The Mangalore Stock Exchange (MgSE) was incorporated on 31st of July, 1984 as a public limited company. The company was granted recognition as a stock exchange on Sebtember 9, 1985 under section 4 of the Securities Contracts (Regulation) Act, 1956.
On 28th September, 2001, Chief Minister S.M. Krishna laid the foundation stone of a new building of Mangalore Stock Exchange at Kulur. MgSE was granted three acres of land by the state government.
The recognition of the Mangalore Stock Exchange was granted renewal from time to time since 1985. The last recognition was valid up to September 8, 2003. On August 31, 2004, SEBI decided to derecognise the Mangalore Stock Exchange.
In case of de-recognition, the companies listed in the MgSE can consider seeking listing at other stock exchanges or can opt for exit option to the shareholders as per the Delisting Guidelines of SEBI.
Upon de-recognition, the members or the shareholders of MgSE will cease to be members of any recognised stock exchange and therefore will be liable to be de-registered. Hence, their certificate of registration will stand automatically cancelled.
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India