TMI BlogOrder under section 4B (6) read with Section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Pune 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 ..... t is required to be corporatised and demutualised in accordance with the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the SCRA ). 2.0 PSE, vide its letter dated January 28, 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 letter dated May 25, 2005 advised PSE to submit a revised Scheme after taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005 that may be relevant and applicable to PSE. 3.0 Accordingly, PSE, vide its letter dated June 14, 2005 submitted a revised scheme for its co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 8.0 The Scheme shall come into effect on the day of its publication in the Official Gazette. [F. No. SEBI/MRD/48109/2005] M. DAMODARAN, Chairman Encl: Annexure A Annexure - A THE PUNE STOCK EXCHANGE LIMITED (CORPORATISATION AND DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called the Pune 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 section 4B of the Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... older means a person who holds any equity share(s) of PSE. 2.6 Trading Member means a stock broker of PSE 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 the 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 under these Acts, Memorandum and Articles of Association, the Rules, Bye-Laws and Regulations of PSE 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 PSE shall re-register ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed pursuant to clause 3.2) shall be entitled to 5,000 fully paid-up equity shares of the face value of Re.1/- each for cash at par of PSE. 5.2 Every Member or his nominee, as the case may be, who has more than one membership card, shall be entitled to additional 5,000 fully paid-up equity shares of face value of Re.1/- each for cash at par for every additional membership card held by him. 5.3 PSE shall allot the equity shares to the entitled Members or their nominees, as the case may be, by the Due Date: Provided that the allotment of shares to a Member suspended by PSE shall be kept in abeyance till the suspension continues; Provided further that the allotment of shares in respect of defaulter members or where the matter i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding Member who has acquired trading right by way of transmission. 8.5 A Trading Member may surrender his membership to PSE in the manner specified in the Articles of Association and Bye-laws of PSE. 8.6 Irrespective of the date or mode of acquisition of trading right, the Trading Members shall have uniform rights and privileges. 8.7 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 trading on PSE before Due Date. 8.8 Trading Members shall be bound by all obligations and liabilities towards their clients a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticles of Association, etc. 11.1 The Memorandum and Articles of Association, Rules, Bye-laws and Regulations of PSE shall, unless contrary to or inconsistent with or excluded by this Scheme, apply to it on and from the Due Date. 11.2 PSE shall incorporate the provisions of this Scheme appropriately in its Memorandum and Articles of Association, Rules, Bye-laws and Regulations on or before the Due Date. 11.3 The Memorandum and Articles of Association, Rules, Bye-laws and Regulations of PSE may 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 12. Transfer of Clearing and Settlement Functions 12.1 PSE shall, within two ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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