Amend Article 29 of its Articles of Association so as to remove the maximum fine that can be imposed on an erring member and to provide for a fine depending on the nature and the gravity of the violation within a period of 60 days from the date of the order. - S.O. No.1232(E) - SEBI/LE/41871/2001 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 19th December, 2001 S.O. 1232(E).- Securities and Exchange Board of India, in exercise of powers under Section 8(1) of Securities Contracts (Regulation) Act, 1956, vide its order dated September 12, 2001 had directed the exchange to amend Article 29 of its Articles of Association so as to remove the maximum fine that can be imposed on an erring member and to provide for a fine depending on the nature and the gravity of the violation within a period of 60 days from the date of the order. However, the exchange has not amended the said Article 29 even after the expiry of 60 days as stipulated in the aforesaid directions issued by Securities and Exchange Board of India. Therefore, Securities and Exchange Board of India in exercise of the powers conferred by sub-section (2) of Section 8 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), do hereby direct that the words not exceeding Rs. *25,000 appearing after the word assistant and before in any of the events following shall be deleted from the Article 29 of the Articles of Association of Calcutta Stock Exchange Association Ltd. [F.No. SEBI/LE/41871/2001] DEVENDRA RAJ MEHTA, Chairman