Mumbai: Market regulator SEBI has de-recognised Hyderabad Stock Exchange (HSE) as the stock exchange failed to dilute 51 per cent stake to non-brokers by August 28 as mandated by law.

In a release, SEBI said, “The recognition granted to HSE stands withdrawn with effect from August 29, 2007.”

BRICS Securities has been ordered by SEBI to pay a penalty of Rs 10 Lakhs.