Corporatisation and demutualisation of stock exchanges will be delayed for another two months as the Securities and Exchange Board of India (Sebi) has constituted a committee to look into the matter.
The committee headed by former chief justice of India M H Kanya will review and examine the present structure of exchanges, those set up as companies and those as unincorporated bodies and also examine the legal, financial and fiscal issues involved to corporatise and demutualise the exchanges.
The panel will recommend specific steps to be taken for implementation and also advise on consolidation and merger of stock exchanges.
Pratip Kar, executive director of Sebi, said the group would submit its report in two months. Till such time as the corporatisation is not put through, the exchanges will continue to run as they are now, only brokers will not be directors on the boards of the exchanges.
Other member of the committee are Y H Malegam, Hemendra Kothari, Nimesh Kampani, G Ananthanarayan the chief commissioner of Income Tax in Mumbai and Rajiv Meharshi, joint secretary in the Department of Company Affairs.
