The Andhra Pradesh High court has dismissed a writ petition filed by some of the members of the Hyderabad Stock Exchange (HySE) Ltd challenging its de-recognition by the Securities and Exchange Board of India (Sebi).
In an order passed on January 14, Justice PS Narayana said, ? With regard to the specific stand taken by the writ petitioners that since the time to be reckoned with from the date of notifying the regulations, the impugned action cannot be sustained, this court is unable to accept the same. In the light of the same, the impugned order in the present writ petition cannot be found fault. It is needless to say that in the result, the writ petition is bound to fail and accordingly, the same shall stand dismissed.
Sebi notified scheme of corporatisation and demutualization for all the stock exchanges (SEs) in the country in August 2005 and all the SEs were asked to attain the status of corporatised and demutualised entity within one year, that is by August 2006 or face the risk of de-recognition.
