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

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

CHANGE OF NAMES

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

have complied with

other legal

requirements in this connection.

JAI BHAGWAN

[Signature (in existing old name)]

!. 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. IV/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.

S. CHATTOPADHYAY

[Signature (in existing old name)]

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.

It is certified that I have complied with other legal re-

quirements in this connection.

PRAVEEN KUMAR

[Signature (in existing old name)]

1—260 GI/2001

(303)

104

THE GAZETTE OF INDIA, SEPTEMBER 29. 2001 (ASVINA 7, 1923)

LPART—IV

I, hitherto

known

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)]

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 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

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, 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 hc^r*^>""

'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,

hitherto

known

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

shpll hveafter b* known as SUDHAKAR CHAUHAN.

It is certified that I have complied with other legal

requirements in this connection.

SUDHAKAR RAMKRIPAL CHAWAN

[Signature (in existing old name)]

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

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 k.-^wn

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 as P I J I T A S V / A M Y 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

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 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.

VF&Hi\L DAMU RANDHAVE

[Signature (in existing old name)]

PART—IV 1

THE GAZETTE OF INDIA, SEPTEMBER 29, 2001 (ASVINA 1, 1923)

3o5

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)]

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

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 ;<s Km:. PRASHANT M/o RUKMA^

BAI HOSAMANT. Student, re-siding at Diidihal PO : Karjol

Tq. & Dist, Bijapur (Kernatnka State), have changed my

name and shall hereafter

be known as PRASHANT

S 'o

RAMESH HOSAMANI.

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 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,

It is

certified that I have complied

with

other

legal

requirements in this connection.

SANYUKTA SAMADDAR

[Signature (in existing old name)]

1, hitherto known ab RAVINDER S/o Shri MAHENDRA

SINGH ADIL, employed

as IAS (Probationer),

Assistant

Magistrate/Assistant Collector, in the Nainital District

Jttaranchal, residing at Officers' Colony, Brooke Hill. Nainital

iave changed my name and shall hereafter

be known

IAVINDRA SINGH ADIL.

It is certified that I have complied with other legal-

requirements in this conneciion.

RAVINDER

[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 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

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.

ABHEY SINGH. SONI

Signature of Guardian

I, hitherto known as RAVINDRAN NAIR S/o Shri

RAMAN NAIR, employed as Stenographer Gr. I in Customs

& Central Excise Settlement Commission, Department

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.

RAVINDRAN NAIR

[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

306

THE GAZETTE OF INDIA, SEPTEMBER 2<J, 2001 (ASVJNA 7. 1923)

[PART-IV

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.

It i» certified that 1 have

compiled

with

other

legal

requirements (n this connection.

NAIPAL SINGH &AGAK

Signature of Guardian

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.

It in

certified that I have

omplied

with

other

legal

requirements in this connection

NAlPAL SINGH SAGAR

Signature of Guardian

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.

It is certified that I have complied with other legal require-

ments in this connection.

DHAREFPA

[Signature (in cxistinR old name)!

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.

It is certified that 1 have complied with

other 1ejJt.il

requirements in this connection

DATA KAM

ISignatuic (n exiting old nameJJ

1, hitherto k.iowu HS RUBY SHALLA

S/o

i.ate

Shri

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,

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

hcreaftei be known as R1SHI RAJ SHALLA.

It is certified that I have complied with other legal re-

qi.'ircmenl'i in this connection

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

Nimach (M. 1'.)- residing at V. & P. O. Bohbal -Pur Disl.

Hoshiarpur, have thangej my name and shall hereafter be

known us RAJ1NDF.R PAL STNGH.

it is certified that I have complied with other legal

lequirements in this connection.

RAJINDER PAUJ

[Signature (in existing ol< name)]

t'OKRlGEiMDtiM

Reiul us r,e\v

u-inic A.. S. LOGKANATHAN

S/o

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,

Column-I.

PUBLIC NOTtCL

!, c.ithL-rt..

Lnowii

^ JOLLY DASGUPTA W/o

Late

KAMAKSHYA DASGUPTA, a Housewife, residing at Bii-

lamnaga--. Post & Dist. Hooghly, West Bengal declared by

jJiidavit vkle 270, dared t S-200I that my son INDRANIL

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-

GUPTA uml

MITHUN D\SGUPTA

for all purpose

future.

It is certified that I have complied with other legal re-

quirements In this connection.

tOLLY DASGUPTA

[Signature (in existing old name)]

319

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 i h e , m a r k e t i n 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)^{t o} t ^{4 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'

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

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.

(iii) The Council of Management of the Exchange shall be

entitled to make such Regulations as it Ihink fit and proper

in connection with the manner, norms and procedure¹- of

the Fmid and defaults declared subsequent to the commence-

ment of the operation of the Fund. The Regulations made

by the Council of Management shall

not

inconsistent

with any Bye-laws.

3—26OGI/2OO1

320

IHt GAZETTE Ob INDIA SEPTEMBER 29, 2001 i AS VINA 7- 1923)

[PART-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

respect of

la) the management and uilministiulion of the \ und.

(b) the strintuic and composition of the fund.

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

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.

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

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

hereinaftet

provided,

(lii) interest, dividend or other income arising out

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

<vi) any other money or property forming part of the

Fund.

(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

BXCHANOES CpNTRIBUTiUN TO THE PWD

Ex-hange'ai Irj'rja'

Contribution

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.

MEMBER'S CONTRIBUTION TO THE FUND

Member's initial Contribution

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.

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.

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").

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<l may be collected through bills raised by the Clearing

erase the member's settlement account.

A member snail

t be allowed to recover the same tram his constituents/

.nts.

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

, 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

otter inconv tnri ru~cre>ic>n<i in r/sj^ct of the

ion-refundable

Additional

Con nhutjona.

The

Manajsemem rn-n specify l)w m.-mner

in which

a' Additional Contributions shall be utilised.

Oifieral *nd Specific Acce* to Contribution*

36? (i) Upon any xnamber. being daclareo a defaulter, til

nou-refundaiue comtjdbutioxm

shall be

available

the

Defaults Committee and the Fund for application in accor-

dance with the Articles and Bye-!;.ws

the

EAihange

(hereinafter referred to us "General Access Funds";.

(ii) If a member's margin or Additional

Capital

(at

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").

(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

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

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

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

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

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

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.

(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.

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

Rs. 50,00,000/- (Rupees Fifty Incs Only) then

<i) the Exchange "'hall,

within three Business

Days,

place a notice on the Exchange's notice board noti-

fying the member;, of the Exchange of the same and

(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.

Further Contributions to the Fund

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

iii) in such other manner as the Council of Manage-

ment may decide from lime to time.

(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<j members when value of the Fund

h nbove the minimum value.

by reason of the Fund becoming less than minimum value

under Bye-law 374,

Investment of

F'ind

376. (u) Subject to the instructions and directions of the

Council of Management the Defaults Committee may;

(i) open, maintain, operate and close one or

bank accounts and

(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,

(b) AH investment of the Fund may

be- held

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.

the money of

the Fund only for

the purposes

the

Fund,

Loss to Fund Irivtrtmiwti

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)

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

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.

Intimation i»t Member's Appidisnded Failure

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 notify¹o the Defaults Com-

mittee :

(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;

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

(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

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.

Explanation

For tht purpose of this clause an amount payble- by a

member to the Clearing House Cor short delivery by

shall be an amount payable by the member to the Clearin;

House in respect of a transaction entered into by him.

(b) On -eceipt of any of the above mentioned iatinu

tions fwm the Oarin? 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.

relevant Settlement, any amount payable by him

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

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

(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

(ii) within n worfctog Jyys from the date 0

deliver the securities to be delivered by

faultec,

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.

P)A*T—IV]

THE GAZETTE OF INt>JA, SFPTttMBliR 29, 1001 (ASVINA 7. 1923j

323

(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.

?82. (t.) Not\viths,ta,i<iing anyllvnij stated eleswhere in the

Articles and Bye-law:., if the defaults Corrunitk'e has reason

to believe that any tranwetions.

(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

(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

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

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

accordanco with the provisions of Bye-law 385.

(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.

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.

(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.

(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*

on the Exchange, the relationship between the

defaulter

and

the Claimant,

the

quantity and

price

the

securities involved in the transaction,

other

trades in the

same scrip and such other matters m the Default* Committee

think* fit.

(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.

(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

securities

for the disallowed transaction/s then he

shall

not

entitled to file an

appeal

unless he has

re-

deposited the payment or securities receivd by him.

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

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.

(ii) Upon a member being decalred a defaulter, in addition

to the provisions of caluse

(i) of

this Bye-law,

the pro-

visions

Bye-laws

380,

381, 382

and other

appli-

cable of Bye-laws s><ial] apply

mutatis

mu and.s to >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

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

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.

Repayment by Payee Disentitled to Receive

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.

324

THE GAZETTE OE . INDIA*. SHfTEMBER -2*, 2001 '. \SVfNA 7, 1923)

ffcfcl^-IV

Mon?y and Property of Defaulter

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

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 the' 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 :

(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

{'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

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.

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.

Application of Defaulters' Assets and Other Amounts

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 th* defaulter*' erstwhue right of member-

ship) and all other asset.; and money of

f ^ ^ ° J *

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

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

(i) First—to mate any payment required to be mad*

under Bye-law 380 and 383;

(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;

(.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;

(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

the Fund in respect thereof;

(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;

(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

any contracts made by the defaulter with such mem-

bers subject to the Bye-laws of the Exchange

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;

(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;

(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

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

fwn «« It **y detm fit.

fa&ms

fWQAfflrrmtotwtxk,

mrmbtK

2% :>uui • <ASVINA V ISB3O

«»

Cnri&aUon:

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

390. Irr the event of the defaulter'B - assett^and

other

amount*' mentioned in Bye-law 389-'beini inwfflertnt.to pay

the •-•amounts mentioned in ilausest (i) -to (vii) of Bye-law

'389'then the amount paid hy the Council

of Management

to the Defaults Committee in respect of- Iho¹ defaulter's erst-

while right of membership Whall be applied by die Delaults

ConMnittae¹ for the purposes and in- the order of- priority

ratctioocd

in clauses

(i)

(vii) •• -of

Bye-law

389

md'the

surplus, if any shall be disposed off or applied in

"TOch'rnnnner to the funds-of the exchange at the-discretion

of the Council of Management at its absolute discretion as

it may deem fit.

Charge on Defaulters Assets

391. Upon payment of any money by the Defaults Commi-

ttee out «i the money orpropcrty referred to at clause* (v) to

(Vii) of.Bye-law 387 the Exchange and tho Defaults Committee

shall each have a first charge on all ttsset*'and property of

the defaulter wheresoever situated and of Whatsoever nature

as security foi" the repayment of such money and tl\t payment

at interest thereon subject only to any

and all

charge*,

mortgages and other encumbrance* created thereon by the

defaulter bonaflde for valuablo consideration prior to th« da?

such payment was made by the Default! Committee.

Proceeding* by Default* Cotnniittte and Stock Exchange

392. For the purpose of rocoririn*••••ay amount

payable

by the defaulter to the Exchange,

the Defaults Committee,

the Customer*¹ Protection Fund, the Exchange and/or the

Executive Director shall be entitled to take such steps and

proceedings (including but not limited to Mle of any pro-

perty or a portion thereof) at the Exchange and/or the De-

faults • Committee may ttink ftt against the defaulter, the

defaulter's property and any person by whom any amount

ii' payable to the defaulter.

Borrowings

393. For the purpose of making nny payments referred to

at Bye-law 380 and/or Bye-law 383 the Defaults Committee

may borrow money without security and/or against the Be-

curity of any property of tho Fund and/or any

property

offered to it as security by the defaulter or any member.

Expenses of the Fund

394. The members of the Default* Committee shall

not

be entitled to any remuneration but «hnll' be entitled to

charge_to the Fund all expentei of creation, administration

and management of the Fund including fees' of

auditor*,

lawyers, legal adviser*, chartered accountants, valuer*

and

otfter professional advisers and salaries, Wage-, und all illa-

tod costt, chargea. and . expenses in

connection

with

the

creation, administration or management' of the Fund

and

the exercise of the powers of the FmidL

Protection for Acts.Done in Good Faith and Indemnity

395. Save and except in the case of willful default > and

fr^ud, the Default* Committee, Any • tub-committee

or - a

member¹ of the Default* Committeo or- any aub-wHnntittee

thaU not > be liable-for any net* or ommission* on its or hi*

£art in the exercise of its or his duties and functiona.

396. Without prejudice to' the- abDve>"the Fund shall bear

all costs, charges and expenses for allsuiU,

action*, pro*

tending* and claim* filed or made aipinst the Defaults £pm-

mHteo OF any member of the • Defaults

Committee

snail

bo indemnified by the Fund from . and against all' actions,

proceedings, losses, damage,- cMlmt;- HabflKtet, costt, *h«ies

find'expenses in c6nnecliott'with the- Fund or the crouton,

m«ifi«iem*m and KbahriatmlMi

Ibtnof o* -«ay

Jgititm

therewith 'tewwni iho** Wi»ta# hf r*a*»r«f.»h*tF' wflgsJ

ft'nid.

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

398. The' Default* Committee' shall meet atle**t once

three months during every calender year and not more than

three months chall elapse between any two meeting,

MMtingt of Default*. Committee

399/ A De/aulto Committet meeting may be convened by

giving not lew than fottf-eiiht hours written notice of the

tamo to inch of the mtmbem of the Defaults Committee a*

are- in Bnubaae*war.

Provided, however, that in case

Urgency a Defaults Committee meeting may be convened by

giving not les»-, than • one hour's oral or written notice

the oame to such of the members of the Default* Committee

as are in Bhubanegwar and the decision of the Chairman of

the Defaults Committee as \o whether a case of urgency

exists and u to witetSer proper notice hat been givatt •hall

be ftnal and conclusive.

A meeting of tha Defaults Com-

mittee may be held «» Working days, holidays, within bu«i-

nest hoar* *»«]so outside busiiie«)« hour*.

CoiiMtntiaily

400. All minutai atui proceeding* of and all information

obtained'by the FJtenaage: th«

Executive

Dir«ctor,

the

Counral of Management aibd th» Default* Cotnmittsa •hmii

be deemed confidential.

Minute*

401. Minute* of the proceeding ol the Defaults

Com-

mittee shall be maintained under the authority of the Secre-

tary of the Defaults! Committee,

Such

minutes

shall

deemed to the confldertial

Cdrrespondance

402. The Defaults Committee shall not b«

obli(«d

recognise or act upon any

communication

unless it is m

writing, discloses the identity and address of the person «dd-

reasing the communication and t» si'cncd by the person' add-

rouinB the communication.

Arbitration

403. Any claim, dispute or difference

between the Ex-

change or the Defaults Committee

and a member or a

defaulter in connection with any amount payable or alleged

by the Exchange or the Defaults Committee as being paya-

ble by the member or the defaulter to the Exchange,

the

Defaults Committee or the Settlement Guarantee Fund shall

be referred to the arbitration of such person as the Councit

of Management may nominate in this behalf.

Date ou which the Fund becomes Operational

404. (1) Upon tlie Q>Mcil of Management being satisfied

that the value of tho Fund i» sufficient for the Fund to be-

C9me operational (which valuo shall not less than the value

HjontioaeU In Bye-law 374 (a) (li), the Council of Manage-

ment shall 'specify a date as the date on which the Fund

becomes operational.

(2) The provisions of Bye-law 380 to 391 and 393 shall

come into force only on and from tf*e date

on which the

Fund becomes operational and Khali nppfV only to defaults

declared after such date:

405. NbtwftJuMtndifjg

anything

stated

elsewhere in the

Articles and Bye-law>, the Default*

Committee tholl not

be liable to pay any of the following amounts from

the

Fund :

OBJECTIVITY SERVICE

(%> any ajstfUBt' pfeyiMc"b> the-JtfiuMer to.the CUm-

ingifflMH* on ft&fetmt of .ttoctav' chawpw, expeiww,

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;

a transaction which is not part of the Exchange's

settlement procedure;

(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

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,

(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,

(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^

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

(1) In the existing Bye-l*vs, 170 the following shall

inserted as Bye-law 170A :

"Closing Out of Contracts wilt, Defaulter Member"

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 .

'Provided tbat the provisions o£ this clause shall not

npply to a member who h«i been declared a defaulter

on or after the date on which th? Settlement Guarantee

Fund becomes operational,¹,¹

. . .

,: ,

(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".

(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) :

Settlement Guarantee Fund :

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;

"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

after Bye-law 318 as Bye-law 3 ISA :

"Defaulter's Assets

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

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."

(8) In the existing Bye-law, after Bye-luw 320 the following

shall be inserted as by Bye-law 32OA;

"Fraudulent Preference

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

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

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

fUTITBO IT THE MANAGE*, OOVMNMENT OF INMA PUPS*, PAlIT>AJB<.n,

*#•» MJWUiHED 1Y THB CONTROULBH o * PUBLICATIONS, D « t m 2 0 0 1