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Saurashtra Kutch Stock Exchange (SKSEL) today became the third stock exchange to take the exit route under the '2012 Exit Circular'.
The circular lays out a framework for the exit of de-recognised and non-operational stock exchanges, while taking care of the interest of investors.
“SKSEL has substantially complied with the conditions contained in 2012 Exit Circular subject to its undertakings. I, therefore, am of the view that it is a fit case for compulsory exit of SKSEL in terms of clause 2.4 of 2012 Exit Circular,” Rajeev Agarwal, whole time member, Sebi said in an order.
Just a day earlier, the market regulator had provided an exit to Coimbatore Stock Exchange (CSX), while Hyderabad Stock Exchange was the first in January.
Currently, there are more than 20 stock exchanges across the country. However, barring a few including NSE, BSE, MCX, USE and CSE, most of them are non-operational.
Regional exchanges have been facing the heat after Sebi increased networth criteria and put in place a requirement for minimum trading on such platforms. Sebi has asked that exchanges have a minimum networth of Rs 100 crore and a trading volume of at least Rs1,000 crore.
