REGD. NO. D. L.-33004/99

The Gazette of India

EXTRAORDINARY

PART II-Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No.

913]

NEW DELHI, WEDNESDAY, DECEMBER 19, 2001/AGRAHAYANA 28, 1923

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

3870 GI/2001

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