According to reliable sources, the guidelines have been delayed for too long, and should have been released before the Bombay Stock Exchange was asked to corporatise by the first deadline of May 19, 2005.
The sources said that if any stock exchange gets derecognised, Sebi will be held responsible for not laying down the ground rules on time.
Incidentally, if BSE cannot corporatise by divesting and bringing down the broker-member shares to 49 per cent by May 19, 2007, it runs the risk of being derecognised.
As per the Securities Contract Regulation Act, BSE should have demutualised within one year from the date of the order.
The sources said lack of guidelines for foreign investment in exchanges should not be a hindrance for the announcement of demutualisation norms. This is because strategic investment could be done to one or a combination of Indian entities.
Later, when the FDI guidelines are clear, the stake could be sold or additional shares could be given to foreign partners, they added.
As per the demutualisation report, every stock exchange can divest either by going for strategic investment, public offer or private placement of shares or preferential allotment or a combination of all these steps.
BSE has intimated its intention of bringing down the broker-member stake to 49 per cent by selling around 26 per cent to a strategic investor and coming out with a public offer of another 25 per cent, the sources added.
They said the exchange further proposes to issue additional shares and not change the existing shareholding in such a proportion that broker members' stake comes down to 49 per cent.
