Notification under Section 11 (3) of the Securities Contracts (Regulation) Act, 1956 for extending the Period of Supersession of the Committee of The Calcutta Stock Exchange Association Limited. - S.O.1634(E) - SEBI/LE/77491/2006 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 29 th September, 2006 S.O.1634(E).-- Vide notification F. No. SEBI/LE/63414/2006 dated March 28, 2006 ( said notification ) the supersession of the Committee of The Calcutta Stock Exchange Association Limited. ( Committee ) was extended by the Securities and Exchange Board of India ( SEBI ) upto September 30, 2006 and Shri T. K. Das, IAS (Retd.) continued as an Administrator to exercise and perform all the powers and duties of the Committee. I have noted that the Administrator has initiated various corrective measures in the functioning of the Exchange especially with reference to the Demutualisation of The Calcutta Stock Exchange Association Limited (CSE) and that after the notification of the said scheme, the members of CSE in their EGM held on June 7, 2006 have approved the amended Memorandum and Articles of Association pursuant to the Demutualisation Scheme. I however note that these corrective measures require sustained follow up action to complete the entire process of demutualisation. In this regard I note that the exchange is in the process of finalizing the appointment of Chief Executive Officer in accordance with Demutualisation scheme. I am, therefore, of the view that in order to further streamline the functioning of the exchange, time required to complete the process of election and constitution of the new Committee and also to complete the process of Demutualisation, the period of supersession of the Committee is required to be extended for a further period of six months upto March 31, 2007. 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 Committee of The Calcutta Stock Exchange Association Limited as ordered in the said notification is hereby extended for a further period of six months upto March 31, 2007 with effect from October 1, 2006. Shri T K. Das, IAS (Retd.) shall continue as the Administrator and shall exercise and perform all the powers and duties of the Committee, during the period so extended. Shri T. K. Das may take assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F. No. SEBI/LE/77491/2006] G. ANANTHARAMAN, Whole Time Member