TaxTMI 
TaxTMI 
TaxTMI 
Order under Section 4B (6) read with Section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Delhi Stock Exchange Association Limited (Demutualisation) Scheme, 2005.
X X X X Extracts X X X X
X X X X Extracts X X X X
....d Office at DSE HOUSE, 3/1, ASAF ALI ROAD, NEW DELHI - 110 002. It is 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 DSE, vide its letter dated January 31, 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 DSE to submit a revised Scheme, after taking into account those provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005 that may be relevant to DSE. 3.0 Accordingly, DSE, vide its letter ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....No. SEBI/MRD/48107/2005] M. DAMODARAN, Chairman Encl: Annexure - A The Delhi Stock Exchange Association Ltd. (Demutualisation) Scheme, 2005 1. Title and Commencement 1.1 This Scheme shall be called "The Delhi Stock Exchange Association Ltd. (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 the "SCRA"). 1.3 The Delhi Stock Exchange Association Ltd. (hereinafter referred to as "DSE") shall be demutualised in accordance with this Scheme on and from the Appointed Date as may be notified by the Securities and Exchange Board of India (hereinaf....
X X X X Extracts X X X X
X X X X Extracts X X X X
....der these Acts, the Memorandum and Articles of Association and bye-laws of DSE, shall have the same meaning respectively assigned to them in the above mentioned Acts, rules and regulations, memorandum and articles of association and bye-laws. 3. Governing Board 3.1 On and from the Due Date, the Governing Board shall be constituted in accordance with the provisions of the Articles of Association of DSE in force from time to time: Provided that - (i) the representation of Trading Members does not exceed one-fourth of the total strength of the Governing Board, and the remaining directors are appointed in the manner as may be specified by SEBI from time to time, and (ii) the Chief Executive, by whatever name called, is an ex-officio dire....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in the manner specified in the articles of association and bye-laws of DSE. 6.6 Irrespective of the date or mode of acquisition of trading right, the Trading Members shall have uniform rights and privileges: Provided that DSE may, with the prior approval of SEBI, grant additional privileges to those Trading Members who were Members on the day preceding the Due Date. 6.7 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 Members on or before the Due Date. 6.8 Trading Members shall be bound by all obligations ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....or approval of SEBI, transfer the duties and functions of the clearing house of the Exchange to a Clearing Corporation, recognized 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 DSE, shall be carried out by the clearing and settlement mechanism as used by DSE at present or in such other manner as the Governing Board may determine. 10. Utilisation of Assets and Reserves 10.1 DSE shall not do anything contrary to the provisions of Section 4B (3) of the SCRA. 10.2 Without prejudice to the generality of the provisions of clause 10.1, DSE shall not use its assets and reserves as on the date of publication of th....