The market regulator approved Mangalore Stock Exchange’s application to wind up its business as an exchange
Market Regulator, Securities and Exchange Board of India (SEBI) has allowed Mangalore Stock Exchange Ltd (MGSE) to exit from the business as Exchange.
As per SEBI order, MGSE is required to comply with its tax obligations, undertakings given by SEBI and with other consequential conditions of exit of stock exchange circular 2012.
“The MGSE should change its name and not use ‘stock exchange’ or any variant of this expression in its name and to avoid any representation of present or past affiliation with stock exchange, in all media,” SEBI said.
"From the valuation report and undertaking dated 31 July 2013 of MGSE, it is observed that all its known liabilities have been brought out and that there is no future liability that is not known as on date," the order said.
As per SEBI order, two arbitration cases were pending with MGSE at the time of its de-recognition in August 2004 filed by its members against their clients and the Exchange neither had any liabilities in that regard nor the regulator received any claim from investors post its de-recognition.
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