Under Section 4B(8) of the SCRA, a recognised stock exchange that has been demutualised must ensure that what percentage of its equity share capital is held by the public other than shareholders having trading rights?  

Ans: D (At least 51%)     Reason:   This 51% public shareholding threshold  accomplishes  multiple regulatory  objectives :  establishing  public control of exchange governance, preventing member-broker dominance, protecting investor interests, and ensuring demutualisation separation of ownership from trading rights. The provision reflects Parliament's intent to convert member-owned mutuals into professionally managed, publicly  participated  entities. SEBI may extend the 12-month compliance period by another 12 months upon showing sufficient cause and public interest justification.