Ahmedabad Stock Exchange Unlisted Shares

Ahmedabad Stock Exchange Limited is a premier national equities exchange that plays a key role in the Indian securities markets. Serving individual and institutional investors from around the world, its primary business is the trading of approximately 2000 nationally listed equities. The Exchange also trades over 200 high growth companies that are solely listed on the ASE or dually listed with another exchange.

The Stock Exchange-Ahmedabad, constituted as a Public Charitable Trust in 1894, is the second oldest exchange of India. It is recongnized by Securities Contract (Regulations) Act, 1956 as permanent stock exchange.

History of Stock Exchanges in India traces back to the nineteenth century with the establishment of the Bombay Stock Exchange in 1875 followed by Ahmedabad Stock Exchange in 1894. In the world map of bourses, the Stock Exchange – Ahmedabad holds a unique place with its initial functioning starting under banayan tree and has progressed year after year therefrom.

Earlier, all the Stock Exchanges in India functioned under the framework of Bombay Securities Contracts Act, 1925. The Securities Contract Regulations Act, 1956 was enacted thereafter and all the Stock Exchanges in India were required to get recognition from the Ministry Of Finance. At this juncture, the eventual process of merger took place and Gujarat Share & Stock Exchange, Indian Share and General Exchange Association and Bombay Share and Stock Exchange, Share and Stock Brokers Association merged with the Ahmedabad Share and Stock Brokers Association. The membership of the merged entity was 463. In 1982, The Stock Exchange- Ahmedabad got permanent recognition from the Government Of India.

The 80s and 90s saw a major focus on building up requisite infrastructure and bringing about rapid progress in the area of computerization in the exchanges as a whole. Recognizing and appreciating the necessity of computerization and putting emphasis on screen-based trading the Stock Exchange-Ahmedabad went live on Dec. 12, 1996.

SEBI EXIT ORDER

Securities and Exchange Board of India issued circular no. CIR/MRD/DSA/14/2012 dated May 30, 2012 (exit circular) in respect of exit policy for De-recognized / Non-operational Stock Exchanges.

As per the circular, if the stock exchange is not able to achieve the prescribed turnover of Rs. 1000 crores on a continuous basis or does not apply for voluntary surrender of recognition and exit before the expiry of two years from the date of circular dated May 30, 2012, SEBI shall proceed with compulsory de-recognition and exit of such stock exchanges, in terms of the conditions as may be specified by SEBI.

Surrendering of License

As the holding company (exchange) stopped the trading platform from nine years and could not achieve the criteria laid down by SEBI by May 30, 2014, the shareholders of the company at Extraordinary General Meeting held on July 05, 2014 approved surrender of license as a stock exchange.

The Company voluntarily applied to SEBI for surrendering of license as stock exchange vide letter no. 254 dated July 11, 2014.

Annual Report 2017-18