Central Government to segregate ownership and trading membership from management of stock exchanges. - S.O. No.429(E) - SEBI/LE/6203/02 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th April, 2002 S.O.429(E).- Whereas the Chairman, Securities and Exchange Board of India vide his order dated January 10, 2002, passed in exercise of powers under sub-section (1) of section 8 of the Securities Contract (Regulation) Act read with sub-section (3) of section 4 of the Securities and Exchange Board of India Act, 1992, had directed all stock exchanges to amend their Rules, Articles etc. within a period of two months to give effect to the policy decision taken by the Securities and Exchange Board of India and the Central Government to segregate ownership and trading membership from management of stock exchanges; and Whereas Ahmedabad Stock Exchange has failed to comply with the said order within the time stipulated therein; Now, in exercise of the powers conferred by subsection (2) of section 8 of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India hereby makes the following amendments to the Rules of Ahmedabad Stock Exchange, namely:- In Rule 110, in sub-clause (i) of clause (a), after the existing proviso, the following new proviso shall be added; Provided further that no broker member of the exchange shall be an office bearer i.e. President, Vice President or Treasurer of the exchange. [F.No. SEBI/LE/6203/02] G.N. BAJPAI, Chairman