Notification under Section 11(3) of the Securities Contracts (Regulation) Act, 1956 for Extending the Period of Supersession of the Council of Management and for Appointing New Administrator of Bhubaneswar Stock Exchange Limited - S.O.1635(E). - SEBI/LE/77764/2006 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 29 th September, 2006 S.O.1635(E).-- Vide notification F. No. SEBI/LE/63415/2006 dated March 28, 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 ) up to September 30, 2006 and Shri Jai Prakash Verma, IPS (Retd.) continued, as an 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 further streamline the functioning of the exchange, time required to complete the process of election and constitution of the New Council of Management and also to complete the process of Demutualisation, the period of supersession of the Council of Management is required to be extended for a further period of six months up to March 31, 2007. I have also noted that Shri J. P. Verma has tendered his resignation vide his letter dated September 27, 2006 due to personal reasons and therefore the New Administrator is required to be appointed in his place. 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 six months up to March 31, 2007 with effect from October 1, 2006. Shri Vivekananda Pattanayak, I.A.S. (Retd.) is hereby appointed as new Administrator and shall exercise and perform all the powers and duties of the Council of Management, during the period so extended. Shri V. Pattanayak may take assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F. No. SEBI/LE/77764/2006] G. ANANTHARAMAN, Whole Time Member