The Hindu Business Line : SEBI restraint on Coimbatore exchange

The Securities and Exchange Board of India on Monday refrained the Coimbatore Stock Exchange (CSX) from transferring or selling its any of its movable or immovable property, and appointed a three-member committee to conduct the day-to-day affairs of the exchange till further order.

The SEBI interim order comes in the wake of an extra-ordinary general meeting of CSX on February 15, which passed a resolution for voluntary surrender of SEBI recognition as a stock exchange.

The regulator had, in a letter dated March 17,, advised CSX that the resolution passed in the EGM "cannot be acted upon as the same was ultra vires of the SCRA (Securities Contracts (Regulation) Act, 1956)."

However, in spite of the letter, CSX members "passed a resolution adopting the new set of Memorandum and Articles of Association, according to which no person other than a member of the exchange can hold the position of a Director. Consequently, the Public Representative Directors and the SEBI Nominee Director do not find a place in the said Articles of Association," the SEBI's interim order said.

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