By Our Correspondent in Bhubaneswar, February 9, 2015 :

Curtains came down on the 26 years old Bhubaneswar Stock Exchange (BhSE) June 5, 1989 after the market regulator Securities and Exchange Board of India [SEBI] on Monday allowed it to exit from the stock exchange business, after it settled its liabilities and complied with the necessary conditions. BhSE had got formal recognition from SEBI on June 5, 1989.

BhSE is 8^th regional stock exchange to quit business as per the SEBI guidelines in May 2012 for exit of stock exchanges. Earlier, Sebi had allowed Bangalore Stock Exchange, Hyderabad Securities and Enterprise, Coimbatore Stock Exchange, Inter-connected Stock Exchange, Ludhiana Stock Exchange, Cochin Stock Exchange and Gauhati Stock Exchange to exit as a bourse.

The guidelines contained details of the conditions for exit of de-recognised or non-operational stock exchanges inter-alia including treatment of assets of the bourse and a facility of dissemination board for companies listed exclusively on such exchanges, while taking care of the interest of investors.

The BhSE has substantially complied with the conditions for its exit as per the regulator’s framework, the SEBI said adding, it “is a fit case to allow exit.”

In an exit order in this regard, Sebi said BhSE complied with the regulator’s exit guidelines and made payment of necessary dues to the regulator, including 10% of the listing fee and the annual regulatory fee.

“From the valuation report and undertaking of BhSE, it is observed that all the known liabilities have been brought out and that there is no other future liability that is known as on date,” Sebi said.

BhSE’s recognition as a stock exchange was last renewed for a period of one year on June 5, 2013.