Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2012 that deal with the recognition, ownership and governance of stock
exchanges and clearing corporations.
worth requirements have been specified. Maximum shareholding by a single
shareholder has been limited to 5% (with some exception). Moreover, a majority
of equity shares is required to be held by public shareholders.
of the paid up equity share capital of a recognised stock exchange shall be
held by public.
at any time, directly or indirectly, either individually or together with
persons acting in concert, acquire or hold more than five per cent. of the paid
up equity share capital in a recognised stock exchange:
or indirectly, either individually or together with persons acting in concert,
upto fifteen per cent. of the paid up equity share capital of a recognised stock
directly or indirectly, either
individually or together with persons acting in concert, shall acquire or hold
more than five per cent. of the paid up equity share capital in a recognised
have a minimum net worth of Rs. 100 crores.
has issued a press
release that details additional mechanism for regulating conflicts of
interest in market infrastructure institutions such as stock exchanges and
the settlement arrived at by SEBI with the MCX Exchange during the pendency of
an appeal before the Supreme Court. They are also issued pursuant to decisions
taken by SEBI on April 2, 2012.
the Competition Commission of India (CCI) has imposed a hefty penalty on 11
cement manufacturers for anti-competitive practices. CCI’s accompanying press
release summarizes the impact:
found cement manufacturers in violation of the provisions of the Competition
Act, 2002 which deals with anticompetitive agreements including Cartels. The
order was passed pursuant to investigation carried out by the Director General
upon information filed by Builders Association of India. The Commission has
imposed penalty on 11 Cement Manufacturers named in the information @0.5
times of their profit for the year 2009-10 and 2010-11. The penalty amount so
worked out amounts to more than Six thousand Crores. The Commission has also imposed penalty on
the Cement Manufacturers Association.
The order is fairly
lengthy (at 258 pages), and we will have the opportunity to analyze it in some