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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 Bangalore Stock Exchange Limited (Demutualisation) Scheme, 2005.X X X X Extracts X X X X X X X X Extracts X X X X ..... with the provisions of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the 'SCRA'). 2.0 BgSE, vide its letter dated January 29, 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 BgSE to submit a revised scheme taking into account those provisions of the BSE (Corporatisation and Demutualisation) Scheme, 2005, which may be relevant and applicable to BgSE. 3.0 Thereafter, BgSE, vide its letter dated June 13, 2005 submitted a revised scheme after taking into account the provisions of the BSE scheme. SEBI made enquiries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratisation 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/48115/2005] M. DAMODARAN, Chairman Encl: Annexure - A Annexure - A THE BANGALORE STOCK EXCHANGE LIMITED (DEMUTUALISATION) SCHEME, 2005 1. Title and Commencement 1.1 This Scheme shall be called "The Bangalore Stock Exchange Limited (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 Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the "SCRA"). 1.3 The Bangalore Stock Exchange Association Limited (hereinafter referred to as "BgSE") ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fined 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, Bye-laws and Regulations of BgSE, shall have the same meaning respectively assigned to them in the above mentioned Acts, Memorandum and Articles, Rules, Bye-laws and Regulations. 3. Governing Board 3.1 The Governing Board, on and from the Due Date, shall be constituted in accordance with the provisions of the Articles of Association of BgSE in force from time to time: Provided that - (i) the representation of the Trading Members does not exceed one-fourth of the total strength of the Governing Board, and the remaining directors are appointed in the manne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or admission of a person as a Trading Member who has acquired trading right by way of transmission. 5.6 A Trading Member may surrender his membership to BgSE in the manner specified in the Articles of Association, Bye-laws and Regulations of BgSE. However, on surrender, the Trading Member will get only his refundable deposit (s) maintained with BgSE. 5.7 Irrespective of the date or mode of acquisition of trading right, the Trading Members shall have uniform rights and privileges: Provided that BgSE may, with the prior approval of SEBI, grant additional privileges to those Trading Members who were Members on the day preceding the Due Date. 5.8 Trading Members on the Due Date shall continue to have the same rights and privileges in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-laws and Regulations of BgSE 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. 8. Transfer of Clearing and Settlement Functions 8.1 BgSE 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. 8.2 Until the duties and functions of the clearing house are transferred as provided in clause 8.1, the clearing and settlement functions in relation to trading on BgSE, shall be carried out by the clearing and settlement mechanism as used by BgSE at present or in such other manner as the Gover ..... X X X X Extracts X X X X X X X X Extracts X X X X
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