Sebi approves Cochin bourse exit

Cochin Stock Exchange has received the regulator’s permission to exit the stock exchange business. The Securities and Exchange Board of India (Sebi) issued an exit order on Tuesday approving Cochin Stock Exchange’s request to quit the stock exchange business, first presented to Sebi in November 2012.

“I note that CoSE has substantially complied with the conditions contained in the Exit Circular, 2012 subject to its undertakings. I, therefore, am of the view that it is a fit case to allow exit to CoSE in terms of clause 8 of the Exit Circular, 2012,” said whole-time member Rajeev Kumar Agarwal in the order issued on the Sebi website.

The order further added that the exchange would have to fulfill its tax obligations, comply with the undertakings given to Sebi and change its name after the exit.

Cochin Stock Exchange, incorporated in 1978, had over 500 members and close to 240 listed companies.

Cochin Stock Exchange is the sixth exchange to exit after the regulator tightened exchange norms. Regional exchanges like Interconnected Stock Exchange and others from Hyderabad, Saurashtra, Coimbatore and Mangalore have already exited.