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

The Gazette of India

EXTRAORDlNARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 365]

NEW DELHI, WEDNESDAY, APRIL 17, 2002/CHAITRA 27, 1924

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai. the 17th April; 2002

S.O.437(E).—Whereas the Chairman. Securities and

Exchange Board of India vide his order dated January 10,

2002, passed in exercise of powers under sub-section (1) of

section 8 of the Securities Contract (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 Pune 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 Pune-Stock Exchange, namely:—

In Article 72. in clause (a), the following proviso shall

be added:

"Provided that no broker member of the exchange

shall be an office bearer i.e. President. Vice President or

Treasurer of the exchange."

[F.No.SEBI/LE/6215/02] '

G.N. BAJPAI, Chairman

1267 GI/2002

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