India currently has two major stock exchanges. The Bombay Stock Exchange and National Stock Exchange, There are important differences in ownership structure, geographic reach, internal control systems and institutionalised risk management facilities
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Oblicon Case Digest
Title
:
MAKATI STOCK EXCHANGE vs SECURITIES AND EXCHANGE COMMISSION
Citation
:
G.R. No. L-23004 June 30, 1965
Ponente
:
Facts
:
BENGZON, C.J.:
The Securities and Exchange Commission denied the Makati Stock Exchange, Inc., permission to operate a stock exchange unless it agreed not to list for trading on its board, securities already listed in the Manila Stock Exchange.
Issue
: Whether or not the SEC may “in the public interest” validly impose such a condition?
Held
:
NO. It is fundamental that an administrative officer has only such powers as are expressly granted to him by the statue, and those necessarily implied in the exercise thereof. The SEC cites no provision of law supporting its rule. Neither did the Commission make any explanation on how it could be necessary in the performance of its functions. For all practical purposes the SEC’s order would make it impossible for MSEI to operate. So its permission would really amount to a prohibition.
The Legislature has specified the conditions under which a stock exchange may legally obtain a permit; it is not for the SEC to impose others.
