Order under section 11 of the Securities Contracts (Regulation) Act, 1956 extending the period of supersession of the Council of Management of Bhubaneswar Stock Exchange. - F.No. SEBI/LE/24611/03 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai the, 01 st January, 2004 F.No. SEBI/LE/24611/03.- Vide Notification No. 5(E), dated January 3, 2003 (the said notification) the Council of Management of the Bhubaneswar Stock Exchange was superseded by the Securities and Exchange Board of India for a period of one year with effect from January 3, 2003 and Shri Jai Prakash Verma was appointed as the Administrator to exercise and perform all the powers and duties of the Council of Management. In view of the various measures taken by the Administrator to rectify the problems of the Exchange, some of which would require sustained follow up action to resolve them to further streamline the functioning of the Exchange and in view of the additional time required to complete the process of election and constitution of the new Council of Management as also the process of demutualisation, I am of the considered view that the period of supersession of the Council of Management 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 Council of Management to take over. In view of the aforesaid reasons, in exercise of the powers conferred upon me 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 and also section 4(3) of Securities and Exchange Board of India Act, 1992, 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 of six months with effect from January 3, 2004. Shri Jai Prakash Verma, IPS (Retd.) shall continue as the Administrator and exercise and perform all the powers and duties of the Council of Management, during the extended period, in terms of the said notification. G.N. BAJPAI, Chairman [ADVT. III/IV/69ZB/2003/Exty.]