Notification under section 11(3) of the Securities Contracts (Regulation) Act, 1956 for Extending the Period of supersession of the Council of Management of Bhubaneswar Stock Exchange - S.O. No.935(E) - SEBI/LE/43504/2005 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 30 th June, 2005 S.O. 935(E).- Vide Notification F. No. SEBI/LE/29081/2004 dated December 30, 2004 ( said notification ) the supersession of the Council of Management of the Bhubaneswar Stock Exchange ( Council of Management ) was extended by the Securities and Exchange Board of India ( SEBI ) for a further period of six months 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. The term of supersession of the Council of Management is due to expire on July 2, 2005. 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. Further, 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 Council of Management and also to complete the process of corporatisation and demutualisation, the period of supersession of the Council of Management is required to be extended for a further period upto March 31, 2006. In view of the aforesaid, in exercise of the powers conferred upon me under section 4(3) 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 as ordered in the said notification is hereby extended for a further period upto March 31, 2006 with effect from July 3, 2005. Shri Jai Prakash Verma, IPS (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 Jai Prakash Verma may take assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F.No. SEBI/LE/43504/2005] M.DAMODARAN, Chairman