Allahabad HC issues notice to Sebi,UPSE

The Allahabad High Court on Monday issued notices to the Securities and Exchange Board of India (Sebi) and Uttar Pradesh Stock Exchange

Written by Express News Service | Allahabad | Published:September 11, 2012 1:38 am

The Allahabad High Court on Monday issued notices to the Securities and Exchange Board of India (Sebi) and Uttar Pradesh Stock Exchange (UPSE) on a petition filed by the Uttar Pradesh Stock Brokers’ Association (UPSBA). The petition seeks quashing of Sebi proposals on de-recognition of stock exchanges,whose annual trading turn-over is below Rs 1,000 crore.

The court has sought the counter-affidavit of the respondents by October 10 and fixed October 17 as the next date of hearing.

On May 30,Sebi had sent a circular to all the heads of the stock exchanges in the country detailing the conditions for de-recognition of those exchanges,which had annual trading turnover of less than Rs 1,000 crore,to opt for voluntary surrender of recognition within a period of two years.

The circular had further said that,in case of failure,de-recognition would be compulsory after two years.

Sebi had also directed the UPSE Board to call an emergency general body meeting,which was scheduled on September 7 at Kanpur,where the UPSE. But it was postponed to September 14.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda