Notification under Section 11(3) of the Securities Contracts (Regulation) Act, 1956 for Extending the period of Supersesseion of The Council of Management of Bhubaneswar Stock Exchange Limited. - F.No. SEBI/LE/89588/2007 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 26 th March, 2007 F.No. SEBI/LE/89588/2007.- Vide Notification F. No. SEBI/LE/77764/2006 dated September 29, 2006 ( said notification ) the supersession of the Council of Management of the Bhubaneswar Stock Exchange Limited ( Council of Management ) was extended by the Securities and Exchange Board of India ( SEBI ) upto March 31, 2007 and Shri Vivekananda Pattanayak, IAS (Retd.) was appointed as the new Administrator to exercise and perform all the powers and duties of the Council of Management. I have noted that the Administrator has initiated various corrective measures in the functioning of the exchange, some of which require sustained follow up action. I am, therefore, of the view that in order to complete the streamlining of the functioning of the exchange, the process of demutualisation and also the election and constitution of a new Council of Management, the supersession of the Council of Management 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 Council of Management of The Bhubaneswar Stock Exchange 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 Vivekananda Pattanayak, IAS (Retd.) shall continue as the Administrator and shall exercise and perform all the powers and duties of the Council of Management, during the period so extended. Shri Vivekananda Pattanayak, IAS (Retd.) 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.]