REGISTERED No. DL-33001/2001 The Gazette of India
PUBLISHED BY AUTHORITY
No. 39] NEW DELHI, SATURDAY, SEPTEMBER 29, 2001 (ASVINA 7, 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
!. hitherto known as S. CHATTOPADHYAY S/o Late Dr.. C. N. CHATTERJEE, employed as Deputy Director of Training in the Ministry of Labour, DGET, RDAT, Hyde- rabad, residing at Q. No. I V /7 ATI Campus, Vidyanagar, Hyderabad-7. have changed my name and shall hereafter be known as S. CHATTERJEE.
It is certified that I have complied with other legal
requirements in this connection.
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, RESPONSI- BLE FOR THE LEGAL CONSEQUENCES AND ALSO FOR ANY OTHER MISREPRESENTATION ETC
BY ORDER Controller of Publication
S. CHATTOPADHYAY [Signature (in existing old name)] CHANGE OF NAMES
I, hitherto known as PRAVEEN KUMAR S /o ASHOK KUMAR GUPTA, residing at C-9/4C, Gali No. 7-B, Arjun Mohalla Moujpur. Delhi-110 053, have changed any name and SHALL hereafter be known as PRAVEEN KUMAR GUPTA.
I, hitherto known as JAI BHAGWAN S/o Sh. SUKHRAM GOTHWAL, employed as Accountant in the CPAO, CAD, SAP, New Delhi, residing at 104, D.V.B. Colony, Najafgarh, New Delhi-43, have changed my name and shall hereafter be known as JAI BHAGWAN GOTHWAL.
It is certified that I have complied with other legal re-
quirements in this connection.
It is certified that I have complied with other legal
requirements in this connection.
PRAVEEN KUMAR [Signature (in existing old name)] JAI BHAGWAN [Signature (in existing old name)]
(303)
1—260 GI/2001 104 THE GAZETTE OF INDIA, SEPTEMBER 29. 2001 (ASVINA 7, 1923) LPART—IV
It is certified that I have complied with other legal
requirements in this connection.
SUDHAKAR RAMKRIPAL CHAWAN [Signature (in existing old name)] I, hitherto known as CHANDI S/o Late BUOY KRISHNA, employed as TPM/B (Optg.) Department in tie Ragfeunaih Bari Railway Station/S.E. Rly./KGP Divn., re- siding at Vill. Baraberia, P.O. Raghiinathbari, District Mid- napore, Pir-721634, W. B.. have changed my name ar.d shall hererft-r b<* known as CHANDI CHARAN MONDAL.
ft"j".,^"f!it"d-*at I feave complied with other legal require-
ments, in tWs connection.
CHANDI [Sign itare (in exiv;n<- old narrr)]
T, hi-'wto known as Mn>. V. RAGHUPATHY W /o Mr. N\ N. itAGHUPATHY. employed as SlSS(O) in the Central Tclegrnh Office, BSNL, Chennai, residing at Mahalakshiri Tl?*% 51. Rniivav Station Road, Kodsmbakkam, Chennai- 600 024, have changed my name and shall hereafter be kr.owri r3 M". VI.TAY/*LAKSHMT RAOTWATHY.
It is certified that 1 have complied with other legal require-
ments in this connection.
Mrs. V. RAGHUPATHY [Signature (in exiting old name)] I, hitherto known as JUG RAMA S/o Shri RAM DAYAL, employed rJptSnb-Divis'onoi Engineer (D-TAX) Mall Road, Kanpur, O /o DGM (East) GMTD Kanpur in the Depart- ment of Tel?'jon\ (DOT), residing at Qtr. No. 1, Type-Hi, Telecom. Colony, Krishna Nagar, Kanpur, have changed my name ard shall hereafter be known as TUG RAMA RAO.
It is certified tb?t I have complied with other le^al
requirements in this connection.
JUG RAMA [Signature (in existing old name)]
I, hitherto k.-^wn as KMLASH LADDHA S/o Shri JAGDISH CHANDRA LADDHA, a Businessman, residing at "Laddha Bhawan", Maheshwari Mohalla, Nayak Wadi, ^aisanwnd, have changed my nam? and shall hereafter be kn^vti is RAKESH LADOHA.
It is certified that I have complied with other legal
requirements in this connection.
KAILASH LADDHA (Signature (in existing old tsamej] -I, hitherto known a.. PRAMOD KUMAR S/o ASHOK KUMAR GUPTA, residing at C-9/4C, Gali No. 7-B, Arjun Mohalla, Moujpur, De'hi-110 053, hr.ve changed my name and shall her-a^ter be known as PRAMOD KUMAR GUPTA.
It ie oertiped that I have complied with other legal re-
quirements in this connection.
PRAMOD KUMAR [Signature (in existing old name)]
I, hitherto known as P I J I T A S V / A MY MADAPPA S/C MADAPPA, employed as Store Khalasi in the O/o the Dist. Controller Stores, S. Rly./AP/MYS, residing at D. No. 84, III Cross, Main Road, Nazarbad, Mysore to Karnataka State, have changed my name and shall hswifter be known as PUTTASWAMY.
It is certified that I have complied with other legal re
qwrements in this connection.
PUTTASWAMY MAD A:
[Signature (in existing old name)] I, hitheito known as SHELENDRA KUMAR S/o Shri MAHBSH CHANDRA, employed as Scientific Assistant (B) m the Bhabha Atomic Research Centre, Trembay, Mumbii- 400 085, residing at A-2/29, Kendriya Vihar, Nerul, Navi Mumbai-400 706, have changed my name and shall hcr*>"" 'ter be Jrrown as SHELF NDRA KUMAR STNGH.
It is certified that I bave complied with other legal
requirements in this connection.
SHELENDRA KUMAR [Signature (in existing old name)]
I, hitheito known as VIS HAL DAMU RANDHAVE S/o DAMIJ DA?HAFATH RANDHAVE. rmnloyed as Orderly in H- E. Factory, Kirkee, Pune-411 003, residing at E-16/6, Siporex Typc-I. Ordnance Estate, C T.A. Hostel, Kirkee, Pune- 3, have charged my name and slisll hereafter be known as VISUAL DAMU RANDHIR.
It is certified that I have complied with other lega'i iaquire-
menfs in tbjs connection.
•I, hitherto known as SUDHAKAR RAMKRIPAL CHAW AN/SU DHAKA R CHAVHAN/ SUDHAKAR CHAU- IIAN S/o Shri RAMKRIPAL CHAWAN, Ex-serviceman, residing at House No. 837, Mahadev Nagar, Sambra, Distt. '• BeJ"ra"im, Kornataka-591124, have changed my name and
VF&Hi\L DAMU RANDHAVE [Signature (in existing old name)] shpll hveafter b* known as SUDHAKAR CHAUHAN.
PART—IV 1 THE GAZETTE OF INDIA, SEPTEMBER 29, 2001 (ASVINA 1, 1923) 3o5
It is certified that I have complied with other legal-
requirements in this conneciion.
RAVINDER [Signature (in existing old name)] I, hitherto known us SAM PAT HARIJAN S/o Shri RAM DASS HARIJAN, employed as Electrician in the Central Soil and Material Research Station, New Delhi, residing at 1-771, Mangolpuri, Ddhi-110 083, have changed my name and shall hereafter be known as SAMiPAT KUMAR.
It is certified that I have complied with other legal
requirements in this connection.
SAMPAT HART JAN [Signature (in existing old name)]
1, hitherto known as ABHBY SINGH SON! S/o Late Sh. APJUN SINGH, residing at 8, Kamayni Kunj Sockty, 69, I. P. Extn., Delhi-110 092, have changed the name of my minor daughter GAR1MA SINGH aged 12 years and she sha!l hereafter be known as GARIMA SONI.
It is certified that I have complied with other legal
nquirements in this connection.
ABHEY SINGH SOOT Signature of Guardian I, hitherto known rs M<\NMATHA S/o Late NAKUL CHANDRA, employed as TPM/B (Ortsj.) Department in the Rajgoda Railway Station's E. Rly./KGP Div., residing at Vill. & P. O. Nilkunrha, District M'dnapore. Pin-721627 W. B., have changed my name and shall hereafter be known as MANM4THA BARMAN.
It is certified that T have complied with otheir Icsal
requirements in this connection.
MANMATHA [Signature (in existing old name)]
I, hitherto known as ABHEY SINGH SONI S/o Late Sh. ARJUN SINGH, residing at 8, Kamayni Kunj Society, 69. I. P. Extn., Delhi-110092, have changed the name of my minor daughter SHRL7TI SINGH aged 10 years and she shall hereafter be known as SHRUTI SONI.
It is certified that 1 ha-t ccaipied with other legal raroke-
merits in this connection.
I, hitherto known ;
ABHEY SINGH. SONI Signature of Guardian It is certified that I have complied witk other legal
requirements in this connection.
Kmr. PRASHANT [Signature (in existing eld name)]
I, hitherto known as RAVINDRAN NAIR S/o Shri P. RAMAN NAIR, employed as Stenographer Gr. I in Customs & Central Excise Settlement Commission, Department of Revenue, Ministry of Finance, New Delhi, residing at C-60/1, 3rd Floor, Arjun Nagar, New Delhi, have changed my name and shall hereafter be known as RAVI KUMAR.
It is certified that I have complied with other legal
requirements in this connection.
I, hitherto known as SANYUKTA SAMADDAR D /o Sh. UDAYAN SAMADDA?.. employed as IAS (Probationer), Assistant . Magistrate /Assistant Collector, in the Nainital District of Uttaranchal residing at Officers' Colony, Brooke Hill, Nainital, have ch?nged my name and shall hereafter be known as SANYUKTA ADIL,
RAVINDRAN NAIR [Signature (in existing old name)] It is certified that I have complied with other legal
requirements in this connection.
SANYUKTA SAMADDAR [Signature (in existing old name)]
i, hitherto known as NAIPAL SINGH SAGAR S/o Shri POOPA SINGH, residing at 357-A, South Ganesh Nagar, Delhi-110 092. have ch.inged the name of my minor son SI-IASHANK SINGH aged 14 years and he shall hereafter be known as SHASHANK SAGAR.
It is certified that 1 have complied wifli ©ttiar legal'
requirements in this connection,
NAIPAL SINGH SAGAR Signature of Guardian 1, hitherto known ab RAVINDER S/o Shri MAHENDRA SINGH ADIL, employed as IAS (Probationer), Assistant Magistrate/Assistant Collector, in the Nainital District of Jttaranchal, residing at Officers' Colony, Brooke Hill. Nainital iave changed my name and shall hereafter be known as IAVINDRA SINGH ADIL.
306 THE GAZETTE OF INDIA, SEPTEMBER 2
Ministry of Home Affairs (GOD, residing originally at H.
No. 80-B, A Block Gandhinagar, Jammu Tawi (J&K) Pin-
[80004. and presently residinR at Qtr. No. M-275, Samjni
N.igar, New Delhi 110023, have changed my name and shall I, hitherto known as NAIPAL SINGH SAGVR S/o S- - POOPA SINGH, residing at 3 57-A, South Ganssh Nagai. Dclhi-110 092, have changed the name of my minor daughter SHALINI SINGH aRcd 17 years and she shall hereafter be known as SHALINI SAGAR.
hcreaftei be known as R1SHI RAJ SHALLA.
It i" certified that 1 have compiled with other legal
It is certified that I have complied with other legal re- requirements (n this connection.
qi.'ircmenl'i in this connection
NAIPAL SINGH &AGAK Signature of Guardian
RUBY SHALLA
I.Signature (in existing old name)]
1. hitheilo kn->wn as RAJIND1;.R PAUL S/o SUKHDEV
SINGH, employed ns S L/C in the 4 SIG, B. N. CRPF I, hitherto known us NAIPAL SINGH SAuAR S /O Shri POCKPA SINGH, residing at 357-A. South Ganesh Nagar, Delhi-110 92, have changed the name rov fflinov daughter SHEFALI SINGH a,red 17 years id she shall hereafter be. known as SHEFA1.1 SAGAR.
Nimach (M. 1'.)- residing at V. & P. O. Bohbal -Pur Disl.
Hoshiarpur, have thangej my name and shall hereafter be It in certified that I have omplied with other legal
known us RAJ1NDF.R PAL STNGH.
requirements in this connection
it is certified that I have complied with other legal
NAlPAL SINGH SAGAR Signature of Guardian
lequirements in this connection.
RAJINDER PAUJ
[Signature (in existing ol< name)] 1, hitherto Known as DHAREPPA S/o SHANKAR SAM A- GAR, a Student residing at Savalgi Tul : lamkhandi, Dist. Bagalkot, have changed my name ami shall i-ercaficr he known as DHAREPPA SHANKAR DTVATH.
t'OKRlGEiMDtiM
It is certified that I have complied with other legal require-
Reiul us r,e\v u-inic A.. S. LOGKANATHAN S/o G. ments in this connection.
SIIANMUGHAM instead of A. S. LOGANATHAN S/o G.
SHANMUGHAM. Change of Name Notice published in the
Gazette of India, PHVMV dated 18-8-2001 at pajie 267,
DHAREFPA [Signature (in cxistinR old name)!
Column-I.
PUBLIC NOTtCL
!, c.ithL-rt.. Lnowii ^ JOLLY DASGUPTA W/o Late
KAMAKSHYA DASGUPTA, a Housewife, residing at Bii- 1, hitherto known at. DATA RAM S, o l.nle Shri RAM SWAROOP, employed as Technical Officer (PI1) in the Indian Council of Agricultural Research, Kjishi Bhavan, New Delhi, residing at G-28/B, Gali No. 18, Rajapuri, Uttam Nagar, New Delhi, have changed my nainc and sh:ill hereafter We known as DATA RAM SUM AN.
lamnaga--. Post & Dist. Hooghly, West Bengal declared by It is certified that 1 have complied with other 1ejJt.il jJiidavit vkle 270, dared t S-200I that my son INDRANIL requirements in this connection
DASGUPTA ulies MIT HUN DASGUPTA S/o Late
KAMAKSHYA DASGUPTA was identically one and same
nfrson and will he Known by both name INDRANIL DAS-
DATA KAM ISignatuic (n exiting old nameJJ
GUPTA uml MITHUN D\SGUPTA for all purpose in
future.
It is certified that I have complied with other legal re- 1, hitherto k.iowu HS RUBY SHALLA S/o i.ate Shri
quirements In this connection.
NITYA NAND SHALI.A, employed as Assistant Comrnan
dcr (II) at HQrs. National Security Guard (Trg. Branch)
12lh Floor. CGO Complex, Lodhi Road, New Delhi-110003,
tOLLY DASGUPTA [Signature (in existing old name)] 307 308 3<19 310 311 * 1 *.
.11 a
314 •iu J.t* aiT 318 3 19
PUBLISHED BY AUTHORITY
BHUBANESHWAR STOCK EXCHANGE
Registered Office :
A-22, Falcon House, Netaji Suhh.iih Man> Bhubaneswar-751006
AMENDMENT TO BY-LAW 334 OF THE BYE-LAWS
OF THE EXCHANGE U I t J-A W !>
'Jhc Defaulter's Committee Oiall uppiy, the net assets re- maining in its hand after defiaying aJi such costs, charges and expenses as are allowed under these Bye-laws and Remi- tations in satisfying first the claim of the Exchange and The Clearing House and the claim of Securities and Exchanae Board of India and then rateably such admitted claim* of members against the defaulter arising out of contracts em"- fi ^to, m ihe ,m a r k et in accordance with ths provisions of the Rules, Bye-laws and Regulations of the Exchange'.
AMENDMENT TO CHAPTER-XXI OF THE BYE-LAWS OF THE EXCHANGE
SETILEMENT GUARANTEE FUND AND DEFAULTS SUBSEQUENT TO COMMENCEMENT OF OPERATION OF SETTLEMENT GUARANTEE FUND
Definitions
357. (At In Bye-laws .(357) to t4 0 6)' unless there is aay-
tning repugnant in the subject,or context;
357. (A) (1) -'Fund" shall mean Settlement Guarantee Fund
357. tA) (2) "Settlement" shall include an auction settle-
ment but shall not include a bad delivery setUernent.
'Settlement in which a mejnbex or a defaulter has , heca
declared a defaulter' shall'nave the following jfy^jiiyf :
Where a member has been 4""lared a defaulter for non- payment of any amount piyab'le by hiof "to 'the Clearing rtouse in respect oi any Settlement period, then the".Sct3e- ment period' in respect of wnich the member is declM1!? de- faulter shall be the "Settlement in which the mfisS^Stpc* [ the detauiter is or has been declared ;a defaulter^'"8i)d ,tt|kre the member has failed to pay any amount payable by' mm to the Clearing House in respect of more than one .settle- ment period then the "Settlement in which, the member or the.defaulter is or has been declared a defaulter" shall be .the settlement so specified by the .authority .who or which .has declared him as a defaulter.
357.(A)(3) "Rules & Regulations' mean any Rule & Re- gulation approved in connection with Settlement Guarantee Fund from time to time.
357.(B) "Date on which the Settlement Guarantee Fund becomes operational" means the date ^fccifled.'ny'the Coun- cil of Management as the date'.on'wtycft the Settlement Guarantee Fund shall becomes operationaJ.
358. (.i) The Exchange shall establish a Fund which shall
be known as the "Settlement Guarantee Fund".
(ii) Subject to the other provisions of the Articles and Jiye-laws of the Exchange, the object of the Fiuid shall be to guarantee, in accordance with the Articles ,"#d Bye-laws of the Exchange, the settlement of bohaiide transactions of members of the Exchange inter-se which form part of the Exchange's settlement system so as to endeavour to ensure timely completion of settlements on the Exchafige and there- by protect the interests of the investors on the Exchange and the members of the Exchange and thereby al'so' inculcate confidence in the minds of investors regarding the expedi- tious completion of settlements on the Exchange and support the development of the stock markc.
320 IHt GAZETTE Ob INDIA SEPTEMBER 29, 2001 i AS VINA 7- 1923) [ P A R T - 1V (iv) Without prejudice lo the generality of Clause (iiij above, the Council of Management shall be entitled to make Regulations relating lo norm>, procedures and manner in respect of
la) the management and uilministiulion of the \ und.
(b) the strintuic and composition of the fund.
(c) the contiibution to be made to the fund by llu I'schiinpe. members of the i:\chan;"e and olheis (d) investment of ihe Hind.
(e) application ot the > und.
f) mc-'ii I';, jr '.no Delinks ; ointnitice.
(g) peisons who would he disenuiled f;um receiving a benefit from the Fund
(h) minimum value of Ihe fund)? m which the Fund and maximum limits on disbuisement from the Fund.
(i) the rights and poweis of the Defaults Committee.
(j) the money and property to be paid to oi received by the Defaults Committee,
(k) the application of the money and propsrtv paid to or received by the Defaults Committee including the order of priority in .vhich thej, shaft be applied, and
(1) the closing-out, adjustment, settlement ..nii/ei can cellation of contracts entered into by a member with Ihe defaulter.
Management of the Fund
359.(i) Subject to the Articles and Bye-laws of the Ex- change and any directions and instructions which the Coun- cil of Management may from time 10 time issue, the De- faults Commiuee shan have complete control over the Management and Administration of tue Fund or the Fund. In addition to the powers conferred by the other provisions ot tne Articles and B>e-laws ot hie L.\chjiif>e, Uie i.eiaults Committee shall be vested with all powers, authorities and discretions necessaiy or expendient tor or incidental to the Management and Adminisirition ol the Fund oi for achieving the Object and purpose of the Fund.
(ii) Without prejudice to the generality of the foregoing, subject to the overall supervision of the Council of Manage- ment, the Defaults Committee shall have tor the purpose of the Fund, the power to :—
(a) summon members, partneis of members and direc- tors of members who are companies or other cor- porate bodies to appear before the Defaults Com- mittee and question them;
(b) call upon members, partners of members and direc- tors of members who are companies or other cor- porate bodies to furnish to the Defaults Commit- tee such information, documents and papers as the Defaults Committee may require and within the period specified by the Defaults Committee.
(c) prescribe forms, agreements, afiidavits, undertakings and other writings to be signed by members, part- ners of members, directors of member? viio a e com- panies or other corporate bodies or by other per- sons and specify the period 'vithin v/hich the same should be signed and submitted
(d> invesi or otherwise deal with Ihe money of the Fund,
(ej realise or otherwise deal with auv security or pro- perty recovered by <">i offered to the Fund.
(f) borrow money without sfxuiity oi- against the secu- rity of the Fund or a:,.y pnpeity of or available to or accessible by the turn* :r ni'ieruiv.-.
fg) enter into financial anan^'ini it with banks, institu- tions, companies and other pi.'V""-
(h) issue guaiantees and .ndemii'iits.
(i) delegate au> ol the powers and Huiaious ol the Defaults Committee to one or ino.-e sub-commit- tees comprising ol one or mure 'numbers of thi1 Defults Committee and/or delegate any of the ad- ministrative powers and functions, of the Defaults Comm.ttee to one or more employees of the Ex- change subject to such terms and conditions as tin. Defaults Committee may think fit to impose, and subject to overall retification by the Defaults Com mittee.
(j) do all such acts as the Del dulls Committee eoilsi ders necessary to protect or advance the inteiest oi the Fund or to achieve the purpose and objects oi the F"und.
(k) institute and conduct legal pioetvJing lo iccovei assets of i defaulter or a member.
\ccounts and Audit of the Fund
360. Unless the Council of. Management otherwise direa the accounts of the Fund shall be prepaied and maintained as a part of the accounts of the Exchange and shall be audi- ted as a part of the accounts of the Exchange.
Documents to be executed by the Members and their Part- ners
361. (i) Within such period as may be specilied by ttie Defaults Committee (as may be extended by the Defaults Committee from time to tune;, every members and every partner of every member who is carrying on business on the Exchange in partnership shall sign and deliver to the De- faults Committee a.greements aad other writing in such form as may be prescribed by the Defaults Committee from time to time with the prior approval of the Council of Manage- ment.
(.ii) In the event of any change in the £orm of any agree- ments or writings (which change shall be made by the De- faults Committee with the prior approval of thhe Council of Management), the Defaults Committee may require every member and every partner of every member who is carrying on business on the Exchange in the partnership to s gn and deliver to the Defaults Committee supplemental agreements or writings or fresh agreements oi wm.n^ within such period as may be specified by the Defaults Committee (as may be extended by the Defaults Committee from time to time).
Composition of Fund
362. (a) The Fund shall consist of—
(i) non-refundable contributions from the members of the Exchange as hereinafter provided.
(ii) contribution from the Exchange as hereinaftet provided,
(lii) interest, dividend or other income arising out of investment of the funds.
(iv) accretions arising out investment of the funds.
(v) any money or pi open) which the Defaults Com- mittee is entitled to appropriate to the Fund, and
(b) Unless otherwise provided by the Articles and Bye- laws of the Exchange, the Defaults Committee and the Fund ">hall also have access to—
(i) lefundable contributions trom the niembeis ot the Exchange as hereinafter provided.
(ii) .money and assets given to the Fund as a securtiy and money arising oU of realisation thereof.
liii) money or propert> received or recovered by the Defaults Committee or the Exchange from any member partner ot a member. Guarantor or ar>> other person liable lo pay to the Exchange, the Fund or the Defaui's Committee in connection with or pursuant to a default,
iii I an> othei money or proper*'- available to the Fund.
?x*x~I\>: T#E GAZETTE OF INDIA, SEPTEMBER 29..20Q1 (ASVINA 7, 1823) .321
Oifieral *nd Specific Acce* to Contribution*
BXCHANOES CpNTRIBUTiUN TO THE P WD
Ex-hange'ai Irj'rja' Contribution
36? (i) Upon any xnamber. being daclareo a defaulter, til nou-refundaiue comtjdbutioxm shall be available to the Defaults Committee and the Fund for application in accor- dance with the Articles and Bye-!;.ws of the EAihange (hereinafter referred to us "General Access Funds";.
(ii) If a member's margin or Additional Capital (at
363. liie Exchange sh.-il] totitnbuie to the Fund u sum of Rs. 49,00,000/- (Rupees Forty nine lacs only) ns Initial Contribution out of the fund presently standing in the credit as rcsej-ve & surplus in the books "f the Exchange as the Council of Management rmy decide (hereinafter referred a" the "Exchange's Initial Contribution") ns on Slst March 1998,
Exchange's Other Contribution
364. The Exchange may, irom time to time, contribute such further amounts to the Fund as the Council of Manage- ment may in. its absolute discretion determine.
required by the Exchange or £h"* Securities and Exchann* BOBPJ of India) or any bank guarantee furnished at the instance of a member is treated as his contribution to the Fund pursuant to Bye-law 366A or otherwise, the Default* Committee ot (he Fund shnll have access to the same only in the event of default of the concorned member and not in c?.se of default of any other member and only for pay- ing the creditors of that member SSa not for paying the creditors of any other member "hereinafter referred to a" "Specific Access Funds").
MEMBER'S CONTRIBUTION TO THE FUND
Member's initial Contribution
(iii) Subject to the provisions of clauses <(i) and (ii) .of this Bye-law, ths Council of Management shall determine whether any member's Additional Contributions are <3ener"l Access Funds or Specific Access Funds.
Liability of Member Unaffected by Cessation of Membership 368. Any unsatisfied obligation of a member to the Fund shall not be discharged or otherwise prejudicially affected by the cessation of bis membership.
Action for Failure to Pay to Fund
365. Every present member of the Exchango "hall contri- bute to the carpus of the Fund Rs, 5,000/- i Rupees Five thousand only) or such amount as may specified by Council of Mmiagcnitfiit from lime to time as initial contribution. Every future member or new member admitted after the establishmeut of Settlement Ouainntoe Fund shal lbe required to pay to the corpus of the Fund Rs. 50,00(1 A. (Rupee* Fifty thousand only) or tmch amount as may he, specified by the Council of Management os initial contribution. A member's Initial Contribution shall to non-refundable and nifty be collected through bills raised hy the Clearing Hoiwe or by debiting the concerned members settlement account! Members' Continuous Contributions.
369. The Council of Management may take "uch actkft as it thinks fit and proper against a member who faSs to pay any amount to the Settlement Guarantee Fund including action by way of suspension of the business or membership of the member, fine, declaring him as a defaulter and/or expulsion from the membership of the Exchange.
Replacement of Refundable Contribution
366. At the enj of every settlement, every member shall
forthwith contribute to the Fund .015% (i.e. Rs. 15/- per 1 lakt rupees') of his turnover during the concerned settle- ment or such other amount as the Council of Management may- decide (hereinafter icferred to us "Member's Conditions Contribution").
370. Unless otherwise provided by the Articles and Bye- laws of the Exchange, the defaulter's Committee may permit a member, to withdraw a refundable contribution after he has furnished to the Fund other refundable contribution of the same- or greater value and of a nature acceptable to the Defaults Committee.
Non-Refundable Contribution
371. A member shall not be entitled to receive back any non-refundable contribution on cessation of membership or for any other reason whatsoever.
Non-Refund of Refundable Contributions
The member's Continuous Contribution a* determined by he Council of Management may be a lump SUM of deter- mined on the basis of the turnover of the member or other- is© as may be decided by the Council of Management. A ember's Continuous Contribution shall be non-refundable n
372. Notwithstanding anything stated above, a member shall not be entitled to receive back any refundable contri- bution
(i) in the event of the member being declared M •
defaulter! and
(ii) after it has been applied for the purpose* of tft"
Food
Contribution Part of Fund
ixplanadon ; For the purpose of this clause "Turnover" egardu any member shall mean fii the nggrognte value i.e transaction price of all sala and purebwo iranscilioii* ed into by the member during a settlemenf through the nnge's committrijed trading system or (ii) shall have other meaning as the Council of Management may from to time determine.
er'i Additional Contributions
373 (i) A non-refundable contribution by a member to the Fund shall form part of the Fund and the member shall not be entitled to any rights whatsoever over the contribu- tion in any maiuietr.
(ii) A member shall not be entitled to transfer, assign or otherwise deal with a refundable or non-refundable contri- bution made by him in any manner and the contribution jowl not be liable to be attached or otherwise prejudicially affect- ed by any attachment, injunction or other order at the in- stance of the member or in respect of any obllgatjon or the member or otherwise.
Minimum Value of Fund
, Each member shall ruoyide to th" Fund such, addi- ontributions as the Council of Management may frruij time determine (hereinafter referred to as "fflfmber'i al Contribution"). A memoir's Additional Contri- tay bo in such form as the Council of Management eimlne (which may include cash, securities, bank s or fixed deposit receipts;. The member's Addi- ntributions may be refundable or non-refundable >ns as may be apeciiJed by the CounciF of Manage- shaft fce in such Usn as. thf Council of Manage- y specify. Unless >hi Council of Management specifies, the Fund shyH b?. entitled to receive "lt nterest, rights entitlements, rights shares, bonus
374 The Council of Management t*nd the Fund Com- mittee shall endeavour to ensure that the value of the Fund at any point of time is not less than
(I) the Exchange's Initial Contribution or 75% of th" closing value of the Fund as on the immediately preceding 31st March, whichever it higher; or
otter inconv tnri ru~cre>ic>n
322 THE GAZETTE OF LNPIA, SEPTEMBER 29, 2001 (ASVINA 7, 1923) [PAai—IV (ii) auch other amount not being le"8 thftn Rt. 50,00,000/- (Rupees Fifty Laca only) as tht Council of Management may from time to time specify.
loss or diminution by reason of wilful default or fraud by :.ny member or member(s) of the Defaults Committee or :; iv msnberfa) of any sub-committee or any Trustee(s) the persons committing the wilful default or fraud shall be personally linble for tne loss or diminution, and other j>w- soik, who are ivi paitiis to ihc wilful detault or fraud shall t.ot be 'iable for 'be los* or diminution.
(b) The value uf the Fund shall include the value of all money. ;wiets and property mcnlioiicu in clauses fa) ami (h) of Bye-law i(-.2 out shall not include ;ny specific -\ccess Funds.
Intimation i"t Member's Appidisnded Failure (c) The operation of the Fund shall not be suspended by reason of the value of the Fund becoming less than the minimum value under this Bye-law.
(d) If the value of the Fund decrease* to the lest, than
378. A member who has reason io apprehend that he :nay cemm": any of the acts or ommisKions referred to in Bye-law 308 r,hall immediately notify 1o the Defaults Com- mittee :
Rs. 50,00,000/- (Rupees Fifty Incs Only) then
(i) Ih: dciHi'ts uf 'ii'cb act* oi omission's;
Hi) the details and value o£ all his commitments, ublftdijop.? and liabilities to other members aris- ing out of contracts or transactions made nubjecl tc the Articles and Bye laws of the Exchauge;
(ii) the Securities and Exchange Board of India may suspend any benefit for which Securities and Ex- ehangfs Board of India has prescribed the Intro- duction of the Fund as a pre-condition.
I Hit) the extent to which he will be able to discharge and meet such commitments and obtained out of his own funds and'or funds obtained by htm from others and
Further Contributions to the Fund
(iv) nil the facts, and circumstances which have caused Of contributed to ths apprehended failure to meal such commitments and obligating.
Member's Failure to Pay Amount into ClearitiR House 375. (a) In the event of the value of the Fund becoming less than the minimum value under Bye-law 374 (a), the Council of Management shall forthwith, and in any event within two weeks of the Fund becoming less than such minimum value, take auch steps as it thinks fit to ensure that the value of the Fund is increased to a value which is not less than minimum value.
(i) by contributions from all the members, equitably or
Otherwise.
(ii) by contributions from the Exchange and/or
T 7 9. (aj If c member fails to pay any amount payable by him into the Clering House in respect of any transaction entered in.o by him then, within 24 hours of such failure, the member and/or the ClearinR House shall inform the President and ihe Executive Director in writing c"f tuch failure and of the extent of the unfulfilled obligations and commitment") of the member.
iii) in such other manner as the Council of Manage-
Explanation
ment may decide from lime to time.
For tht purpose of this clause an amount payble- by a member to the Clearing House Cor short delivery by hw shall be an amount payable by the member to the Clearin; House in respect of a transaction entered into by him.
(b) The Provision of clause (a) of this Bye-law shall not prejudice the Council of Management's or tht* Defaults Committee's right to call from time to time for additional contributions from fh
(b) On -eceipt of any of the above mentioned iatinu (c) The operation of the Fund shall not be suspended by reason of the Fund becoming less than minimum value under Bye-law 374,
Investment of F'ind
tions fwm the O a r i n? House or the member, the Preside or the Executive Dijector shall forthwith, by not less th; two hours written or oral notice, summon the member appear before the Council oE Management or the Presid or, in the absence of the President, before uny (wo roctnh of the Council of Maonatrcment.
376. (u) Subject to the instructions and directions of the
(c) If the member fails to pay before the pay-out of Council of Management the Defaults Committee may;
(i) open, maintain, operate and close one or more
bank accounts and
relevant Settlement, any amount payable by him to Clearing House in respect of that Settlement then Council of Management or the President or, in the ab: of the President, any two members of the Council of IV gement shall declare the member as a defaulter befor pay-out U made for that Settlement,
Payment Under Settlement Guarantee
(ii) invest (he money ol the Fund in such investments as are permissible for investing the Funds and money of the Exchange and sell, tran&fer, vary, fansposp nmt otherwise deal with such invest- ncnts,
380, Upon n member beinq declared a defaulter, vittlement in which Ihe default?) has been declared faulter has not been completed by reason of the def the; defaulti' the defaults Oominitte s'tall 1 (b) AH investment of the Fund may be- held in the name(s) of. and all bank account of the Fond may be held in the name(j) of and operated by, the Exchange or any wo <>c more of the Trustees of the Fund or any two or more of tbj members of the Defaults Committee, as the Council of Management may determine.
(I) pay in to the Clearing House before the pa the relevant settlement the unpaid settlem payaWe by the defaulter in to th- CJerin and
(c) Th
(ii) within n worfctog Jyys from the date 0 deliver the securities to be delivered by faultec,
Loss to Fund Irivtrtmiwti
la re"pect of the Bettlement in whi
foulter has been declared a defaulter.
381, Notwithstanding anything stated in Bye-1-
(i) under Bye-law 380 the Defaults Committ only such amounts as arc payable by the defai Clearing House in respect of sale and purcha. entered into by the defaulter in tespect of the which he has been declared a defaulter.
377. Any !o" or diminution in value of the iflvoitawatt U the Fund from whatever cause arising, not being due to the wilful default jr fraud of any metnber(j) of ihe Defaults Committee, any member(s) or any sub-committee, or .".nv Trusteed), shall be borne by the Fund and the numbers of the Defaults Committee or the sub-co:tv,raittee i r tbc Trir.t-r'''; j shall incur no responsibility or liability By reason uf or on aoccount thereof, in case of any such P)A*T—IV] THE GAZETTE OF INt>JA, SFPTttMBliR 29, 1001 (ASVINA 7. 1923j 323
on the Exchange, the relationship between the defaulter and the Claimant, the quantity and price of the securities involved in the transaction, other trades in the same scrip and such other matters m the Default* Committee think* fit.
(ii) in case of the defaulter having failed to deliver any security iiuo the Clearing House in respect of the settlement in which he has been declared a defaulter, the default* Com- mittee may deliver the security .iito the Clearing Hou&e or directly to the concerned member, within 11 working days, by acquiring the same from the market or otherwise, failing which the provisions of closing out of contracts will apply.
(f) The Defaults Committee shall determine whether oi i.Of a transaction is a disallowed transaction wiJun one month from the date of the relevant Pay-Out.
?82. (t.) Not\viths,ta,i
(i) is not bomafide:
(ii) is disavowed under any Bye-law relating to the defaults of i member and, in particular, under Bye- law 384; or
(iii,) is concerned with payment or repayment ot a dc-
r-i-su or loan, then
(g) A member whose transaction has been finally determined by the Defaults Committee to be a transaction of the nature referred to in caluse (a) of this Bye-law may file an appeal to Council of Management against the decision oi the Defaults Committee within seventy two hours of the Defaults Committee's decision and tne reasons thcr^ior being communicated to him or such other extended period (not exceding 15 days of the Defaults Committee's decision and the reasons therefor being communicated to him) as the Council of Management permits. Provided that if the concerned member has received payment or securities for the disallowed transaction/s then he shall not be entitled to file an appeal unless he has re- deposited the payment or securities receivd by him. in respect of the disallowed transactions, with Defaults Committee.
Outstanding Contracts in Other Settlements
383 (i) Jn respect of any settlement or settlement! which is or are incomplete at the time when a member h declared a defaulter, the Defaults Committee may at the risk ami cost of the defaulter, square/.- up all or anv of the defaulter^ outstanding sales and purchase positions by en,erin;j into corresponding purchase and sales contracts in the market. The profit or loss on such squaring up shall, in the first place, be paid to or by the Fund auJ credited or debited by the Fund to the Defaults account with the Fund.
(I) if the amount involved in Pay Out or the trans- nciion value or the market value of tne con- cerned transaction/s roieired to above is Rs. 2,00,000/- (Rs. JWo Lacs) or more the De- faults Commntee, shall record the reasons for its belief, and shad not make payment or deliver securities out of the tund in respect of any transaction which is of a nature referred to in suo-ciauscs (a), (b) or (c; of clause (IJ of this bye-law (in irus Bye-law rererred to as "di-sailowed transaction") unless and untij the defaults Committee has finally detej mined that the transaction is not a disallowed transaction but, shall make payment and deliver securities in respect of other transaction in accordance with aye-law 380 and other applicable Articles and Bye-laws, if lor any reason any payment is made or securities are delivered in respect of any such transaction, the concerned receiving member shall repay such amount or redeliver such securities to the Defaults Committee within 4£ hours of being required to do so and in accordanco with the provisions of Bye-law 385.
(ii) Upon a member being decalred a defaulter, in addition to the provisions of caluse (i) of this Bye-law, the pro- visions of Bye-laws 380, 381, 382 and other appli- cable of Bye-laws s>my settlement or settlements other than the settlement in which the defaulter has been decalred a defaulter unless the Council of Management, for reasons to be recorded. passes a resolution determining otherwise, in which can no payment shall be made from the Fund in respect of such settlement or settlements (other than the settlement in which the defaulter has been declared a defaulter) as llio Council of Management may specify.
Shortfall in Fund
(UJ if the amount involved in Pay Out or the transaction value or the market value of the concerned transaction value or the market value ol the concerned transaction of each member is less than Rs. 2,00,000/- (Rupees Two Lacs Only) I lien the defaults Committee shall make pay- ment out of the Fund in respect of such transa- ction and, if the Defaults Committee finally determines that the transaction is a disallowed transaction then the concerned receiving member shall repay such amount or re-delivcr. such securities to the Defaults Committee within 48 hours of being required to do so in accordance with the provisions of Byc-Iaw 385.
(b) For the Purpose of clause (a) of this Bye-law the Defaults Committee shall be entitled to aggregate the values and amounts of all transaction of each member, of all nature referrod to in this Bye-law.
384. In the event of the Fund being insufficient to make full payment of the payments to be made fiora the Fund under Bye-tew 380 and in such case the contracts of mem- bers with the defaulter in the settlement in which he has been declared a defaulter and in subsequent settlements shall be closed out, adjusted, settled and/or cancelled in accordance with the provisions of Bye-law 406, and the Council oi Management shall pay the amounts payable to the members by the defaulter on such closing out, adjustment, settlement and or cancellation on a pro-rata basis to the extent possi- ble out of the Fund, and the balance unfulfilled obligations remaining after such application of funds may be assessed against the members in such manner as the Council of Management may, from time to tune. In its absolute dis- cretion thinks fit and equitable.
(c) If the Default Committee hu& withheld or received back payment of any amount or any securities under sub-clause (1) of clause (a) of the Bye-law the Defaults Committee shall afford an opportunity to the concerned member (s) to be heard by giving him/them not less than 24 hours written notice before finally determining whether the transaction is a. disallowed transaction.
Repayment by Payee Disentitled to Receive
(d) For the purpose of sub-clause (II) of clause (a) of this By-law, the Defaults Committee shall afford an oppor- tunity to the concerned member(s) to be heard by aivina him not less than 24 hours' written notice before finally determining whether the transaction is a disallowed trans- action.
385. If the Defaults Committee or the Ckv.-ag House has paid any sura under these Bye-laws and it i-> subsequently found that the payee was for any reason not entitled to re- ceive such amount then the payee shall forthwith repay the same to the Defaults Committee or the Clearing House, as the case may be. together with interest thereon at the rate of 2 5% per month (or such other rate as the Defaults Com- mittee may specify) for the period commencing on the date on which the payment was received by the payee and endinc on the date OH which such amount is repaid by the payee.
(e) for the purpose of determining whether or not a transacri6n is a disallowed transaction, this Defaults Committee shall be entitled to consider, inter alia, the lurroundin* rirciitnitanees, the usual course of dealing* 324 - THE GAZETTE OE . INDIA*. SHfTEMBER -2*, 2001 '. \SVfNA 7, 1923) ffcfcl^-IV Mon?y and Property of Defaulter
in favour of the Exchange, Base/Additional Capital depooitbA with tli* Exchange by the defaulter, any security created or agreed to be created by the defaulter or any other person in fawur ot the Exchange or the Defaults Committee for1 the obligation* of the defaulter to the following purpose* and in th©-following order of priority, viz;. :
(i) First—to mate any payment required to be mad*
under Bye-law 380 and 383;
386. All money (including margin money und Addition*) Capital and any other deposit), securities and other .prpwrty whatsoever of the defaulter with the Exchange or the Clear* ing House (save and except those which may be at any time excluded by the Council of Management from the provision* of this By^-'aw) and all securities and money delivered or paid by the members into the Clearing House "or to the Ex- change to the credit of the defaulter mall be handed over to the Defaults Committee or held by the Exchange or the Clearing House subject to these Bye-laws and the diMetion* of the Default* Committee.
Utilisation of Money and Property for Payment and Order of Priority
(ii) Second—the payment of such subscriptions, debts, fines, fees, charges and other money as shall have been determined by the Defaults Committee to be due to the Securities and Exchange Board of India to" the Exchange and/or to the Clearing House by the defaulter;
387. For the purpose of making any payment "referred to in Bye-laws 380 and 383, the Defaults Committee flhaH be entitled to utilise such of the money of t h e' Fond ' and/or other money and assets available to the Default* Committee a" the Defaults Committee think* fit' and, so far aa may be possible, convenient and expedient ths Defaults Conunit- teo shall utilise the money of the Ftthd'ahd/Of bther money and assets available to the Defaults CtMnmittee' in the fol- lowing order of priority :
(.iii,) Thiid—the rectification or replacement of or Com- pensntion for any bad deliveries made by or on be- half of the defaulter to any other member in the settlement in which the defaulter has been declwred a defaulter or in tuy prior or subsequtnt settlement {unless the Council of Management has otherwise determined in respect of such settlement or settle- ments under Bye-law 383) provided all other applicable Articles and Bye-laws and instructions of the Council of Management are complied with;
(i) flrsOy, the morauy, property and wwriues referred to in Bye-law 386 and/or the proceeds from the lealisution of such property and securities; and
(iw Fourth—the balance, if. any, Mali be paid into the Fund to the extent ot the money paid out of the Fund (other than payments made out of Members' refundable contributions) and not recovered by the Fund and the interest payable by the defaulter to the Fund in respect thereof;
{'n) in the event of the further ftlHdi being required, any security and/or the proceeds of the-realisation of any security which may haves been created by ihe defaulter in favour of the Defaults Committee or the Exchange; and
liil) in the event of further tond* boing itquised, the refundable contribution of the defaulter sad any Specific Access Funds available upon default of the defaulter; and
(iv) in th& event of further funds, beta* required, any
(v) Fifth—the balance, if any, shall be paid into the Fund to the extent of the money paid out of the Fund out of the refundable contributions of mem- bers (other than the refundable contribution of the defaulter) and not recovered by the Fund and the interest payable bv the defaulter to the Fund in res- pect thereof;
Other assets and/or thdr proceeds of th* realisation of any asset* of the defaulter available to the De- faults Conunitteet and
(v) in tho event of further funds being required, the accumulated Interest, accretions and other earnings of the Fund; and
(vi) in the event of further funds being required, the
corpus of the. Fund; and
(vii) in the event of further funds being required, the refundable contributions of the other members to the extent the same are available for such applica- tion.
(vi) Sixtti—subject to the Article and Bye-law of the Exchange, including in particular Bye-law 335, the balance, ii any, shall be apjlicd by the Defaults Committee for the payment of such unpaid out- standings, debts, liabilities, obligations and claimi to or of members of the Exchange arising out of any contracts made by the defaulter with such mem- bers subject to the Bye-laws of the Exchange as shall have been admitted by the Defaults Commit- tee; provided that if the amount available be insuffi- cient to pay and satisfy all such debts, liabilities, obligations and claims in full they shall be paid and satisfied pro-rata;
Repayment and Payment of Interest by Defaulter
388. If on account of the default of a member any amount is paid by the Defaults Committee out of the money or pro- perty referred to at clauses (v) to (vii) of Bye-law 387 then the defaulter shall be liable to forthwith repay the same to the Bxchaivge or to the Defaults Committee to the credit of the Fund together with interest on such, amount at the rate of Z,$% per month (or such oth"r rate as the Council of Management may determine) for the period commencing on the date of payment by tb" Defaults Commitee and ending on the date of the Articles and Bye-laws of the Exchange, such interest shall be deemed to be ati amount paid out of/ due to the Fund.
(Vii) Seventh—subject to the Articles and Bye-laws of the Exchange, including in particular Bye-law 335, the balance, if any, shall be applied by the Default* Committee for the payment of such unpaid debts, liabilities, obligation and claims to or of the de- faulter's cosntftuents arising out of any contracts made by such defaulter subject to the Article* and Byo-laws of the Exchange as shall have been ad- mitted by the Council ol Management; provided that if the amount available be insufficient to pay and satisfy Ml such debts, liabilities obligations and claims in full they >,'wll be prvM n"'.l satisfied pro- r"ta;
Application of Defaulters' Assets and Other Amounts
(viit). Eigfeth—the balance, if any, shall be paid into the Exchange's Customer*' Protection fund to the ex- tent of any and all amount paid out of the Custo- mer^ Protection Fond towards the obligations or liabilities of the defaulter and interest thereon at the rate of 2.5<& per month (or such other rate as the Council ol Management may specify) from the date of payment out of• the Customer*' Protection Foad to the ^Jate of repayment to the Fundr "nd
(IT) Ninth-—the surplus, if any. nhall be Oealt vrilh by th© Council of Management at it" abwlute ditcm- fwn "" It **y detm fit.
389. Subject to the. provisions of Bye-law 387, the De- faults Committee shall release.and Apply all the money, rights and assets of the defaulter which have vested iri or which have been received by 4he Default* Committee (other than the amount paid by the Council of Management to the De- faults Committee in roipect of the consideration received by the Council of Manavemeat fot;e"rc>sittg the right of nomi- nation in mpzet of t h* defaulter*' erstwhue right of member- ship) and all other asset.; and money of ^r f^ ^ ° J *c Exchange or the market including the mortey ftnd "eintties of the defaulter lying with the Clearing House or the Ex- rtianw, credit balances lytag In the Clearing House, wcurity (faxrtte, any bonk guanmteeg furnished on behalf of th* JXolter, fixed deport recdptt * " * " • ** "r swigm* tw or fa&ms fWQAfflrrmtotwtxk, mrmbtK 2% :>uui •
Cnri&aUon:
LTmiW Ptymwr *W"J Futtd
397. The payment from the Fund *httjl be limited to the
extent of the money and ftMttt in of avaHable to tho Fund;
and in" the event at' any shdrtfajl, ther ^jttilmilge, und/or 1h"
Defaults Committee •hall not be liable.
Meetihg* of Default* Committee
It is clarified that thii Bye-law 389 dose not apply to
the amount paid by the Council of Management to the
Default*- Committee in respect of (he consideration received
by the Council of Management for exstcking the Tight-of
nomination in respect of the defaUker'i erstwhile rital of
membership as the same does not belong to the defaulter
and the-defaulter has no claim, right, title or interest there-
in.
Application of consideration for Riglit of Nomination
398. The' Default* Committee' shall meet atle**t once ia
three months during every calender year and not more than
three months chall elapse between any two meeting,
MMtingt of Default*. Committee
326 THE GAZETTE OF INDIA, SEPTEMBER 29, 2C01 (ASVJNA 7, 1923) f PA*T—IV (b) any amount payable by the- defaulter to any cons-
tituent on any account whatsoever;
(4) In the existing Bye-law 308 the word "sh.il]11 appear- ing aftei the words "A member" j,hall be substituted with "may".
(c) any amount payable by ihe defaulter in respect of a transaction which is not part of the Exchange's settlement procedure;
(5) The full-stop at tho end of clause (vi of Bye-law 308 shall be replaced with "or" and the following shall be inserted ai clause (vi) :
(vi) if th© fails to pay any sum paya≤ by him to the Settlement Guarantee Fund :
(d) any amount payable by the defaulter in respect of any transaction which would have been settled otherwise than tf-irpugh the Clearing House fif such default had not occurred);
(e) any amount payable by the defaulter In respeci of any transaction which is not entered into through the exchange's computerised trading sysTem unless such transaction has been reported ti> the Exchange in the manner "Stipulated by the Exchange or by the Articles and Bye-laws of the Exchange or both, and at the time of such reporting the member and the defaulter have exercised the option to have the transaction settled through the Clearing House.
Applicability of Hammer Price Provisions
Provided that the Council of Management or the Presi- dent may not declare a member as a defaulter if bis default of a sum less than the value of the Base Capital and Additional Capital of the member with the Ex- change, all refundable contributions by the member to the Settlement Guarantee Fund, and any other marketa- ble securities, money and bank guarantee furnished by the member to the Exchange and accepted by the Exchange, and is such case, the Exchange may realise and utilise the Base Capital, Additional Capital, refund- able contributions, such securities, money and guarantee to discharge the member obligations and liabjhlieg and suspend the member's membership rights."
(6) After Bye-law 308, the following shall be inserted as
flye-law 3O8A;
406; Notwithstanding anything stated elsewhere in these Bye-laws, when a member is declared a defaulter, in the (following circumntimcea the sale and purchase* contracts entered into by the defaulter with other members in the settlement in which the defaulter wa" declared a defaulter and in any other settlements which arc open or incomplete at tho time of declaration of default shall be adjusted, closed oiu and settled in accordance with the provisions of the Articles and Byo-laws relating to hammer prices and closing out and adjustment of open transaction with a defaulter :
(i) where a member is declared a defaulter prior to the
date on which the Fund becomes operational,
"3O8A Subject to the provisions of Bye-law 308, where a member has failed to pay hi* settlement dues to the Clearing House, the Council of Management or the President shall declare the member as a defaulter before the pay out is declared; Provided that nothing in this Bye-law shall prevent the Council of Management or the President from declaring the member as a defaulter after the declaration of the pay out if the member was for any reason not declared as a defaulter before the pay out."
(7) In the existing Bye-laws, the following shall be inserted (ii) when the payment is not made from Lhe Fund by reason of the being insufficient to make full pay- ment as envisaged under Bye-law 384,
after Bye-law 318 as Bye-law 3 ISA :
"Defaulter's Assets
(Hi) to contracts entered into in such settlements as the Council of Management has, pursuant to the pro- visions of Bye-law 383 (ii), passed n resolution determining that the provisions of clause i of Bye- law 383 and/or the provisions of Bye-lr.w (380 and/or Bye-law 381 or shall not apply),
(W) to contracts to which the Defaults CommiUc^ is precluded from or is not obliged to apply the Fund under Bye-law 383 or any other 'Article aid Bye- law,
Amendment to Bye-laws
318A. Notwithstanding anything stated in Bye-law 318, where a rjjember is declared a defaulter on or subsequent to the date on which the Settlement Guarantee Fund become* operational; the provision of Bye-law 318 shall be and inapplicable and in such case the Defaults Committee &hall call in and realise the security and margin money and securi- ties deposited by the defaulter and recover all money, securi- ties and other assets due, payable or deliverable to the defaul- ter by any other member in respect of any transaction or dealing made subject to the Article and Bye-laws of the Exchange and such assets shall vest in the Defaults Committee and shall be dealt with by the Defaults Committee." (1) In the existing Bye-l*vs, 170 the following shall be
(8) In the existing Bye-law, after Bye-luw 320 the following inserted as Bye-law 170A :
shall be inserted as by Bye-law 32OA;
"Closing Out of Contracts wilt, Defaulter Member"
"Fraudulent Preference
170A. Notwithstanding anything Mated in Bye-Jaw 170, where a member is declared a defaulter on or subsequent to the date on which the settlement Guarantee Fund become operational, the provisions of Bye-law 170 shall be inappli- cable and in such case nil members having dealing with him in any security shall, if so required, determine all outstanding contracts by closing-out, settlement, adjustment, and /or can- cellation in accordance with the provision of Bye-law (406),
(2) At the and of the existing Bye-law 172, the. following
proviso be inserted :
"Provided that the provisions of the Bve-luw, relating to closing out against a defaulting member shall not apply to a member who has been declared a defaulter on or after the date on which the Settlement Guarantee Fund becomes operational."
(3) At the end of existing Clause (bl of Bye-law 187 the
following proviso shall be inserted .
320A. Notwithstanding anythins stated in Bye-law 320, whore a member is declared a defaulter on or subsequent to the date on which the Settlement Guarantee Fund becomes operational, the provisions of Bye-law 320 shall be inappli- cable and in Mich case a member who shuli have received a difference on an account or shall have received any consi- deration in any transaction prior to the date fixed for setting such account or transaction shall in tho event of the member form whojn he received such difference or considera- tion being declared a defaulter on or subsequent to such date as the Council of Management may specify In this behalf refund tho same to the Defaults Committee for being dealt with by tho Defaults Committee. Notwithstanding anything stated in Bye-law 320, any member who shall have paid or given such difference or consideration to any other member prior to suctl settlement day shall, in the event of the default of-such other member on or subsequent to such date as the Council of Management may specify in this benaK, ajnln pay or give the same to the Defaults Committee lor being dealt with by the Defaults Committee." PART—TV1 THE GAZETTE OF INDIA. SEPTEMBER 29. 2001 CASVLNA 7. 1923} .127 (9) In the existing Bye-laws, after Bye-tew 321 the following shall be inserted as Bye-law 321A :
Preferential Difference
321 AL Notwithstanding anything staled in Rye-law 321, where a member has been declared a defaulter on or subse- quent to the date on which the Settlement Guarantee Fund becomes operational, the provisions of Bye-law 321 shall be inapplicable and in such case a member who received from another member during any Clearing a Claim Note or Credit Note representing a sum other than a difference due to him or due to his constituent which amount Is to be received by him on behalf and for the account of that constituent for that clearing shall refund such sum if Mich other member be declared a defaulter within seven, days after the scttline day. In such a case, such refund shall be made io the Defaults Committee."
(10) In the existing Bye-Jaws, after Bye-law 322 the follow- ing shall be inserted as Bye-law 322A' •
"Distribution
322A. Notwithstanding anything stated in Bye-law 322, where a member has been declared a defaulter on or subse- quent to the date on which the Settlement Guarantee Fund becomes operational, the provisions of Bye-law 322 shall be inapplicable and in such case the Defaults Committee shall at the risk and cost of the creditors of the defaulter pay all assets received in the course of realisation into such band andfor keep them with the Clearing House in such names as the Defaults Committee may from tinw to time deter mine."
(11) In the existing Bye-laws, after Bye-law 323 the follo- wing shall be inserted as Bye-law 323 A :
"Confirmed or Altered Making-up Prices and Hammer Prices 323A. Notwithstanding anything stated in Bye-laws 323, 324 or 325, where has been declared - defaulter on or subse- quent to the date on which the Settlement Guarantee Fund becomes operational, the provisions of Bye-laws 323, 324 and 325 shall be inapplicable and in such case closing-out, adjustment, settlement, settlement or cnncellation shall be effected against the defaulter only, The difference, if any, arising from such closing-out, adjustment, settlement or can- cellation shall as the case may be cither claimed from the defaulter or paid to the Defaults Committee."
(12) In the existing Bye-laws, Ihe following proviso shall be inserted to Bye-law 332 :
"Provided that no creditor member shall be entitled to Inspection of any accounts relating to the Settlement Guarantee Fund'".
(13) In the exising Bye-laws, the following shall be inserted after Bye-law 334 :
"Application of Assets
334A. Notwithstanding anything stated in Bye-law 334, where a member has been declared a defaulter on or sub- sequent to the date on which the Settlement Guartntee Fund becomes operational, the provisions of Bye-law 334 shall be inapplicable and in such case the Defaults Committee shall, after defrayinn all such costs, charges and expenses as are allowed under these Bye-laws, apply the net assets re- maining Its hands".
(14) In the existing Bye-law", the followin£ proviso shall be inserted to Bye-law 336 :
"Provided that such claim shall not be entitled to receive any benefit from the Settlement Guarantee Fund." (15) In the existing Bye-laws, the following shall be inserted after Bye-law 337 :
"Differences Due
337A. Notwithstanding anything stated in Bye-law 337, where a member has been declared a defaulter on or subse- quent to the date on which the Settlement Guarantee Fund becomes operational, the provisions of Bye-law 337 shajl be inapplicable and in such case any difference due to or from a defaulter in the current Clearing shall not be set off against that due in the ensuing Clearing unless so permitted or directed by the Defaults Committee.
(16) In the existing Bye-law 340 —
I i) the word "The" occurring at the beginning of the Bye-law shall be substituted with "without prejudice to the powers conferred upon the Defaults Com- mittee under the other Bye-law";
fil) the words "the members who are creditors of a defaulter" shall be substituted with the words "the Council of Management" and
(iii) the words "or dues" shall be inserted after the words "assets".
(17) In the existing Bye-laws, the following be inserted after Bye-law 341 :
"Payment to Defaults Committee
341 A. Notwithstanding anything stated in Bye-law 341, where a member has been declared a defautor on or subse- quent to the date on which the Settlement Guarantee Fund becomes operational the provisions of Bye-law 341 shall 'be applicable and in such case if any membtr takes any proceedings in a court of law against such defaulter whether during the period of his default or subsequent io his rc- admission to enforce any claim against the defaulter's estate arising out of any transaction or dealing made subject to the Articles and Bye-laws of the Exchange before he was dec- lared a defaulter and obtains a decree and recovers any sran of money thereon he shall pay such amount or any portion thereof as may be fixed by the Council of Management to /the Defaults Committee for being applied in accordance with the relevant Bye-laws."
(18) Tn the 'existing Bye-law 344 —
(i) the word "member" occurring before the word "entitled" shall be substituted with the word "creditor";
(it) the word "member" occurring before tho word "who" shall be substituted with the word "creditor"; and
filil the words "creditors members" shall be substituted with the word "creditors".
JAY JADARY, Executive Director For Bhnbaneswnr Stock Exchange