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Demutualization is the process of transforming the legal structure of a stock exchange from a mutual organization, where the same entity owns and manages the exchange, to a business corporation. This change segregates the ownership, management, and trading rights at the exchange, thereby ensuring that these roles are independent of one another. This transformation was mandated by the government through an ordinance passed in 2004, which amended the Securities and Contract (Regulations) Act to make the demutualization of stock exchanges compulsory. The objective is to enhance transparency, reduce conflicts of interest, and improve the overall governance of stock exchanges.
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