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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 Bhubaneswar Stock Exchange (Corporatisation and Demutualisation) Scheme, 2005.X X X X Extracts X X X X X X X X Extracts X X X X ..... anpath, Bhubaneswar 751 022. 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 BhSE, vide its letter dated January 31, 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 its letter dated May 25, 2005 advised BhSE to submit a revised scheme taking into account the provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005 that may be relevant to BhSE. 3.0 Thereafter, BhSE, vide its letter dated June 10, 2005 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Scheme and submit compliance report to SEBI in the manner as may be specified by SEBI. 8.0 SEBI reserves the right 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/49407/2005] M. DAMODARAN, Chairman Encl: Annexure - A Annexure A THE BHUBANESWAR STOCK EXCHANGE (CORPORATISATION AND DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called The Bhubaneswar Stock Exchange (Corporatisation and Demutualisation) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board means the Board of Directors of BhSE. 2.5 Member means a person who is a member of BhSE on the day preceding the date of its conversion, as per the register of members maintained by it. 2.6 Shareholder means a person who holds any equity share(s) of BhSE. 2.7 Trading Member means a stock broker of BhSE 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 SEBI 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 BhSE shall have the same m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y paid-up equity shares of Re.1/- each for cash at par of BhSE: Provided that the entitlement of the Members shall be reduced to the extent they have subscribed and paid for the equity shares under clause 3.2. 5.2 BhSE shall allot the equity shares to the entitled Members or their nominees, as the case may be, as referred to in clause 5.1, by the Due Date: Provided that the allotment to a Member suspended by BhSE shall be held in abeyance till the suspension continues. 5.3 The invitation to subscribe to, and the offer, issue and allotment of equity shares of BhSE pursuant to this clause shall not be considered as being an invitation, offer, issue or allotment to the public. 6. Listing of Shares BhSE may at any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll have uniform rights and privileges: Provided that BhSE may, with the prior approval of SEBI, grant additional privileges to those Trading Members who were Members on the day preceding the Due Date. 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 being Members before the Due Date. 8.8 Trading Members shall be bound by all obligations and liabilities towards their clients and constituents, SEBI, BhSE and other authorities or other persons arising out of or under any act, omission or contract or l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ettlement Functions 11.1 BhSE shall, within two years of the Due Date, subject to the prior approval of SEBI, transfer the duties and functions of its clearing house to a Clearing Corporation, recognised under the SCRA. 11.2 Until the duties and functions of the clearing house are transferred as provided in clause 11.1, the clearing and settlement functions in relation to trading on BhSE shall be carried out by the clearing and settlement mechanism as used by BhSE at present or in such other manner as the Governing Board or the Administrator, as the case may be, may determine. 12. Utilisation of Assets and Reserves 12.1 BhSE shall not do anything contrary to the provisions of section 4B (3) of the SCRA. 12.2 Wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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