Derecognition of Stock Exchange
Securities and Exchange Board of India (SEBI) had notified The Hyderabad Stock Exchange Ltd. (Corporatisation and Demutualisation) Scheme, 2005 on August 29, 2005. The Hyderabad Stock Exchange Ltd. has failed to dilute 51% of its equity share capital to the public other than shareholders having trading rights on or before August 28, 2007. Consequently, in terms of section 5(2) of the Securities Contracts Regulation Act, 1956 (SCRA), the recognition granted to HSE was withdrawn with effect from August 29, 2007. After derecognization by SEBI, the company name has been changed to "Hyderabad Securities and Enterprises Ltd"
The number of members of the Exchange was 55 in 1943, 117 in 1993 and increased to 300 with 869 listed companies having paid up capital of Rs.19128.95 crores as of March 31, 2000. The business turnover also substantially increased to Rs. 1236.51 crores in 1999-2000. The Exchange had a very smooth settlement system.
Read more about this topic: Hyderabad Stock Exchange
Famous quotes containing the words stock and/or exchange:
“All that stock of arguments [the skeptics] produce to depreciate our faculties, and make mankind appear ignorant and low, are drawn principally from this head, to wit, that we are under an invincible blindness as to the true and real nature of things.”
—George Berkeley (1685–1753)
“Love is often nothing but a favorable exchange between two people who get the most of what they can expect, considering their value on the personality market.”
—Erich Fromm (1900–1980)