The process of winding up the Kanpur-based defunct Uttar Pradesh Stock Exchange (UPSE) has started.
The exchange was inaugurated on August 27, 1982, by then finance minister Pranab Mukherjee. For the past several years, no trading had taken place on this platform. Companies listed on the UPSE were also listed on other exchanges, to comply with the statutory requirements.
On November 3, UPSE Managing Director B K Nadhani had notified its listed companies to file for voluntary delisting or opt for direct listing elsewhere within 30 days.
That the bourse would close was imminent after UPSE failed to meet the Securities and Exchange Board of India (SEBI)'s conditions for regional stock exchanges - net worth of Rs 100 crore and turnover of Rs 1,000 crore.
"Similar fate awaits most other regional stock exchanges, barring probably the Calcutta Stock Exchange," UPSE Brokers' Association President Sushil Kumar Kanodia told Business Standard.
