Calcutta, July 21: The Calcutta Stock Exchange (CSE) members today approved its demutualisation. After the process is through, the exchange, a non-profit making organisation, will start generating profit.

The brokers’ representatives on the board of the exchange had approved the demutualisation scheme in July 2003. But the final approval got delayed as the annual general meeting in January was adjourned with members voicing their grievances before the issue could come up for discussion.

The issue was in the danger of not getting resolved even at today’s extraordinary general meeting as members started voicing their grievances at the onset.

Brokers raised questions about the disparity in the deduction of registration fees from the base minimum capital that they keep with the exchange. They also questioned the authority of administrator T. K. Das to preside over the meeting.

Another extraordinary general meeting has been convened on July 28 to discuss the changes and modifications in the model rules for CSE after demutualisation.