(1) The capital structure in a recognized clearing corporation shall be such that atleast fifty one percent of its paid up equity share capital shall always be held by one or more recognized stock exchange(s):
Provided that no recognised stock exchange shall, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than fifteen per cent of the paid up equity share capital in more than one recognised clearing corporation.
(2) No person resident in India, except a recognised stock exchange as permitted in subregulation (1), shall at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent. of the paid up equity share capital in a recognised clearing corporation:
Provided that,—
(a) a depository;
(b) a banking company;
(c) an insurance company; and
(d) a public financial institution, may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent of the paid up equity share capital of a recognised clearing corporation.
(3) No person resident outside India shall, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent of the paid up equity share capital in a recognised clearing corporation.
Provided that,-
(a) a foreign stock exchange;
(b) a foreign depository;
(c) a foreign banking company;
(d) a foreign insurance company;
(e) a foreign commodity derivatives exchange; and
(f) a bilateral or multilateral financial institution approved by the Central Government, may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent of the paid up equity share capital of a recognized clearing corporation.
Explanation.—For the purposes of this proviso, the persons referred to in clauses (a) to
(f) shall mean persons recognised/ incorporated outside India.
(4) Subject to the limits as otherwise prescribed by the Central Government from time to time, the combined holding of all persons resident outside India in the paid up equity share capital of a recognised clearing corporation shall not exceed, at any time, forty-nine per cent of its total paid up equity share capital.
Eligibility for acquiring or holding shares