Extension of the tenure of Shri Jai Prakash Verms, IPS (Retd.) as an Administrator to exercise and perform all the powers and duties of the Council of Management. - S.O. No.1430(E) - SEBI/LE/29081/2004 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 30 th December, 2004 S.O. No.1430(E).- Vide notification F. No. SEBI/LE/13606/4 dated June 29, 2004 (the said notification) the supersession of Council of Management of the Bhubaneswar Stock Exchange was extended by the Securities and Exchange Board of India for a further period of six months with effect from July 3, 2004 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 vide notification cited is due to expire on January 2, 2005. It is noted that the Administrator has initiated various corrective measures in the functioning of the Exchange in order to rectify the problems of the Exchange, some of which would require sustained follow up action to resolve them. 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 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 of six months. In light of the aforesaid, in exercise of the powers conferred 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. SO 573 dated July 30, 1992 issued by Central Government, the supersession of the Council of Management of the Bhubaneswar Stock Exchange is hereby extended for a further period of six months with effect from January 3, 2005. Shri Jai Prakash Verma, IPS (Retd.) shall continue to act 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/29081/2004] G.N. BAJPAI, Chairman