Thursday November 20 2014
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: India
Link: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1416401316775.pdf
The Securities and Exchange Board of India (Sebi) has withdrawn the recognition granted to the Delhi Stock Exchange (DSE) in the wake of serious irregularities in the functioning of the Exchange.
Serious irregularities were found in the functioning of DSE at the time when DSE were taking steps for demutualization. It was seen that whilst completing the demutualization process the board of DSE had overlooked the due transfer of shares in the demat accounts and receipt of the funds by the `appointed date`.
Furthermore it was noted that the DSE had done everything contrary to what it is expected from a Stock Exchange. The activities of DSE were carried out in a manner contrary to the interest of the investors.
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