The Gazette of India
EXTRAORDlNARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 364] NEW DELHI, WEDNESDAY, APRIL 17, 2002/CHAITRA27, 1924
1266 GI/2002
(1)2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART H—SEC. 3(ii)] SECURITIES AND EXCHANGE BOARD OF INDIA NOTMCATION
Mumbai, the 17th April, 2002
S.0.436(E).—Whereas the Chairman, Securities and Exchange Board of India videts his order dated January 10,. 2002, passed in exercise of powers under sub-section (1) of Section 8 of the Securities Contracts (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 Madras 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 Madras Stock Exchange, namely:—
In Article 115,
v .(i) in clause (a), the following proviso shall be added:
"Provided that no broker member of the exchange shall be the President or Vice President of the exchange.";
(ii) in clause (d), 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/6214/02] G. N. BAJPAI, Chairman