. 2.6 "Trading Member" means a stock broker of GSE 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 SEBI 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 GSE shall have the same meanings respectively assigned to them in the above mentioned Acts, Memorandum and Articles of Association, Rules, Bye-laws and Regulations. 3. Re....
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....Members who have subscribed under clause 3.2) or his nominee, as the case may be, shall be entitled to 1,000 fully paid-up equity shares of the face value of Rs. 10/- each for cash at par of GSE. 5.2 GSE shall allot the equity shares to the entitled Members as referred to in clause 5.1 or their nominees, as the case may be, by the Due Date: Provided that the allotment to a Member suspended by GSE shall be held in abeyance till the suspension continues. 5.3 The invitation to subscribe to, and the offer, issue and allotment of equity shares of GSE pursuant to this clause shall not be considered as being an invitation, offer, issue or allotment to the public. 6. Listing of Shares GSE may at any time list its securities on any re....
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....ny act, omission or contract or law, notification, order, direction, etc. as had accrued to them while being Members on or before the Due Date. 7.8 Trading Members shall be bound by all obligations and liabilities towards their clients and constituents, SEBI, GSE and other authorities or other persons arising out of or under any act, omission or contract or law, notification, order, direction, etc. while being Members on or before the Due Date. 7.9 It shall not be necessary for a person to be a Trading Member, in order for him to be a Shareholder. 7.10 It shall not be necessary for a person to be a Shareholder, in order for him to be a Trading Member. 8. Shareholding Rights 8.1 GSE shall ensure that at-least 51% of its equity....
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....recognised under the SCRA. 10.2 Until the duties and functions of the clearing house are transferred as provided in clause 10.1, the clearing and settlement functions in relation to trading on GSE shall be carried out by the clearing and settlement mechanism as used by GSE at present or in such other manner as the Governing Board may determine. 11. Utilisation of Assets and Reserves 11.1 GSE shall not do anything contrary to the provisions of section 4B (3) of the SCRA. 11.2 Without prejudice to the generality of the provisions in 11.1, GSE shall not use its assets and reserves as on the date of publication of this Scheme or the proceeds from disposal of such assets or the proceeds from disposal of successive species of assets a....