Sebi allows Cochin Stock Exchange to exit as bourse
23 December 2014
The Securities and Exchange Board of India (Sebi) has cleared the way for Cochin Stock Exchange (CoSE) to exit from equity trading business as the bourse has substantially complied with the framework conditions of the regulator and therefore "is a fit case to allow exit."
The order shall come into force with immediate effect, Sebi stated in a release today
Sebi said CoSE has complied with the regulator's exit guidelines and made payment of necessary dues to the regulator, including 10 per cent of the listing fee and the annual regulatory fee.
Sebi said that among other things, the stock exchange has complied with the guidelines wherein it has stated that there are no arbitration disputes/investor complaints pending against it.
As per Sebi circular issued on 22 May 2012, a stock exchange where the annual trading turnover in its platform is less than Rs1,000 crore can apply for voluntary surrender of recognition and exit, at any time before expiry of two years from the date of the circular.
CoSE, vide letter dated 19 November 2012, informed that the shareholders of CoSE passed the resolution to voluntary exit as stock exchange in terms of the exit circular, and the same was unanimously adopted by the board of directors of CoSE in the meeting held on 8 November 2012.