5% voting cap in exchanges

In the context of the MCX-SX being denied permission to trade in equities, I have a 'face-off' column in the Economic Times last week, where I argue that the regulations which impose the cap of 5% ownership are wrong and anti-competitive. Besides in the context of the MCX dispute, they don't even apply to already corporatised and demutualised exchanges as parliament has exempted such exchanges from the requirement of divestment.

PS: I have had a strong view on the broader issue of governance in exchanges since Jan 2010 and May 2010.