Amendment in the respective Rules/Articles of Association the Bangalore Stock Exchange Limited. - S.O. 929(E).-SEBI/SMD/II/1/93(E) - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Bombay, the 24th November, 1993 S.O. 929(E).-SEBI/SMD/II/1/93(E).- Whereas in exercise of the powers conferred by sub-section (1) of section 8 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (hereinafter referred to as the Act ) the Securities and Exchange Board of India (hereinafter referred to as SEBI ) by an order dated 20th April, 1993 (hereinafter referred to as the statutory order ) directed the stock exchanges mentioned in the Schedule thereto to amend their respective Rules/Articles of Association, to provide for certain matters with a view to protect the interest of investors and to promote development of and to regulate the securities markets and in particular the stock exchanges : And Whereas the Bangalore Stock Exchange Limited a recognised stock exchange having its registered office at UNI Building, Miller Tank Road, Bangalore-560 002 (hereinafter referred to as Bangalore Stock Exchange ) was also required by the said statutory order to take steps to amend its Articles of Association to provide for mutters mentioned therein : And Whereas the Bangalore Stock Exchange has pursuant to the said statutory order amended some of its Articles of Association but failed to amend the Articles to provide for the matters specified in clause 4 of the said statutory order and thereby failed to comply with the said statutory order within the specified period of six months : Now therefore, pursuant to the powers delegated to it under Section 29A of the Act, and in exercise of the powers conferred by sub-section (2) of section 8 of the Act in particular and also in exercise of the powers conferred by section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), SEBI hereby makes the following amendments to Articles 53 and 54 of the Articles of Association of the Bangalore Stock Exchange as proposed in the said statutory order, namely, ARTICLE 53 (1) Sub-clauses (a), (b) and (o) of the existing Article 53 be renumbered as sub-clauses (a), (b) and (c) of Article 54. (2) In Article 54 as renumbered - (i) in sub-clause (b) for the figure 15 figure 10 shall be substituted. (ii) a new sub-clause (d) as provided hereinafter shall be inserted after sub-clause (c) (d) The President, Vice-President and Treasurer elected as above shall hold office for one year and shall be Eligible for re-election. Provided that no member who has held the office of the President or the Vice-President for two consecutive terms shall be eligible to offer himself for re-election unless a period of one year has elapsed since he last held such office. ARTICLE 54 The existing Article 54 of the Articles of Association shall be deleted. The above amendments shall come into force from the date of their publication in the Official Gazette as if the same have been amended by the Bangalore Stock Exchange Ltd. Dated at Bombay this the 24 th day of November, 1993. [File No. 1/73/SE/93] G.V. RAMAKRISHNA, Chairman