Notification Repealing the Securities and Exchange Board of India (Central Listing Authority) Regulations, 2003. - 11/LC/GN/2007/1406 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 03 rd January, 2007 No. 11/LC/GN/2007/1406.-- In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992(15 of 1992), the Securities and Exchange Board of India hereby repeals with immediate effect the Securities and Exchange Board of India (Central Listing Authority) Regulations, 2003 published in Part-11, Section 3, Subsection (ii) of the Gazette of India, Extraordinary, under notification of the Securities and Exchange Board of India number S.O.1954 (E) dated the 21st August, 2003 : Provided that such repeal shall not affect- (i) the previous operation of the said regulations or anything done or omitted to be done or suffered therein; or (ii) any right, privilege, obligation or liability acquired or accrued or incurred under the said regulations; or (iii) any penalty, forfeiture or punishment incurred in respect of any offence committed against the said regulations; or (iv) any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid; and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said regulations had not been repealed : Provided further that the Central Listing Authority established under regulation 3 of the said regulations shall stand dissolved upon such repeal, and consequentially-- (i) all persons appointed as President or Vice-President or Members of the Central Listing Authority and holding office immediately before such repeal shall vacate their office upon such repeal; (ii) such persons shall not be entitled to claim any compensation for loss of office; (iii) the balance of all monies received by, or advanced to the Central Listing Authority shall, upon such repeal, stand transferred to and vest in the Board; (iv) all property of whatever kind owned by, or vested in, the Central Listing Authority, shall, upon such repeal, stand transferred to and vest in the Board; and (v) all liabilities and obligations of whatever kind incurred by the Central Listing Authority shall, upon such repeal, be deemed to be the liabilities or obligations of the Board. M. DAMODARAN, Chairman [ADVT. III/IV/Exty./69ZB/06)