Securities and exchange board of India officials will meet the representatives of all the stock exchanges next week, to formulate a demutualisation and corporatisation process that would be implemented within a year.
The meeting comes in the backdrop of the government's issuing an ordinance to bar brokers from managing the bourses last month.
"We are working fast. We have called all exchanges for a meeting on November 9," G N Bajpai, chairman, SEBI told PTI on the sidelines of 'Euromoney Conference' in New Delhi.
The SEBI officials and the representatives of stock exchanges would sit together to work out a formula for demutualisation and corporatisation of bourses, he said.
The centre had last month issued an ordinance that would bar brokers from managing bourses for ensuring greater trade in small companies' shares and safeguarding small investors.
The ordinance would amend Securities Contract (Regulations) Act and Depositories Act to pave the way for demutualisation and corporatisation of bourses to ensure their orderly development and functioning and also align provisions of these acts with SEBI Act regarding penalties, appeal and procedures of compounding of offence.
Majority of the regional bourses have submitted their demutualisation schemes to SEBI. However, Bajpai said the SEBI would scrutinise and re-examine them. Bajpai said the regulator would fix the timeframe for the demutualisation of all exchanges after consulting the bourses.
Though the government has stipulated one-year timeframe for the demutualisation, he said, it could be extended on "our discretion".