Mumbai: Securities and Exchange Board of India (SEBI) on March 18 constituted a seven-member group headed by former Chief Justice of India M H Kania to recommend measures for demutualisation and corporatisaton of stock exchanges in the country.

The group drawn from the fields of law, accountancy, finance, company law affairs and taxation are to review the present structure of bourses including those set up as a company and un-incorporated bodies.

They would also examine the legal, financial and fiscal issues involved in corporatising and demutualising the stock exchanges, SEBI said here in a statement.

The panel, expected to submit its report within two months of the first meeting, would suggest steps to implement the proposals and advise on the consolidation and merger of the stock exchanges, it said.

The other members of the panel are former Justice M Chandurkar, eminent chartered accountant Y H Malegam, DSP Merrill Lynch chairman Hemandra Kothari, J M Morgan Stanley chairman Nimesh Kampani, Chief commissioner of income tax G Ananthanarayan and Dept of Company Affairs joint secretary Rajiv Meharshi.

SEBI said that corporatisation and demutualisation of stock exchanges were complex subjects and involved a number of legal, accounting, companies act and tax issues, which need careful examination before a roadmap is drawn to take the process forward hence the need to draw members from various fields.

PTI