Capital market regulator Sebi on Tuesday introduced a framework for 'scheme of arrangement' by unlisted stock exchanges, clearing corporations and depositories. A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors. At present, there is no specific provision for unlisted Market Infrastructure Institutions (MIIs) -- stock exchanges, clearing corporations and depositories -- to file the draft scheme of arrangement with Sebi prior to filing the application before any court or tribunal. Further, the process to be followed by unlisted MIIs in case of a scheme of arrangement is currently not specified. Under the new framework, Sebi said that unli
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