REGISTERED No. DL—33001/2001 The Gazette of India
PUBLISHED BY AUTHORITY
No. 15] NEW DELHI, SATURDAY, APRIL 14, 2001 (CHAITRA 24,1923)
(Separate paging is given to this part in order that it may be filed as a separate compilation)
[PART IV]
([Advertisements and Notices issued by Private Individuals and Private Bodies.] NOTICE
NO LEGAL RESPONSIBILITY IS ACCEPTED FOR THE PUBLICATION OF ADVERTISEMENTS/PUBLIC NOTICES IN THIS PART OF THE GAZETTE OF INDIA PERSONS NOTIFYING THE ADVERTISEMENTS/ PUBLIC NOTICES WILL REMAIN SOLELY RESPON- SIBLE FOR THE LEGAL CONSEQUENCES AND ALSO FOR ANY OTHER MISREPRESENTATION ETC.
BY ORDER Controller of Publication
(73)
1—20 GI/200174 76 NATIONAL STOCK EXCHANGE UF INDUTA LIMITED
The draft amendments to the Rules of National • Stock Exchange, as given hereunder, are published for criticism In accordance with the provisions of Section 23 of Ihe General Clauses Act, 1897 in the Gazette of India. Any person having any observations on t£ie proposed nmendments can send the same in writing to the Company Secretary & Sr. Vic©- President, National Stock Exchange of India Limited at Trade World, Senapati Bapat Marg, Lower Parel, Mumbai-400013 within fifteen days from the date of fhis- publication in the Gazette. The observations received ufter the aforementioned date will not be considered when the draft will be taken for consideration.
A. (I) The existing Rule (33) of Chapter H of the Rules of the Exchange h proposed to be amended by in- serting the following wc^ds between the words 'defaulter' and 'shall' appearing on the first line.
"or whose trading membership ha?, been compulsorily terminated by the Exchange".
(2) The following clause is proposed to be inserted ail clause (h) to Rule 4 of Chapter UI of the Rule* of U" Exchange and as a-"BBrtt t i" egostwig dswes
QUOTE
(h) has surrendered his trading membership to the Exchange or his trading membership has been compulaorily termipaRxl or is declared a defaulter by the exchange and a period of one year has not elapsed from the date of sui^h surrender or compulsory termination or declaration of default.
76 THE GAZETTE OF INDIA, APRIL 14, 2001 (CHAITRA 24, 1923) [PART—IV UNQUOTE
(3) The existing Rule (28) of Chapter HI of the Rules "( the Exchange is proposed to be amended as under;
(J) by substituting existing clause (a) by the following new clause (a) :
QUOTE
(a) By surrender of trading membership;
UNQUOTE
As a result of the above substitution, necessary con- sequential changes are proposed to be carried out in the Rules, Byelaws or Regulation wherever it is necessary to do so.
• ii) by inserting following new clause (g) afier the exist- ing clase (f) ;
QUOTE
(g) by compulsory termination of trading member- ship-
UNQUOTE
(4) The existing Rule (32) of Chapter III of the Rules of the Exchange is proposed to be amended by deleting the following words 'these requirements shall be liable to be ter- ninaJed' after the words "who fails to meet" appearing on the fourth line and substituting with the following words in its place.
"with the requirement of maintenance of networth and capital adequacy prescribed for a continued period of six months may be compulsorily terminated after giving an opportunity of hearing. The trading membership of any person who fails to meet any other requirements other than network and capital adequacy shall be liable to be terminated by ewpulsion under chapter IV of Rules of the Exchange".
(5) Tho existing Rules (33), (34) and (35) of Chapter •1 of the Rules of the Exchange are proposed to be amended fM the following manner :
(i) The word "etc" is proposed to be inserted af&r the words 'Readmissdon of Defaulters' in the heading.
(ii) Rule 33.
The words "immediately he is declared a defnulter". appearing at the end first sentence and tho words "The member who is declared a defaulter shall for- feit all his rights and privileges as a member" appear- ing aft the beginning of the second sentence are pro- posed to be deleted and the following words are proposed to be substituted in its place :-
"ip"o facto if such trading member is declared a defaulter, expelled or his trading member- ship is compulaorily terminated or surrendered. The trading member, who is declared a defaulter, expelled or whose trading member- ship is compulsorily terminated or Is surren- dered, shall forfeit all his rights and privileges a" a trading member".
(Hi) Rule 34.
The Existing rule 34 is proposed to be substituted by the-1ollowlng new rule 34 as given hereunder :—
QUOTE
"The Relevant Authority may however readmit a person, who has been declared a defaulter or whose trading membership has been compulsorily terminated or who has surrendered his trading membership, as a trading member subject to the provisions and/or norms as may be prescribed by the Relevant Autho- rity from time to Jime".
UNQUOTE
(iv) Rule 35.
(a) The following words are proposed to be inserted after the words "only such defaulter" on it" first line "or such person whose trading member- ship has been compulsorily terminated or \rtio has surrendered his trading membership and".
(b) The following senJance is proposed to be in- serted as clnuse (f) :
"ha* complied with the norms as may fee prescribed from time to time by the rele- vant authority".
(6) (i) The existing clause (e) of Rule 5 of Chapter IV of the Rules of tho Exchange is proposed >o be amend- ed in the following manner :
The word "and" appealing in between the words expelled" and "defaulter" in the sub heading is pro- posed to bo substituted by comma (,) and the word "etc." is proposed to be inseiwd at Hie end of the sub-heading.
(ii) The following words arc proposed to be inserted at the end of last line in clnuse (e) of Rule 5 of Chapter IV :
"or whoso trading membership has bet;n com- pulsorily terminated.".
(7). (i) The existing Rule 13 of Chapter IV of the Rules of JSie Exchange is proposed to be substituted by the following new Rule 13 as given hereundev :
QUOTE
Explanation before suspension or expulsion, etc. (3) A trading member shall be entitled to be summoned before) relevant authority and afforded an opportunity for explanation before being suspended or expelled or his trading membership is being compulsorily terminated but in all cases the findings of the relevant authority shall be final, conclusive and binding as against such trading member.
UNQUOTE
(8) Tho existing Rule 20 of Chapter IV of the Rules of the Exchange is proposed to bo amended in the followine manner :
(i) Tho word "esc" is proposed to be inserted after the words "Consequences' of Expulsion" in the heading.
(ii) The following words arc proposed- to be inserted in Rule 20 in between the words "expulsion of a trad- ing member" and "shall have" on the first line.
"or compulsory termination of his trading member- ship or surrender of fels trading membership".
(iii) The words "The expelled" appearing in between the words "Trading membership righ& forfeited" and "trading member" on the first lino of Rule 20 (a) are to be deleted and the word "such" is to be inserted In it" place.