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.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....- 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 dated June 13, 2005 submitted a r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....serves 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 shall have effect on its publication under sub-section (4) of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....holder" 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-registration 3.1 GSE shall re-register itself, prior to Due Date, as a company....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0 fully paid-up equity shares of the face value of ₹ 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 recognised stock exchange. 7. Trading Rights 7.1 A Member, who is registered as a stock broker on the day precedi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he 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 shares are held by public other than shareholders having trading rights in the manner and within the period prescribed in sub-section (8) of....