Order under section 11 of the Securities Contracts (Regulation) Act, 1956 extending the period of supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited - S.O. No.817(E) - SEBI/LE/14296/2004 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 5 th July, 2004 S.O. No.817(E).- Vide notification F. No. SEBI/LE/272/04 dated January 8, 2004 (the said notification), the supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited was extended by the Securities and Exchange Board of India for a further period of six months and Shri M.N. Sabharwal, IPS (Retd.) continued as an Administrator to exercise and perform all the powers and duties of the Governing Board. The term of supersession vide notification cited is ending on July 11, 2004. The Administrator has initiated various corrective measures in the functioning of the Exchange. However, some of the measures would require sustained follow up action to resolve them, to further improve the functioning of the Exchange and in view of the additional time required to complete the process of election and constitution of the new Governing Board and also to complete the process of Demutualisation, I am of the considered view that the period of supersession of the Governing Board ordered in the said notification is necessary to be extended for a further period of six months. Moreover, I am of the considered view that the situation is not yet conducive for the Governing Board to take over. In view of the aforesaid reasons, in exercise of the powers conferred under section 11 of the Securities Contracts (Regulation) Act, 1956 read with the Notification No. S.O. 573 dated July 30, 1992 issued by Central Government, the supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited as ordered in the said notification is hereby extended for a further period of six months with effect from July 12, 2004. Shri M.N. Sabharwal, IPS (Retd.) shall continue to act as the Administrator to exercise and perform all the powers and duties of the Governing Board, during period so extended. Shri M.N. Sabharwal may take the assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F.No. SEBI/LE/14296/2004] G.N. BAJPAI, Chairman