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. No.456(E) - SEBI/LE/63414/2006 - SEBI

Securities and Exchange Board of India Notification Mumbai, the 28 th March, 2006 S.O.456(E).-- Vide notification F. No. SEBI/LE/43508/2005 dated June 29,2005 ( 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 March 31,2006 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, some of which require sustained follow up action. I have also noted various steps taken by the Administrator in accordance with The Calcutta Stock Exchange Association Limited (Demutualisation) Scheme, 2005 and that the corresponding amendments to the Memorandum and Articles of Association could not be approved in the Annual General Meeting in view of the illogical demand including issue of Rights shares and chaos created by a section of the members which resulted in the adjournment of the Annual General Meeting sine die. I further note that the exchange has also initiated the process of appointment of Chief Executive Officer in accordance with The Calcutta Stock Exchange Association Limited (Demutualisation), Scheme, 2005. Therefore, I am 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 corporatisation and demutualisation, the period of supersession of the Committee is required to be extended for a further period of six months upto September 30, 2006. 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 September 30, 2006 with effect from April 1, 2006. Shri Tushar Kanti Das, LAS (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 Tushar Kanti Das may take the assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F. No. SEBI/LE/63414/2006] G. ANANTHARAMAN, Whole-Time Member