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TMI BlogOrder under Section 4B (6) read with Section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the Madras 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 ..... to submit a revised scheme taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005, which may be relevant and applicable to MSEL. 3.0 Thereafter, MSEL, vide its letter dated June 07, 2005 submitted a revised scheme after taking into account the provisions of the BSE scheme. SEBI made enquiries and obtained information from MSEL through a meeting on June 27, 2005. Based on the discussions during the said meeting, MSEL desired to resubmit the scheme. 4.0 Accordingly, MSEL, vide its letter dated June 28, 2005 submitted a further revised scheme (hereinafter referred to as 'the Scheme') for its corporatisation and demutualisation to SEBI for approval in accordance with the provisions of the SCRA. 5.0 The Scheme, inter alia, provides for the re-registration of MSEL as a company limited by shares, segregation of ownership and management from the trading rights of the members, restriction on voting rights of shareholders who are also trading members, composition of the Governing Board etc. in accordance with the provisions of Section 4B(6) of the SCRA, utilisation of assets and reserves and other matters required for the purpose of and in connec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a"' Phase -II, 201, IInd floor, M. T. H. Compound, Indore - 452 001 and recognized as Stock Exchange under the SCRA by and under notification No. 1/101/SE/88 dated 22/12/88. 2.4 "Madhya Pradesh Stock Exchange Limited" (MPSEL) means the company incorporated in pursuance of clause 3 of this Scheme for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities as a recognized stock exchange and to succeed MPSE. 2.5 "Member" means a person who is a member of MPSE as per the register of members maintained by it. 2.6 "Shareholder" means a person who holds any equity share(s) of MPSEL. 2.7 "Trading Member" means a stock broker of MPSEL and registered with SEBI as such under the SEBI (Stock Brokers and Sub-Brokers) Regulations 1992. 2.8 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 Rules, Bye-Laws and Regulations of MPSE shall have the same meanings respectively assigned to them in the above mentioned Acts, Rules, Bye-Laws and Regulations. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs, business, books, records, registers, funds, reserves, rights including intangible rights, powers, authorities, interest, privileges, exemptions, permissions, licenses, registrations and recognitions (including, in particular, the recognition of MPSE as a recognized stock exchange under the SCRA) of or belonging to or in the possession or control of MPSE or to which MPSE may be entitled, including those held by any trustee in trust for MPSE or for the Members or for the objects and purposes of MPSE, and including those vested in or held by any committee of MPSE, shall stand transferred to and shall vest in and shall be in the possession or control of and shall become the entitlement of MPSEL, and MPSEL shall have the same right, title and interest therein or thereto as MPSE and such trustees or committees had immediately prior to the Due Date. 7.2 All obligations and liabilities of MPSE shall stand transferred to and shall become obligations and liabilities of MPSEL. 7.3 MPSEL shall, in place and stead of MPSE, become a party to, and shall be bound by and entitled to, all contracts, agreements and other instruments to which MPSE is a party or by which MPSE is bound or to which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les, Bye-Laws and Regulations of MPSEL. 9.6 Irrespective of the date or mode of acquisition of trading right, the Trading Members shall have uniform rights and privileges: Provided that MPSEL may, with the prior approval of SEBI, grant additional privileges to those Trading Members who were Members on the day preceding the Due Date. 9.7 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. 9.8 Trading Members shall be bound by all obligations and liabilities towards their clients and constituents, SEBI, MPSE and other authorities or other persons arising out of or under any act, omission or contract or law, notification, order, direction etc. while being Members on or before the Due Date. 10. Shareholding Rights 10.1 MPSEL shall ensure that atleast 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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