Section 18 in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
18. Shareholding in a recognised clearing corporation.
(1)Atleast fifty one per cent. of the paid up equity share capital of a recognised clearing corporation shall be held by one or more recognised 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 sub-regulation (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,-(i)a depository;(ii)a banking company;(iii)an insurance company; and(iv)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.(4)[Subject to the limits as otherwise prescribed by the Central Government from time to time,] [Inserted by Notification No. SEBI/LAD/NRO/GN/2015-16/037, dated 7.3.2016 (w.e.f. 20.6.2012).] 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, subject to the following.(a)[ ***] [Omitted by Notification No. SEBI/LAD/NRO/GN/2015-16/037, dated 7.3.2016 (w.e.f. 20.6.2012).](b)[ ***] [Omitted by Notification No. SEBI/LAD/NRO/GN/2015-16/037, dated 7.3.2016 (w.e.f. 20.6.2012).](c)[ ***] [Omitted by Notification No. SEBI/LAD/NRO/GN/2015-16/037, dated 7.3.2016 (w.e.f. 20.6.2012).][***] [Omitted by Notification No. SEBI/LAD-NRO/GN/2016-17/033, dated 14.2.2017 (w.e.f. 20.6.2012).](5)Any person holding equity shares in a recognised clearing corporation in excess of the limits specified in this regulation on the date of commencement of these regulations shall comply with the conditions specified in this regulation within a period of three years from the date of such commencement.
