Indian Kanoon - Search engine for Indian Law

"Traditionally, stock exchanges were organized as not- for-profit organizations founded and owned by brokers and dealers who managed "their" stock exchange like an exclusive club, with high barriers for new entrants and a regional or even national monopoly, comparable to a medieval gild. Today, domestic and international competition increasingly compel stock exchanges to give up their exclusivity, undergo restructuring, and become publicly traded for-profit companies, a process referred to as demutualization. At first glance, it might seem incestuous that stock exchanges themselves issue stock.