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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 Cochin Stock Exchange Limited (Demutualisation) Scheme, 2005.
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....s required to be demutualised in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the 'SCRA'). 2.0 The CoSE, vide its letter dated January 31, 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 its letter dated May 25, 2005 advised CoSE to submit a revised scheme taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005 which may be relevant and applicable to CoSE. 3.0 Thereafter, CoSE, vide its letter dated June 11, 2005, submitted a revised Scheme for demutualisation in consonanc....
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....ublic interest and in furtherance of the objectives of the 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/48110/2005] M. DAMODARAN, Chairman Encl: Annexure - A Annexure - A THE COCHIN STOCK EXCHANGE LIMITED (DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called the Cochin Stock Exchange Limited (Demutualisation) Scheme, 2005 (hereinafter referred to as "this Scheme"). 1.2 This Scheme shall have effect on its publication under sub-section (4) of section 4B of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as "SCRA"). 1.3 Cochin Stock Exchange Limited (hereinafter....
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....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 and the Memorandum and Articles of Association, Rules, Bye-laws and Regulations of CoSE 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. Governing Board 3.1 The Governing Board, on and from Due Date, shall be constituted in accordance with the provisions of the Articles of Association of CoSE in force from time to time: Provided that - (i) the representation of Trading Members does not exceed one-fourth of the ....
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....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 Irrespective of the date or mode of acquisition of trading right, the Trading Members shall have uniform rights and privileges: Provided that CoSE may, with the prior approval of SEBI, grant additional privileges to those Trading Members who were Members on the day preceding the Due Date. 6.6 Trading Members on the Due Date shall continue to have the same rights and privileges in respect of their clients and constituents and other members arising out of or under any act, omission or contract or law, notification, order, direction, etc. as had accrued to them while being M....
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....y be amended after the Due Date in accordance with the applicable laws, provided that no such amendment is inconsistent with any provision of this Scheme. 9. Transfer of Clearing and Settlement Functions 9.1 CoSE 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. 9.2 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 CoSE shall be carried out by the clearing and settlement mechanism as used by CoSE at present or in such other manner as the Governing Board may determine. 10. Utilisation of Asse....