Question

What is the key distinction of an applicant being "demutualised" as mentioned in the Regulation 7(2) of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018? 

A The ownership and management are combined
B The applicant is a non-profit organization
C Trading and clearing rights are merged
D Ownership and management are separated from trading rights or clearing rights
E The applicant is publicly listed on the stock exchange
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