RBI rejects Religare demerger plan despite stock exchange nod

The Reserve Bank of India has rejected Religare Enterprises' proposed demerger plan. Stock exchanges had previously given their no-objection to the company's restructuring proposal. Religare Enterprises will now engage further with the regulator for clarifications. This demerger was the first major restructuring since the Burman family took over. The Securities and Exchange Board of India has closed proceedings against former executives.

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