The Securities and Exchange Board of India, for the purpose of corporatization and demutualization of a recognized stock exchange issued an order that at least fifty one percent of its equity share capital shall be held, within twelve months, by the public other than share holders having trading rights. Decide whether the said order of the Securities and Exchange Board of India is valid und er the provisions of the Securities Contracts (Regulation) Act, 1956 including the time limit of twelve months as stated in the order.

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