TMI BlogProcedure for corporatisation and demutualisationX X X X Extracts X X X X X X X X Extracts X X X X ..... oratisation and demutualisation for its approval : Provided that the Securities and Exchange Board of India, may, by notification in the Official Gazette, specify name of the recognised stock exchange, which had already been corporatised and demutualised, and such stock exchange shall not be required to submit the scheme under this section. (2) On receipt of the scheme referred to in sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d immediately by- (a) the Securities and Exchange Board of India in the Official Gazette; (b) the recognised stock exchange in such two daily newspapers circulating in India, as may be specified by the Securities and Exchange Board of India, and upon such publication, notwithstanding anything to the contrary contained in this Act or any other law for the time being in force or any agreeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a reasonable opportunity of being heard to all the persons concerned and the recognised stock exchange concerned before passing an order rejecting the scheme. (6) The Securities and Exchange Board of India may, while approving the scheme under sub-section (2), by an order in writing, restrict- (a) the voting rights of the shareholders who are also stock brokers of the reognised stock exchang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... demutualisation has been approved under sub-section (2), shall, either by fresh issue of equity shares to the public or in any other manner as may be specified by the regulations made by the Securities and Exchange Board of India 2 , ensure that at least fifty-one per cent of its equity share capital is held, within twelve months from the date of publication of the order under sub-section (7), by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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