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SEBI derecognises HSE
Mumbai: Signalling its resolve to ensure all stock exchanges sell 51 per cent of the brokers’ stake to other entities within the time limit, market regulator SEBI has derecognised the Hyderabad Stock Exchange as the bourse failed to complete the process as per schedule.
“The recognition granted to HSE stands withdrawn with effect from August 29, 2007,” SEBI said in a release on Monday. The HSE was supposed to complete its demutualisation process by August 28 as per SEBI rules.
The regulator had notified The Hyderabad Stock Exchange Ltd (Corporatisation and Demutualisation) Scheme, 2005 on August 29, 2005, and so the bourse was mandated to complete the process by August 28 this year. However, as HSE could not divest the required equity capital to non-brokers by August 28, its Board of Directors had urged the SEBI to extend the deadline, which the regulator declined. Trading at the bourse has already come to a halt and the bourse has not conducted any business since August 29. –PTI
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