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Sep 12, 2009

Move to derecognise Coimbatore Stock Exchange stayed by HC

cuttling a move to derecognise the Coimbatore Stock Exchange and close its operations, the Madras HC has stayed a resolution passed to that effect. Justice P Jyothimani granted interim injunction restraining the Securities and Exchange Board of India (SEBI) from derecognising the Coimbatore Stock Exchange Limited, on a petition filed by Ellen Venkatesalu Securities (P) Limited, Coimbatore.

According to the petitioner, the SEBI framed guidelines in December 29, 2008 to permit firms seeking derecognition as recognised stock exchange so as to enable them to carry on with their business and not function as a stock exchange. However, before the issue could be notified officially, the CSE convened a meeting on December 31, 2008, and decided to get de-recognised.

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