The recognised stock exchange in your city wants to put restrictions on voting rights of its members to be exercised in a meeting and on their right to appoint a proxy. You are required to state whether the restrictions

In terms of Section 7A of the SCRA, 1956, a recognised stock exchange may make rules or amend any rules made by it to provide for all or any of the following matters, namely: the restriction of voting rights to members only in respect of any matter placed before the stock exchange at any meeting; the regulation of voting rights in respect of any matter placed before the stock exchange at any meeting so that each member may be entitled to have one vote only, irrespective of his share of the paid-up equity capital of the stock exchange; the restriction on the right of a member to appoint another person as his proxy to attend and vote at a meeting of the stock exchange; and such incidental, consequential and supplementary matters as may be necessary to give effect to any of the matters specified in clauses (a), (b) and (c). Further as per Section 7A(2), no rules of a recognised stock exchange made or amended in relation to any matter referred to in clauses (a) to (d) of sub-section (1) shall have effect until they have been approved by the Central Government and published by that Government in the Official Gazette and, in approving the rules so made or amended, the Central Government may make such modifications therein as it thinks fit, and on such publication, the rules as provided by the Central Government shall be deemed to have been validly made, notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956).