Notification under Section 11(3) of the Securities Contracts (Regulation) Act, 1956 for Extending the period of Supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited. - F.No. SEBI/LE/89594/2007 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 26 th March, 2007 F.No. SEBI/LE/89594/2007.- Vide Notification F. No. SEBI/LE/77022/2006 dated September 26, 2006 ( said notification ) the supersession of the Governing Board of The Uttar Pradesh Stock Exchange Association Limited ( Governing Board ) was extended by the Securities and Exchange Board of India ( SEBI ) upto March 31, 2007 and Shri K.D. Gupta, IRS (Retd.) continued as the Administrator to exercise and perform all the powers and duties of the Governing Board. I have noted that the Administrator has initiated various corrective measures in the functioning of the exchange, sonic of which require sustained follow up action. I have also noted that the findings of the special purpose inspection carried out by SEBI in April 2006, revealed shortcomings pertaining to trading, surveillance, listing, etc. at UPSE which needs to be rectified. In order to complete the streamlining of the functioning of the exchange, the process of Demutualisauon, appointment of Executive Director and also the election and constitution of a new Governing Board, I am of the considered view that the supersession of the Governing Board is required to be extended for a further period of one year upto March 31, 2008. In view of the aforesaid, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Section 11 of the Securities Contracts (Regulation) Act, 1956 and Notification No. S.O. 573 dated July 30, 1992 issued by Central Government, the supersession of the Governing Board of The Uttar Pradesh Stock Exchange Association Limited as ordered in the said notification is hereby extended for a further period of one year upto March 31, 2008 with effect from April 01, 2007, Shri K.D. Gupta, IRS (Retd.) shall continue as the Administrator and shall exercise and perform all the powers and duties of the Governing Board, during the period so extended. Shri K.D. Gupta may take assistance of such persons as he deems necessary in discharge of his duties as the Administrator. G. ANANTHARAMAN, Whole Time Member [ADVT III/IV/69Z/B/2006/Exty.]