Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Vadodara stock Exchange has failed to comply with the said order within the time stipulated - S.O. No.439(E) - SEBI/LE/6220/02 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th April, 2002 S.O.439(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 Vadodara stock Exchange has failed to comply with the said order within the time stipulated therein, Now, in exercise of the powers conferred by sub-section (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 Articles of Association of Vadodara Stock Exchange, namely :- In Article 115, in clause (1) (i) in sub-clause (a) the following proviso shall be added : Provided that no broker member of the exchange shall be the President of the exchange. (ii) in sub-clause (c), the following proviso shall be added : Provided that no broker member of the exchange shall be the Vice-President of the exchange (iii) in sub-clause (c), the following proviso shall be added : Provided that no broker member of the exchange shall be the Treasurer of the exchange [F.No. SEBI/LE/6220/02] G N. BAJPAJ, Chairman