JUDGMENT :

Tapabrata Chakraborty, J.

1. The present appeals have been preferred challenging the judgment dated 12th April, 2016 delivered in two writ petitions being W.P. No. 31846 (W) of 2014 and W.P. No. 27340 (W) of 2015 preferred by Calcutta Stock Exchange Limited (hereinafter referred to as CSE). The first writ petition was preferred challenging inter alia a letter dated 3rd November, 2014 issued by Securities and Exchange Board of India (hereinafter referred to as SEBI) calling upon CSE to apply for voluntary exit and aggrieved by the further steps taken by SEBI under the Exit circular, the second writ petition being WP No. 27340 (W) of 2015 was preferred.

2. Upon hearing the parties, the learned Single Judge framed the following issues:

‘(i) Whether the Exit Policy of SEBI promulgated by the circular dated May 30, 2012 is in consonance with Section 5 of the SCR Act, 1965 ?

(ii) Was the CSE obliged to apply for continuance of its clearing house business in terms of the SECC Regulations, 2012 ?

(iii) Is the procedure undertaken by SEBI to close down the clearing house business CSE vitiated by the breach of the principles of natural justice ?

(iv) In the facts of this case, is S