9911796707
TMI BlogOrder under Section 4B (6) read with Section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Calcutta 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 ..... visions of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the 'SCRA'). 2.0 The CSEA, 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 CSEA to submit a revised Scheme, taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005 that may be relevant to CSEA. 3.0 Thereafter, CSEA, vide its letter dated June 10, 2005, submitted a revised scheme for its demutualisation on the line of the BSE (Corporatisation and Demutualisation) Scheme, 2005. SE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end, alter or modify the Scheme in the interest of the trade and the public 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/48106/2005] M. DAMODARAN, Chairman Encl: Annexure - A The Calcutta Stock Exchange Association Ltd. (Demutualisation) Scheme, 2005 1. Title and Commencement 1.1 This Scheme shall be called "The Calcutta Stock Exchange Association Ltd. (Demutualisation) Scheme, 2005" (hereinafter referred to as "this Scheme") and shall have effect on its publication under sub-section (4) of Section 4B of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of CSEA 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 Depositories Act, 1996, the SCRA, the Companies Act, 1956, the rules and regulations made under these Acts, the Memorandum and Articles of Association, Rules, Bye-Laws and Regulations of CSEA, shall have the same meaning respectively assigned to them in the above mentioned Acts, memorandum and articles, rules, bye-laws and regulations. 3. Memorandum and Articles of Association, etc. of CSEA 3.1 CSEA shall incorporate the provisions of this Scheme appropriately in its memorandum and articles of ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tock broker on the day preceding the Due Date, shall become a Trading Member on being registered as a stock broker under SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 within 3 months from the Due Date. 7.3 After the Due Date, a person desirous of becoming a Trading Member shall be admitted if he complies with the requirements and brings in fees and deposits as specified in the rules, bye-laws and regulations of CSEA. 7.4 CSEA shall, for the purpose of admitting any person as a Trading Member, follow uniform standards in terms of capital adequacy, deposits, fees, etc. irrespective of mode of acquisition of trading right by that person: Provided that different standards may be followed for admission of a person as a Trading Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing rights (taken together with voting rights held by him and by persons acting in concert with him) exceeding 5% of the voting rights in CSEA. 9. Transfer of Clearing and Settlement functions 9.1 CSEA shall, within two years of the Due Date, subject to the prior 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 CSEA, shall be carried out by the clearing and settlement mechanism as used by CSEA at present or in such other manner as the Governing Board or the Administrator, as the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
