MUMBAI: Brokers and others who have indirect trading rights in stock
exchanges — like sub-brokers and spouses — cannot hold more than 49% of the total stake in the bourses. This became obvious when market regulator SEBI on Monday came out with a clear definition of the term shareholders, who also have trading rights in stock exchanges.
In a circular issued on Monday, SEBI said those who have trading
rights in stock exchanges would comprise brokers and others who have indirect trading rights, like sub-brokers. Others who indirectly
exercise control over trading rights in stock exchanges would also
include relative of brokers like husband or wife.
They may also include those having not less than 15% of the voting
rights in such corporate bodies, who are direct trading members in the
exchange. They may also include an entity, whose director or partner,
is also a director or a partner of such shareholder firm.
As per the demutualisation process, each stock exchange has to bring
down the proportion of shares held by those having trading rights in
stock exchanges up to 49%. The rest 51% or more will have to be
offloaded in favour of those who do not have trading rights in the
stock exchange.
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