Online edition of India's National Newspaper
Wednesday, Sep 05, 2007
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Online edition of India's National Newspaper Wednesday, Sep 05, 2007 ePaper |
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Special Correspondent
MUMBAI: The Securities and Exchange Board of India (SEBI) has refused to renew the recognition granted to Magadh Stock Exchange Ltd (MdhSEL). The order, which was passed by the whole time member of SEBI, T. C. Nair, under Sec. 4(4) of the Securities Contracts (Regulation) Act, 1956, will come into force on September 19. The order directed that money available in the Investor Protection Fund and Investor Services Fund of MdhSEL shall be transferred to SEBI Investor Protection and Education Fund. The exchange was also asked to set aside sufficient funds to provide for settlement of any claims. The order further said that, “companies exclusively listed on the exchange may consider seeking listing at other stock exchanges or provide for exit option to the shareholders.” With this order the certificate of registration of trading members granted by SEBI will stand automatically cancelled.
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Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
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