New Delhi: Markets regulator Sebi on Monday allowed Delhi Stock Exchange (DSE) to exit the stock bourse business following a request from the exchange.
DSE made a request to Securities and Exchange Board of India (Sebi) in May 2014 for exiting the stock exchange business. The regulator in November 2014 withdrew the recognition granted to DSE citing “serious irregularities” in the functioning of the bourse. DSE moved the Securities Appellate Tribunal (SAT) against Sebi’s order. The Tribunal, in June last year, directed DSE to furnish the requisite information to Sebi within three months for the voluntary de-recognition sought by the bourse. Also, it had directed Sebi to complete the voluntary de-recognition process within five months by determining the quantum of amount payable.
Subsequently, Sebi determined the amount payable by DSE and communicated the same. In view of the operational difficulty, the regulator had sought an extension of two months to pass the exit order. The Tribunal had granted the same in November 2016. In an order passed today, Sebi said DSE has substantially complied with the conditions for its exit as per the regulator’s framework and therefore “is a fit case to allow exit”.
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