TMI BlogOrder Under Section 4b (6) read with Section 4b (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Saurashtra Kutch Stock Exchange Limited (Corporatisation and Demutualisation) Scheme, 2005.X X X X Extracts X X X X X X X X Extracts X X X X ..... , is a recognised stock exchange having its principal place of business at Popatbhai Sorathia Bhavan, Sadar Bazar, Rajkot 360001. 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 SKSE, vide its letter dated January 29, 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. Vide letter dated March 17, 2005, it submitted that it has been re-registered as a company limited by shares under section 32 of the Companies Act vide certificate of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annexure A. 7.0 SKSE shall ensure compliance with the Scheme within the time as specified in the Scheme and shall not do anything contrary to the provisions of Scheme and submit compliance report to SEBI in the manner as may be specified by SEBI. 8.0 SEBI reserves rights 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/49405/2005] M. DAMODARAN, Chairman Encl: Annexure A THE SAURASHTRA KUTCH STOCK EXCHANGE LIMITED (CORPORATISATION AND DEMUTUALISATION) SCH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany limited by shares under section 32 of the Companies Act, 1956 vide certificate of incorporation dated March16, 2005, having its registered office and principal place of business at Popatbhai Sorathia Bhavan, Sadar Bazar, Rajkot - 360001 and recognised as a Stock Exchange by the Central Government under SCRA by and under notification No. F.No.1/39/SE/86 July 19, 1989. 2.5 Shareholder means a person who holds any equity share(s) of SKSE. 2.6 Trading Member means a stock broker of SKSE 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 Securities and Exchange Board of India Act, 1992, the De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otment to a Member suspended by SKSE shall be held in abeyance till the suspension continues. 4.3 The invitation to subscribe to, and the offer, issue and allotment of equity shares of SKSE pursuant to this clause shall not be considered as being an invitation, offer, issue or allotment to the public. 5. Listing of Shares SKSE may at any time list its securities on any recognised stock exchange. 6. Demutualisation 6.1 A Trading Member may or may not be a Shareholder. 6.2 A Shareholder may or may not be a Trading Member. 7. Trading Rights 7.1 A Member, who is registered as a stock broker on the day preceding the Due Date, shall become a Trading Member on the Due Date. 7.2 A Member who is not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contract or law, notification, order, direction, etc. as had accrued to them while trading on SKSE before the Due Date. 7.8 Trading Members shall be bound by all obligations and liabilities towards their clients and constituents, SEBI, SKSE and other authorities or other persons arising out of or under any act, omission or contract or law, notification, order, direction, etc. while trading on SKSE before the Due Date. 8. Shareholding Rights 8.1 SKSE 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 section 4B of the SCRA. 8.2 On and from the Appointed Date, SKSE shall ensure that publi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e carried out by the clearing and settlement mechanism as used by SKSE at present or in such other manner as the Governing Board may determine. 11. Utilisation of Assets and Reserves 11.1 SKSE 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 clause 11.1, SKSE 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 acquired from the proceeds of disposal of such assets for any purpose other than discharging the current liabilities outstanding as on the date of publication of this Scheme or for the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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