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TMI BlogMeeting of the Executive Committee of Inter-Exchange Co-ordination GroupX X X X Extracts X X X X X X X X Extracts X X X X ..... y of Public Representative Directors on the Governing Board of Stock Exchanges and Public Representatives on the Statutory Committees appointed by the exchange as contained in the Articles of the exchange; AND 2) After taking into account, the unanimous view of the participants in the IECG meeting on August 09, 1996, that the Public Representative Directors and Public Representatives on the Statutory Committees of the stock exchanges should continue till the time new Public Representatives are appointed in their place, the Board, vide its circular Rer. No. SMD/RCG/3737/96 dated August 13, 1996, had advised all the stock exchanges, including UPSE, to take steps to amend their Rules/Articles of Association relating to the term of Public Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the exchange to comply with the above Order within two months of the date of issue of the Order, SEBI shall, on its own, amend Article 98(i) of the Articles of Association of UPSE, in the form proposed in the Order; AND 7). UPSE had, vide its letter Ref. No. UPSE/97-98/2224 dated May 05, 1997. informed the Board that Board of Directors of the exchange had convened an Extra-Ordinary General Meeting (EGM) on May 24, 1997, for passing and enabling a special resolution for amendment in the Articles of Association of the exchange as contained in the Board's above mentioned Order dated April 04, 1997. However, vide their letter by fax dated May 24, 1997, UPSE informed the Board that the said resolution was put to vote in the above EGM and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. ii. the absence of Public Representatives on the Governing Boards of exchanges, as well as on the Statutory Committees appointed by the exchanges, is detrimental to the interests of the general investing public, and smooth day to day functioning of the exchange. iii. moreover, the Board finds it desirable to maintain uniformity in the Rules, Regulations and Bye-laws regarding composition of the Governing Board of various stock exchanges in the country. NOW THEREFORE , in exercise of the powers conferred to it by sub-section (2) of Section 8 of the Securities Contracts (Regulation) Act, 1956, read with the powers delegated to the Board by the Central Government under its notification no. SO/573(E) dated July 03, 1992, issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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