SEBI Withdraws Recognition To Delhi Stock Exchange

The Securities and Exchange Board of India (SEBI) has derecognised the Delhi Stock Exchange (DSE), citing “serious irregularities.”

“Serious irregularities have been found in the functioning of the DSE at the time when the exchange was taking steps for demutualisation. It is seen that for completing the demutualisation process the erstwhile board of DSE had overlooked the due transfer of shares in the demat accounts and receipt of the funds by the ‘appointed date’,” SEBI member Prashant Sharan said in his order.

“A false certificate of completion of demutualisation process has been submitted by the erstwhile management of DSE. On examination of the facts and issues … I am convinced that DSE had not acted fairly during its demutualisation process,” he added.