This Gazette may contains Multiple Subjects

REGISTERED No. DL—33001/2001 The Gazette of India

PUBLISHED BY AUTHORITY

No 41] NEW DELHI, SATURDAY, OCTOBER 13, 2001 (ASVINA 21,1923)

(Separatepagingisgiventothispartinorder that it may be filed as a separate compilation)

[PART IV]

[Advertisements and Notices issued by Private Individuals and Private Bodies.] NOTICE

CHANGE OF NAMES

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.

DY ORDER Controller of Publication

I, hitherto known us LAXMINARAYAN S/o RAM- DHARI, employed as Tradesman 'F' in the RRMD, BARC, Mumbai-85 (Govt, of Mia,)., residing at Maharashtra floor Mill, Near Maternity Hospital, Dhobighat, Sion Koliwada, Mumbai-400 037, have changed my name and shall hereaf- ter be known us LAXMI NARAYAN RAMHHARI JAIS- WAL.

It is certified that I have complied with other legal

requirements in this connection.

LAXMINARAYAN

[Signature (In existing old name)]

I, hitherto known as TILAK BAHADUR S/o Sri BAHA- DUR, employed as Operator in the B.C.E.D., CPWD, resid- ing at CRPF Cumpus. Bhubancswar, have changed my name and shall hereafter be known as TILAK BAHADUR SODARI CHHETRI.

1—280 GI/2001

(333)334 THE GAZETTE OF INDIA, OCTOBER 13, 2001 (ASVIwA 21, 1923)' &*&—•IV It is certified tfiat I have complied with other legal

It is cartified that i have complied with other isgal re-

quireinem% in this connection.

requirements in this connection.

K. MARIMUTHD [Signature (in existing tAd name)]

TILAK BAHADUR [Signature (in existing old name)]

1. tiiiherto known as M U N NI LAL S /o Shri RAMESH- \V.\R i i \ s \T i.:•>:..-..'.1 "•- '•••.'•.lunt Director (S&P) in ti.e r> . !i:cl ;-.*(i.-J! MaP ".v' 1',-1-,'CUEI, Punjab Telecom C ircie. " I-1'.,'! •••iiii. ri".iiiii-.' ,n ftmce N o. 4 3 " / 2. Sector- -;5A, '. h..ii::ij.iih, II.IVJ khi!np<.d nv- mime and shall hcreaf- iei be known u= M U NI LAL SHARMA. 1, hah^l.i 'i->.•„•,! :;s B WDANA O 'i. Sh. RAJ Kl'M-\R AOuARWAl. cmpioy^d as Advocate in th-3 Tis Haraii Ccu>n. D.-liii,"i-f,idin" at House No. C-254-A, Sushant Lok, Gurgf.on, have changed my name and shall hereafter be i.uown v= VAlsDANA.

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

quirements in this connection.

It is certified that I have complied wish other legal

requirements in this connection.

MUNNI LAI. [Signature Cm existing old name])

BANDANA [Signature (in existing old name)]

I, hitheito known as RAM SINGH HARIJAN S/o Late GULJHARI LAL HARIIAN. employed as Head Constable' Fire in the CISF Unit, VSTPS V! '•?•',•••. ..,, • •• I):-f. Sidhi

( M . P .) P i i i - 4 8 6 8 8 5, r e s i d i ng at \ : i i v \: H i¹ • m . . i l i. I M " I. k a i-

I, hitherto known as NARAYAN SEB S/o Late KAL1- PADA SEN employed as Painter-I, T. No. 254 in the Shop No. 31, Ciirra.w. W S-KGP. residing it India Gobinda Nagar, P.O. India, Kharagpur, have changed my name and shall hereafter be known as NARAYAN CHANDRA SEN.

k a r n n p p r, T e h s il K a t p u t i i, D i st • , : • < • ,; I ! < I .J i I V i - j i i li 1 0 5,

It is certified that I haw. complied with other legal requirs nents in hi¹: connection.

RAM SINGH.

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

NARAYAN SEB [Signature (in existing old name)) quirements in this connection.

RAM SINGH HARIJAN 'Signature (in existing old name)]

!. Kthcito known as MADHU JAYARAM SIIETTY S/o JAV\l4A.\! N. SHrTIV, employed as Sales Executive in the Compu-tracks Mangalore, residing at Deepa NLvas, Rock Wave Lane, Bejai, Kapikad, Mangalore-575004. have chang- ed my name and shall hereafter be known as KARA.N JAYARAM SHETTY.

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

cruirements in this connection,

I, hitherto known as SURESH CHANDRA DHOBI S/o Sfaii LAXMAN JI, employed as Tradesman 'F' in RAiPS, DAE (Govt, of India Enterprise) NPCIL, iPlantsite, P. O. Anushakti, Via Kota (Raj.), residing at Q. No. T-2/60, Anudeep Colony, P.O. Bhabha Nagar, Via Kota (Raj.) Pin- 323 307, have changed my name and shall hereafter be known a-, SUfiF.SfT CHANDRA. BAMNAWAT.

MADHU JAYARAM (JHETTY [Signature (in existing old same)] It is certified that I have complied with other legal

requirements in this connection.

SURESH CHANDRA DHOBI [Signature (in existing old name)]

I, hitherto known as SUDARSHANA KUMARI W /o JAGDISH KUMAR, residing at 17/102, Geeta Ojlony, Khurji Khis, Delhi, have changed my name and shall here- after be known as ANITA RANI.

It is certified that I have complied with other legal

requirements in this connection.

SUDARSHANA KUMARI [Signature (in existing eld name)] f. hitheito known as RAVI CHANDER S/o Shri S. D. PURL, employed as Dy. Manager in the National Co-opera- tive Consumers'' Federation of India Ltd., 92-Deepali Bldg. f5th Floor), Nehru Place, New Delhi, residing at Khasra No. 2W-214, J.ane No. 1A, Antipam Garden. Neb Sarai, Sainifc Farms. New Delhi-110 068, have changed my name and shall hereafter be known as RAVI CHANDER PURL

It is certified that I have complied with other legal

requirements i.i this connection.

1. hitheito known as JITEN NIMBEKAR S/o Late Shri SAHIB RAM, doing my own business, residing at B2/118A, Sufdarjung Enclave. New Delhi, have changed my name and shall hereafter be known as JITFN BAUDH.

RAVI CHANDER [Signalure (in existing old name)]

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

quirements in this connection.

T1TEN NIMBEKAR [Signature (in existing old name)] I. hitheito known ;>s MAHABIR MOCHI S/o I atrt BANDHAN MOCHJ, employed as Daffadar m the Office of Nu. 5. Drawini; Office (EC's. Smvcy of InJi'.i, 13, Wood Street. Kolkatu 700016, West Bengal, residing at Purbo Panchsnna Grain, PO & PS Tiljala, Kolkata-700 100 (W.R), 'iuvf> v!ians""'.l m.' name I'lid shall hereafter be knoivn as MAHABIR DAS.

It is certified ihat I have complied with other ic'Cii re-

quirements in t!¹'¹; connection.

MAHARIR MOCHI

(Signalu.v (in exi"iin.<> old nam™1]

I h i t a o to known as K. K R I S H N AN N A IR V E N U G O- P M AN S..i K. K R I S H N \N N A I R. employed as Subedar Major in the Corp. , f 1" • i : ' i .- is: !.:: Min;u l( \ , .. i > ^ . < : - . \ ), residing at 334. Shettihalli. lalahalli West, Banalore-560015 with per- ii)iu)?nt hoi.,e at Poveniparam'bil House, Post Vellila, Via NiurVnd.i, Maiappuram District, (previously Palghat District), K.-:uLi ^"'te have changed mv name snd shall hereafter b© Ui-v.n .;s VF>TUGOP^r.AN P.

II ii certified thut 1 have complied- with olher les'd

iffqu'ri'fns^t; jn this connection.

K. KRISHNAN N A IR V E N U G O P A L AN

[Sigi'.atvjrp (in existing oW name)) I. h.:'.\- -'.o Uovn as K. MAPJMUTKU S/o P. T.ARLP PANNAN, r]np!r>\cd n.s Wiremnn, O o the Senio- S'ansrin- tjndcft oi Post Cilic;;, Tivacliirappall! Division Timchirap- r.iiii-i'lf! C'01. hrtve ehanued mv r.nmo and shall liere^f'.er '">•" \,r-.i\vr. is ^ MATTR1M!TTHUJPAUT—IVJ 1HE GAZBTTE OF INDIA, O C T O t i tk l i, 2001 (ASVINA 21, 1923) 335 I, hitherto known ax SRI SASH1BHUSAN SENHA S/o Shri ANANDI SINHA, employed an Tally Clerk in the O/o the p y. Traffic Manager (Labour) Traffic Department, Paradip Port Trust, residing at (Present Address) on Qrj. No. CHA/87, Pamdip Port, Trust, Dist. lagatsinghpur, Orfea, liave chanced my name Hnd shall hereafter be known ns SRI SASH1BHUSHAN SINGH.

It is certified that I have complied with other legal requirements In thlt connection.

SRI SASHIBHUSAN SINHA [Signature, (in existing flld namc)l ), hitherto known as, SRI ARJUN PRASAD RAWANI S/o Late GOP1 PRASAD BHUJEL, employed as RM in the Bharat Sanchar Nijjam Ltd Darjecling residing at the Mangal- puri, Victoria Road, Darjceline, have changed my nuiiu unti shall hereafter be known as SRI ARIUN BHUIEL.

It is certified that I have complied with other legal require- ments in this connection.

SRI ARJLN PRASAD RAWAM [Siunatiiiro (in existing old name)] I, hitherto known as M. PARVAT1 \V/o P. MADRAVr- RAN, employtd as Fitter General Selection Grade T. No. CT/6, in the Ammunition Factory, Khadki, Punc-3, residing at the lypo-11, 19/14. Ranfichills Pune-20, have changed my name and shall hereafter be known as P. PARVATI V. PECCHAMIJTTU.

It is certified that I have complied with other legal vc qufrcments in this connection.

M. PARVATI [Signature (In existing old name)] [, hitherto known us MD. SHABBIR ALT S o ML). SA.I- JAD KHAN, employed us HAV/RDO in the 4 Signal Bn.. CRPF, Neemuoli (M. P.), presently attached with 107 Bn RAF/CRPF Signal P L R, BhopaL residing ni Vill & X>, O. Palat Pui-a, PS Munpur, Dist. Nalandn Pin-M03107T Bihiir, have changed my mune and .sh;ill licrcaftci" be known HI. KHAL1D HANK⁷ KHAN.

It is certified that I have complied with other legal requirements in this connection.

MD. SHABBIR A ll

ISign.itiifc (in existing old r,nmi.;l ALEX STEWART A.SSAYLRvS¹ PRIVATE LIMITED Rejpl. Offlcu UNIT No. D-l, UDYOG SADAN NO. -I, M1DC CENTRAL ROAD, ANDHERI (E) MUMBAI PUBLIC NOTICE "U/S 485

M/S. ALEX STEWART ASSAYHRS fp) LTD. Notice i:i Ii^ieby ^iven ihjt the members of M / s. Alex Stewart Assaycrs P)ivatc Limited at its Annual General MtetiiiR held un 21-9-2001 held at Us Registered Office at Unit No. D-l. (Jdyo" Sadan No. 3, MIDC Central Road, Andheri (E) Mumbai, have pntseU [he following Ruc-lu- tion under seel ion 4S4 of th" Companies Act, 1956 for the Wi:id-up of t*)c company us IMeinher's Voluntary Windm;*- u p.

RhSOLVEU ih,a in m-coidance wild ihe provision of ••cction 4S8 and 01 her ipiovisions applicable, if any, the dcclaiation of solvency dl. 20-7-2(101 of the Board of Directors filed tvith \h>i Reeistrar of Comauics, Maharash- tra, Mumbai declaring thai the Comany has no liability or the Company is ablo to pay its debts within three years ami couliuBont liabilities of Income tax and in accordance with the revision of Seclion 484(1) (b) and other provi- sion applicable if any, of the Companies Act 1956, tile Company be nrd is hereby wound-up Voluntarily as Mem- bci's V'olunlaiy Winding Up;

"RMSULV'lfD thitt ir. ;ii.xi)jJaiic." with Ihc piovision nl' Swtio.i 4W('I)(h) 11ml other provisions applicable if any of the Companies Act-1<)56. Shri G. Shamilul • and Shri K. C", S.ilihanvul he Md are hereby appointed .is liquidq- I ' HS 1.11 'i'hc C'ouuiiiny;

" K L ' ^ C L V LD ihat in i x c u i d a i i ce with Iho piovjsiuii ol .S.-L-tioii - ifJ O ( l j ( b) :iud o i h er p r o v i s i o ns Kpplicable i.f any or Ihe l onii'jiiiies A ct I'ljfi, Shri G. Sliaiilil.il a nd Shii K. L". SaMmr.v.il liquidniurs for V o l u n t a ry VVinding Up oE tliu cuinpiMiy be a nd a rc lieiuby e n t i t l ed to iljaw jciuiiiie- riition n[ K-i. 3 00 • each per m o n th ;>n liquidaloi<<." n.ite : :i-oy-2(n)i

)'l.;te : Mumbai

K. C. SAI1HAKVVAL Director ALEX STEWART ASSAYHRS PRIVATE LIMITED (In Member's Voluntary Liquidation)

Regd. Officel: UNIT NO. D-l. UDYOG SADAN NO. 3 MIDC CENTRAL ROAD. ANDHFRI (F.) MUMBAf—40O093

VORM NO. is I

ISec Rule M5J

M:inL(;]> Vtiliuitaiy. Wiiidnn-'-up

Notice of appointment of liquidator pursuant to ;>cclioji 516

Nunte u£ the Company

Nature of business

: Alex Stcwmt Assuyeis (P) Ltd.

Sampling & Assaying uf Meials n)m>:rals k uies.

Address ui Registered otfice D-l. Ud\og Sadun No. 3. MIDC Central Road, Andlu-ii-

(fcasO. Mumbai-40 093.

JNaine(t) and Addressf".s) of liquidator(s) Sh. G. Shantilal

OJtu ot Appointment

By whom appouited

S/o Sh. S. Goyinda, R/o C-1503, Lake CastJc Co- Operative Housing Society Ltd. Office Adj Shankaracharya Road, Hiramandi Gardens, Powai, Mumbai-400 07fi. Sh. K. C. Sabharwul.

S/o Lnte Sh M. S. SaHiarwal, R /o 749, C.A, Apart- ment, Paschim Vihar, New Delhi-63.

2J-OS"-2OOI.

ihanjholders.

K. Q bABHARWAt, Liquidators 336 337 338 3 39 3 40 -a-4'i 2—280 Gl/20 )1 342 343 ,3.44 345 *T 1 3, 2 0 01 ( a n f a fr 2 1, 1 9 2 3)

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\ 19 :i 34 7 348 3—WO GI/2001 350 3 51 3S2 353 3 54 3 55 3SG 357

THE CALCUTTA STOCK EXCHANGE ASSOCIATION

LIMITED, KOLKATA-700001

Amendnuni of Clause VI and Clause" XXVII under 'CiBSptfcr XVIII of The Bye-Laws and Regulations of Settle- ment Guarantee Fund, of The Calcutta Stock Exchange Asociation Limited as per SEBI's directive under Ref. No. SMDRP /Policy/Cir.-16/2O01 dated 9-3-2001 and tlie same was approved at the Committee Meeting of The Calcutta Stock Exchange Association Ltd. on 12th March, 2001.

VI. Administrative and utilisation of the fund and income of the fund

1. The Settlement Guarantee Fund maintained by the Exchange may be utilised for meeting the shoitage arising out of the non-fulfilment/partial fulfilment of the funds obligations by the members in a settlement before declaring the concerned member defaulter and also for such purposes of the SGF as may be stipulated by the Bye-laws and Regulations subject to the following :

(a) In cases where amount shortage are in excess of the base minimum capital (BMC) prescribed, the trading facility of the member is withdran and the securities Pay-out due to the member is with- held. In cases where the amount of shortage exceed 20% of the BMC and is less than the BMC on six occasions within a period of three months, the trading facility of the member is withdrawn and the securities pay-out due to the member is withheld. On recovery of the complete sfibrtags, the member is permitted to trade with a reduced tn:oss expo- sure as mentioned in the table beTow :

Cumulative Funds Shortage—Exposure limit allowed (% of current exposure limit)

20% of BMC—50% of BMC—80% 50% of BMC—100% of BMC—60%

This reduced gross exposure level is maintained for a period of four settlement. If the cumulative funds shortages for the n ot 4 settlements is less than 20% of BMC, the exposure !*mits shall be ] stored. The exposure limit may be restored if a member provides a cash deposit equivalent to his cumulative funds s h ot gs z> the funds shortage collateral JI his clearing account. Such3S8 THE GAZETTE OF INDIA, OCTOBER 13, 2001 (ASVINA 21, 1923) [ P A R T - IV Clearing House shall vest in the Clearing Council.

Composition of Clearing Council

deposit will be kept with the Exchange for a period of 4 settlements and will be released, only if no further funds shor!':i;es fire repo'ted for tha mem- bc-i in ne.sl 4 consjcii'ivc seitieinents. T r ue is no expo"uie benefit not ?IT> ititerest payment on tiiis amount so deposi:c

(b) The outstanding amount would tarry a penal

275. The composition of the Clearing Council sht.ll be prescribed by the Regulations. Provided that there shall not be more than seven members on the Clearing Council. Provided further that no member of the Exchange and no Trading or Clearing Member on any segment of the Ex- change shall be a member of the Clearing Council. Any appointment to the Clearing Council will be subject to approval of Securities & Exchange • Board" cf India.

interest of not less than 0.09';.'i per day.

Chief Executive Officer

(c) To defray the expenses of creation, rnain!en?no:,

administration and repuya.n.;nt of SGI'.

(d) To meet premium on insurance coverts) which the relevant authority may take from time to time. (e) To meet shorfall and dcik;ep;:es arising out - of the clearing and settlement cf thS"

(f) To satisfy arty loss or liability oi the cleaiing house anting out of clearing and sct'Jemcnt operations of deals as provided in the Bye-! aws and Regula- tions.

(H) TO -iny other purpose of the SGF as may be speci- fied fry the D:f^:i!te'T' Sub-Committee from fme to time.

2. Save as otherwise expressly provided in the Bye-Laws and Regulations, the Settlement Guarantee Fund shall not be utilised for any other purpose.

3. No income of SGF would be distributed or paid to any member or person as part of profit, or as dividend or distri- bution of profit save and except as discharge of liability of SGF under these Bye-I aws.

4. The SGF shall have full power and authority to trans- fer in its own name, create a security in, or assign any or' all of a settlement fund :ash, securities or other instru- ments in which the settlement fund is invested and secu- rities deposited by a member in favour oi the SGF towards a settlement guarantee fund.

276. The Clearing Council shall appoint as a whole-time Chief Executive Officer of the Cltaring House any person who in its opinion is suitable for the office on such terms and for such period as it may determine. During his tenure of -office the Chief Executive Officer -shall neither directly or indirectly be an active member of the Exchange not shall he be a party to or be concerned in any speculative dealing on the Exchange or with any member of trfe Exchange. The person appointed as Chief Executive Officer shall not directly or indirectly engage himself in any business during his tenurs of office and :f he Is Ti member of the Exchange or a Trading Member or "a Clearing Member on the Derivatives Segment or is a partner, director, share- holder or representative of a member of the Exchange or of a Trading Member or of a Cbaring Member then he or such member or Trading/Clearing Member (as the case may be), shall not directly or indirectly carry on any busi- ness on the Exchange. Subject to the over-all management of the operations of the Clearing House being vested in the Clearing Council as provided in these Rules, Bye-laws and Regulations, the Chief Executive Officer shall be vested with the executive powers of the Clearing House to run the dav-to-dav administration and to enforce the Rules, Bye- laws and Regulations of the Exchange .and also cf sny segment of the Exchange applicable to the Clearing House and to represent the Clearing House in any public, matter and to exercise all other powers, rights, duties and functions as are vested in the Chief Executive Officer of the Clearing House under the Rules, Bye-laws and Regulation of the Exchange and also of any segment of the Exchange and/ or as may be entrusted or delegated, to him by the Clearing Council from time to time. The Chief Executive Officer shall' cease to be a member of the Clearing Council if he ceases to hold the office of Chief Executive Officer.

The Defaulters' Sub-Committee may from time to time invest the assets and income of SGF in any approved invest- ment under the Income Tax Act and change investments from time to time.

Office Bearers

Class-XXVIl : Members failure to pa> amount into O ? i- ing House

277. The members of the Clearing Council shall elect from amongst themselves the Chairman of the Clearing; Council and the Clearing House within a period of 10 days from the constitution of Clearing Council.

The third para under the heading "explanation' pertain- ing to elause-XXVII sub-clause (A) is substituted by tht following :

Vacancy in the Office of Chairman

278. In case a vacancy shall occur in toe oflice of Chairman, the Clearing Council shall fill the vacancy by electing on Acting Cha;rman from omon? the members of th.3 Clearing Council.

POWERS OF THE CLEARING COUNCIL

Jurisdiction

"In the event of a member fails to meet obliaaiions to the clearing house of the Exchange arising out of clear- ing and settlement operations of such deals as provided in the Bye-Laws and Regulations, the relevant authority may utilise the Settlement Gu'rnntee Fund (SGF) and other monic-i to the extent ncctss'irv to fulfil the obli- jjalions wide such terms an ! coiuli'ions as the rdev^m authority may specify from time to time." Thereafter President or any two membeis of tTu; Committee Oiall dedaie the member as :t d^fanltc.

INSERTION OV RULE 274 307 IN THE RULES* BYE- LAWS & REGULATIONS OF THE EXCHANGE PFR- T\1NJNG TO THE CLEARING HOUSE AND THE CLEARING COUNCIL OP THF EXCHANGE DUIY APPROVED BY SEB1 VIDE ITS 1FTTCR N o' S\f DRP, SF V'D-I/BSF /117?.9 nv>0(\ fj v TF.fi "> -

JULV, 1D(H)

Rf'lFS PERTAINING TO CLEAIHNG I l O t ' " F'

CT.F\RTN'O COONTTr

Clearing Council

274. Without nieiudice to ihe Rnies, Bye-laws and Rcau- hitions of the Exchange and r£ any segment of the FK- 'ehange, the resiiintion, management and control v.f the

119. Witnout piejudico :" ih; rights oi inspection and other rights of the Exchange the Derivatives Segment and other authorities, the Clearing Council shall have complete juris- diction over all the members of the Exchange and Clearing Members in JCMIIOU to clearing and settlement of trades, surveillance, supervision and inspection and other matters related thereto. The Clearing Council shall have the abso- lute novter and right to interpret all the Rule*, Bye-laws and Regulations of the Exchange and of any segment of the L\.!k.ii;;j insofar as they relate to th3 clearing and settle- ir."it oc trade*, surveillance, supervision, inspection ond other matteis related thereto and "o decide all points, nu-j-tk-r.s and disoutci ldatinp to the Clearing House and "r'tieiM relating to the administration, functions, working .•.:id ulfairN of the Clearing House. NotwhhMuncUiVT anvthino i\>ntHiiviii elsewhere in these K\jle", Bye-laws and Regulations of ihi livchanuc, any intoipretation or J-'cNion made bv t'vj Cleiiiny Council in respect of the Rules, Bve-laws an^ Kf "illations nf the Exchange relating 1o the clearing i"w1 ••ciil.Mi-i-nt of trader surveillance supervision, inspection and oilier matters related thereto shall bs final and conclusive and binding on all members of the Exchange, all TradingJART—IVj THE GAZETTE OF INDIA. OCTOBER 13. 2001 (ASVINA 21, 1923) 359 Members, Clearing Members, their directors, partners, agents, representatives, officers, employees and Clients and Consti- tuents and on all persons dealing through or with the members, Trading Members and Clearing Members.

General Powers

280. Without prejudice 10 the lights ot inspection and other rights of the Exchange, the Derivatives Segment and other authorities, the management and control of the operational functions, working and affairs of the Clearing House, the regulation of the conduct of the members of the Exchange Clearing Members, their directors, partners, agents, represen- tatives, officers, employees and Clients/Constituents in relation to clearing and settlement of trades, surveillance, supervision, inspection and other matters related thereto and the promotion of the welfare, objects and purposes of the Clearing House (but not the management or control of any pro- perties, finances or funds of the Exchange or of its income or sxpenditure, whether or not pertaining to the Clearing House) shall, subject to these Rules, Bye-laws and Regulations, vest in the Clearing Council. In the exercise of such powers it may from time to time adopt such Reputations. pnwer or authority impliedly or expressly conferred by any Rule, Bye-law or Regulation of the Exchange and of any seg- ment of the Exchange for the time being in force the Clearing Council is specially authorised, subject to any Rule or Bye- aw for the time being in force, to exercise the powers in elation to clearing and settlement of trades, surveillance, supervision, inspection and other matters related thereto in he sense of the provisions in that behalf contained in the •lutes, Bye-laws and Regulations of the Exchange and of anv iegment of the Exchange.

?owers

281. In the exercise of its powers, and in compliance with JEBI guidelines, if any, the Clearing Council shall be ieemed empowered to do any of the following or similar acts >r things or use any of the following or similar authorities n connection with the clearing and settlement of trades, iurveillance, supervision, inspection and other matters related hereto namely —

Committees

(i) to appoint committees;

Casual Vacancies

(ii) to nil casual vacancies in any committee;

Recommending Expulsion and Control of Members (iii) to recommend to the Governing Board or the Governing Council the i egistradon of Clearing Mem- bers and expulsion of memoers of the Exchange, Trading and Clearing Membe's.

Controlling Members

Investigation

(vi) to examine and investigate, the financial condition: business conduct and dealings ol the members o the Exchange Trading Membt- rid Clearin Members;

Attendance and Information

(vii) to call upon any member of the Exchange, Tradin Members or Clearing Member, his directors, officers representatives, partners, aiiomeys, agents, authorise* clerks, Approved Users, Authorised Persons am employees to appear and testify before the Clearing Council or the Chief Executive Officer of the Clear ing Council or the Chairman of the Clearing Coun cil or before a committee or an officer of the Clear ing House authorised in that behalf and to furnisf to the Clearing Council or to the Chief Executive Officer or the Chairman of the Clearing Council oi to a committee or an officer of the Clearing House authorised in that behalf, such books, papers, docu- ments, correspondence, clearing forms and anj other records or information in his or their posses- sion which may be deemed relevant or material tc any matter under inquiry or investigation or whicr the Clearing Council. Chief Executive Officer Chairman, committee or efficer in its or his absolute discretion deems necessary in the interest of just and equitable principles of trade or in the public interest or in the interest and welfare of tre Clear- ing House or the Exchange or Investors.

Imposition of Penalties

(viii) to prescribe from time to tune and impose penalties for violation of these Ru!;*, Bye-Saws and Regula- tions relating to clearing and settlement and for neg- lect or failure or refusal to com pi/ with resolutions, orders, notices, directions or decisions of the Clear- ing Council or the Chief Executive Officer of the Clearing Council or the Cha'rman of the Clearing Council or of any committee or officer of the Clear- ing House authorised in that behalf or for any in- fraction --jgainst the Clearing House the pena'ty fo; which is not specifically prescribed.

Enforcement of Rules, B>c laws and Regulations (ix) to enforce the Rules, Bye-Jaws u-.i R;'L:i1.'.'i,iii.. nf the Exchange or any segmeni. nl the I.XIIUU.LJ insofai as they relate to the

Regulation of Firielioiiing

(x) ti> determine from time to time the mode and condi- tions subject to which the Clearing" House and_ clear- ing and settlement of contracts/trades, surveillance, supervision, inspection and other matters related thereto shall function;

Fees ami Charges

(xi) to fix from time to time and collect from members of the Exchange and Clearing Members in addition to the dues and charges provided for in these Rules. Bye-laws and Regulations and such other charges of fees as may be deemed necessary or desirable for the functioning of the Clearing House;

Appointment - of Employees

Facilities

General, Bower

(xxvitt) generally to supervise and direct all matters, affecting

the Clearing H6use.

(xiii) to provide from time to time such facilities as may be necessary for the functioning of the Clearing House;

limitation of Powers Powers iind Rights

(xiv) to award contracts for managing the Clearing House (for the Derivatives Segment, Cash Segment or for any other segment of the Exchange);

Monitoring of Payments

282, Notwithstanding anything staf&J elj.e.wh§£f in th$M Rujes. Bye-lywi> and Regulations, the Clearing "Cquja^ djjip not . ha"e-. any powc\ in lespccl of iiic properties, ifnaa^s o*.. fKiKis of ilie Exchange (whether "jr not Vehifinjf to the Qffigmg Bouse) and shall not be entitled to incur any finan- cial iiabllitj' or obligiUion (where- upmriniuiil or otherwise ajid whether Qomingcnt or otherwise) on bc'ialf of the Excjignge or do any. aet or deed, which may aiiect t!?e Exchange's finan- ces, funds, or properties, save and except as giay be ^Wessjy delegated by the Governing Board to the. 'Clearing Council.

(xv) to monitoi pu\mc:it obliaa'ions of members of the Exchange IK! <."leir:ng Miini;crs (for the Derivatives Segment anil/or Cash Ssgment and/or any other Segment of the 1-xchanpcV.

Suspension of Rules, Bye-Jaws ami Regulations Surveillance

(xvi) the surveillance, supervision and inspection of the members of the Exchange Clearing Members and of the clearance and settlement system and all matters related thereto;

Security Management

(xvii) to manage all security, margins and collateral;

28J, The Gearing. Council may be a special resolution W§iv%r " dispense, with (he strict enforcement oi susppid tj|§ ^ r a t i gn in' nan or in v.liolc of any of she Rul£S, Bye- l ^ s , ^ r: R^^LatiSns of ihe L\i:haiif!e lotljcr Hum Itule ?83 % tfefe R|W> in regard u> any person or persons, s^ctjjify §g %|c^^e§ (jr mailer or matlups relating lo the Cjearing Hpuse or to the clearing and settlement of trades. sui"veil- lance, supervision, ami inspection.

Suspensions

(xvKi) to suspend Clearing Memberships in the Derivatives Segment, the Cash Segment and sny other segment of the Exchange for default in meeting obligations;

Provided that the Clearing Council shall not waive or dispense with the strict enforcement or suspend the operation in part or in whole of any Rules, Bye-laws or Regulations continuously for a period exceeding three days except with the approval of SEBf :

Fees

Finality of Clearing Council Resolution (xix) to levy charges on members for usage of facilities;

Disciplinary \ct">n Committee

(xx) to recommend to tf-o D'sc'pVmry Action Committee of the Cash Segni;T' Derivatives Segment and/or any olher segment of the F.xchange' disciplinary action for defaults, price rigging, market manipula- tions, front running or any other improper, unethi- cal unfair or fraudulent practice;

Compliance and Monitoring

284. Any resolution passed by the Clearing Council under the powers or authority cont'encd upon it by the pro- visHKBS of any of these Rules or Bye-lav, s ielating 10 tiies Gteaijng House shall not be added to, altered, varied or resciiVisd by the members of the Lxch.iugu or the Jrading Members in general meeting and all sjcii resolutions shall when tljgy cope m*o force bo deemed \aiid and' binding upon ali members, Trading Members and Clearins Mem- bers, their directors, officers, rcpicsj:r.iiivios, partners, attor- neys, agents, authorised cleiks, Approved Lsoi", Autho- rised Persons, employees, Chents/COnstiuents and all those dealing with or through them.

Decision, of Clearing Council Final (xxi) to monitor net worth criteria, compliance and com- position, security deposit criteria, compliance and composition and the financial condition of members of the Exchange, Trading Members and Clearing Members;

Margin Collection

(xxii) to levy, monitor, decide, arrange for collection of

and collect margins of all types;

Clearing Session

(xxiii) to fix and hold special clearing sessions;

Settlement Schedules

(xxiv) to fix normal settlement schedules;

285. Notwithstanding anything stated elsewhere in the Rules, Bye-laws and Regulations of tlie Exchange, in all matters relating to the (Rearing House or cleaiiiig a^d> settle- ment of trades, surveillance, supervision, inspection and other matters related thereto which are brought under the consideration of the Clearing Goanejl, its decisim whether expressed by a resotetion or otherwea siiall bfr final and must be carried out foftfiwitfe by evelry meaibfif of the Ex- change, Trading Member and Clearing Member concerned and by his directors, officers, representatives, partners, attor- neys, agents authorised clerks, Approved Users, Autho- rised Persons, employees. Clients/CqastiUients and. all those dealing with or through them.

Annulment of Trades

Delegation of Powers (JEKV) to recommend to the Governing Council or the Governing Board annulment of trades/contracts in any segment;

General Control

(xxvij to decide and from time to time adopt resolutions, issue orders, notices and directions in respect of matters relating to the fi;uiinp House not provided for in these Rules, BVC-'.AVVS iirui Rogul-Uions;

Review

(xjrvii.) t$ review, reconsider,, modify or rescind any resolu- tions, orders, notices, directions- and decisions re- lating to the Clearing House;

(a) The Clearing Council may subject to such conditions as it may think fit delegate sijch of its poweis as it may from time to tuae de^BSWie to t fc Chief Exe- catbto CM^"r of tile Cle^iiag CoHiicil or the Chairman of the Clearing Corocii or to committees appointed out of members of- the Clearing Council or any other person(s) and may likewa^e delegate the performance of such ministerial and adminis- trative duties as it may deem expedjeat to the- Chief Executive Officer or to the Chairman or to com- mittees spn%fiosed of aaembe?s of the Clearing Council and/or to aj" officer of flie Clearing House and/or any other pefsefl^). Provided, that Tra- diBg/eiearifig Memljers sliatt net be eftgible to be appoiated to any coaimiftea.

Review

or of a nature not advisable to disclose he may direct that the notice calling u special meeting shall not stale the business and/or the urgency or emergency of the special meeting.

Quorxim

(b) A person affected by a decision of the Chief Execu- tive Officer or the Chairman or a Committee or an Officer of the dealing House or any other person acting under powers delegated by the Clearing Council as provided in sub-clause (a) may require n review by the Clearing Council within seven days after the decision has be-en rendered.

213. (a) Unleses otticiwibc speci.ilk pmviucd t,V- <.p;iuiim of the Clenrlnji Council shall be two tntmheis of the Clearing Council.

Delegation of Powers in Emergency

Interested Member not to be Included m Qtloi urn

(b) An interested mernb-r of the Clearing Council shall not be included v.'hcn counting tl"e quonim prescribed under thrse Rules and Bvs-luws for deeling with the question in which the nember is interested,

C'wii-man to Preside

286. Whenever the Clearing Council in its deletion is of the opinion that an, imerj'ensy aKis ii muv by a special resolution delegate all of its puwciw for such period as it may determine to the Chief Executive Ollicer of ihi Clearing House or to the Chairman of the Clearing House or to a spatial committee appointed out of the members of the Clearing Council from whose decision theiv fhali be no appeal.

Indemnity to the Hxchunsc and Clearing Council

294 The Chairman of the Clearing Hous>: 01 in his absence the Chief Executive Dither of ;he Clearing House sliall preside -rit .ill mr.etirp-s of the Clearing Council, If there be no Chairman or Chief Kxccutlvc Officer or if at any meeting the Chairman or Clikf F..\tCjtive Officer b" not present within fifteen minutes 01 the time appointed for such meeting tho members of the Clu-'irint; Council prrNent ahull choose a member of the Clciring (Council as Chairman of the meeting.

Chairman to have Casting Vote

287. The Clearing House ;ind the Cleaning Council and its members shall in to way tithcr collectively or indivi- dually be held liable by any j arson for any act or omission on its part or on the part of any employee of the Clearing House done or omitted to be done in pood faith, in the due discharge of duties and in the execution or purported execution of their duties or of any powers, authorities or discretion vested in them inrluding all liabilities, costs, losses or expenses consequent on f\ny mistake, oversight or omission on their part and they shall he fully indemnified by the Exchange out of i*s funds fur anythinfi so don* or uniited to be done.

295. In case of an equality of votes at a meeting of the Clearing Council the Chairman of the meeting nhull hnvc a casting vote in addition to the vote tn which hi is entitled ELS a member.

Meetings of the Clearing Council

Voting

28 K-. The Clearing Council may meet for the despatch of business, adjourn and otherwise roKuliue in meetings as it deems fit.

296. A member of the Clearing Council shall be entitled to take part in the proceedings but it shall not be compe- tent for him to vote.

Ordinary Meetings

TVrsonal Interest

289. Ordinary mr-clinjs of (he Clearing Council may b.' called by the Chief Executive Officer or the Chairman of the Clearing House as directed by the Cloariny Council at any time.

(i) oti ,mv question in which ha is personally interested the Chairman of the meeting being 1he final judge whether he is 60 interested or not; or Chief Executive Officer or Chairman May Call Special Meeting

Member of Committee

290. (a) The Chief Executive Officer or the Chairman of the Clearing House may at any time call a special mceti^t; of the Clearing Council.

Special Meeting on Requisition

(iil on the final decision in respect of any inauiry or dispute on, which n decision, rns been given bv a committee of which he has been a member except "that no member of the Clearing Council shall be so disqualified by reason of his beinc or having been a member of a committee which has made prior examination or investigation of the subject under consideration for the purpose of submitting a report; or

Absence During Hearing^

(b) The Chief Executive Officer shall call a special meeting of the Clearing Council within twenty- four hours of the rsceipt of n requisition to that effect signed by two or more members of the Clearing Council failing which any two of the signatories may call such inestinu.

Urgent and Emergency Meetings

(Jii) on the decision in respect of any inquiry or dispute unlf"s he has beep present at every meeting of the Clearing CounciL at which there has been a bearing of the inquiry or dispute.

Majority

291. In case of urgency a special meUing may be called jat less than twenty-four hours' notice and in case of an emergency, one hour's notice of a special meeting shall be idecmed sufficient.

Notice of Speciaj Meeting

297. Any question before the Clearing Council shall be ilecided by a majority of the votes cast nf a meeting of the Clearing Council unless a specified majority is required by any Rule or Bye-law for the time being in force. Any f, nctlon that upnearr when determining the required majority diull be rounded off as one.

Q92. (a) A notice calling a special meeting •.hall stale \hi purpose for which it is called. In 1he case of an urgent or emergency meeting tl\; notice .shall stato the> nature of the urgency oi the. emergency in! IK- business to be transacted ut the, meeting and no Other business shall be ti.ins-iw.id at such meeting.

Special Resolution

Business When Not lu hi; Stated

298. Th* quorum for a ipeclnl resolution shall be three m*mbor§ of the Clearing Council pffesent at a meeting of 'itne CJffnrinflt Council. Such special reeolutlon shut! be PMsetl by a majority of at least.-two-thirds of ih-s vctea (b) Notwithstanding! anything contained in sub-dause (a) when the Chaif Executive. Officer ru- (tie Chair- man in of the opinion thtt tl.e matter is confidentialJ562 THE GAZETTE Or INDIA, OCTOBER 13, 2001 (ASVINA 21. 1923) I P A R T - 1V cast at the meeting. Any fraction contained in such two thirds shall be rounded oil as one.

Ordinary Resolution by CucLilar

299. An ordinary resolution ir, writing, approved by not less than two-thirds of the total number of members of the Clearing Council present in Miimbiii' shall be as valid and effective as if il had been passed al a meeting of the Clearing Council duly called a/id constituted. Any fraction contained in Mich two-thirds shrill he rounded ojf as one.

Adjourned Meeting

300. Any meeting of L!u- Clearing Council may bo adjour^ ncd from time to time and it shall Ho no objection 1o any resolution passed or any decision arrivcj, at such meeting tbnt all or any c.f the mimbcii of the Clemnj, Council present were not present at the former meeting or meetings or that nny of those pnsetit . i any forme? meeting or meet- ings were no! present at ;,ny adjourned Heeling of meetings.

Pioceedinr.s

301. Ihe C)ea:iim tmnvjil shi'll, unless otherwise provi- ded, regulate and determine the raunuer and form in which its proceedings shall b" conducted, Except as otherwise specially provided in these Rules iL in ay with pei mission of the Chairman consider .'tid take action upon any matter at any ordinaly or special meeting even though such matter has not been referred to in Ihe notice of such meeting.

McmbeVs and Others to Appear Bftore Meetings if Required 302. Members, Trading Member,. Clearing Members, their directors, pnrtnois, attorneys, agents, authorised cloks. Autho- rised Peisons, Approved Users, representatives, officers and employees shall appear before such meetings ot tlu Clearing Council or of any committee appointed Tr? it as they may be directed to attend and they :•,'. '11 uiw all Midi infonnution and produce all such records as may ix¹ in their possession relative to any rrritl',"- before the f'lcyriny Council nr siu-h, committcf;.

Minutes

31)3. Minutes of the pioccedinab of the Clewing Council shall be maintained under the r.uthoiity of the Secretary of the Exchange. Such minutes shall b.j deemed confidential and shall not be available for inspection by Trading Mem- bers. Clearing Members or any mpmbrrs "f the 1-xcbangc.

Correspondence

304, All comrnwiiciuioivj to the Clearing H.ouPie or the Clearing Council or any committee appointed by ths Clear- ing Council or to any official of the Clearing House shall be made in -writing and Mull be signed and no action need be taken on any anonymous comnuinicaiions.

Chairman to Preside

305. The Chairman of 11:e I Icari'itj Howe shjll prtbide at tiny mectmp ot the Cleui in;: Council or any standing or other committee v/hlch he. may attend and he ill nil have in case of un equality of votes h casting vote in addition to the vote to which he u.ay be entitled as a member.

Representatives of the Clearing House

306. (a) The Chief ExcciKive Offirir and/cr the Chanmun of the Cleaiing House shall represent the ClenrinR House officially in all public matters,

Ex-officio Members of Committees

(b) The Chief Executive Officer and the Chairman of the Clearing House shall be ex-officio members of any committee appointed by tJ*e Clearing Council.

Special Power

307 (a) The Chief Executive Oilicer and me. chairman und in the absence of the one, the olficr nhall be tmit- led to exercise any or all of the powers exercisable the- opinion that immediate nctioo it necessary S thc Clearing Council whenever they or he be subject to such action being confirmed by the Clenrmg Council within twenty-four hours.

Absence or Innbility to Act

(b) In the absence of the Chief Executive Officer or in the event of his inability to net, his functions and powers shall be exercised under the directions of the Clearing Council by a senior available officer of the Clearing House appointed by inc Clearinu Council in this behalf.

INSERTION OF BYE-LAW 2R1D IN THE RULES, B \ E- I-AWS & REGULATIONS OF THE EXCHANGE PER- TAINING TO THE SAVING CLAUSE FOR ALL THE ARBITRAL PROCEEDING COMMENCED PRIOR TO THE AMENDMENTS TO THE CHAITER PERTAIN- ING TO ARBITRATION AND APPROVED BY SEBI VIDE ITS LETTER NO. SMDRP/SEAID-I/BSE/10269/ 99 DATED THE 29th APRIL, 1999

Saving Clause

28 ID. These Bye-laws us amended by the Governing board on 19th lune, 1977 shall apply in relation to aU arbitral proceedings which commence on or nfter the amend- ment* come into force. All arbitral proceedings which commenced before the amendments came into force shall, unless otherwise agreed to between the parties, be governed by the Bye-laws prior to the amendments.

AMENDMENT TO THE RULES 100 AND 102 OF THE RULES, BYE-LAWS & REGULATIONS OF THE EX- CHANGE PERTAINING TO CONDITIONS OF ELIGI- BILITY FOR ELECTION AND RE-ELECTION TO THE GOVERNING BOARD OF THE EXCHANGE DULY .APPROVED BY SEBI VIDE ITS LETTER NO. SMDRP/ SEAID-I/BSE/7707/2000 DATED 15TH MAY, 2000.

Conditions of Eligibility

100. No member who is an individual shall be eligible to be elected a member of the Governing Board if :—

Nationality

(i ) he is not a citizen of Indin:

Standing

(ii) he has been member of icss than thre^ years' standing on the Inst day for submission of propo- sals bv candidates for election under Rule 104;

Defnull

tiii) he has at any time been declared a defaulter or failed to meet his liabilities in ordinary course or compounded with his creditors;

C ancellalion of Registration

liv) his certificate of registration as a. stock broker has been cancelled bv the Securities and Exchange Board of Indiu;

Suspension of Certificate of Registration, Trading/Member- ship Rights

fv) his certificate of 'registration as a Stock Broker or ' his trading rights have been suspended by the Securities and Exchanfic Board of India or the Exchange as the case may be or his membership rights have been suspended by the Exchange on account of any disciplinary action taken against S u n d er the" Rules, R e l a t i o ns or Bg-Um" of the Exchange and two years have not elapse^ f7om the date of expiry of such ^pension of certificate or registration, trad.nR naWs or meiu- ber^ip rijhts;

(vi) he calU in the cateeory of Notified Persons as per the Special Courts (Trials of Offences Relating to Tiansaclioas in Securities) Act, 1992 and two years have xiot elapsed from the date the person is de-notified under the r.aid Act,

Retiring Members

102. AH the retiring members of the Governing Board shall be eligible for re-election. Provided that :—

(i) if member who is an individual lias been elected for two consecutive terms on the Governing Board then he shall not be eligible fW re election for a period of two years after the end of the second consecutive term;

Hi) if a partner (whether or not the same partner) of a partnership firm carrying on business on the Exchange has been elected for two consecutive terms on the Governing Board then no partner of that partnership firm shall be eligible for re-elec- tion for a period of two years after the end of the second consecutive term;

(iii) if a nominee (whether or not the same person) of a corporate member has been elected for two consecutive terms on the Governing Board then no nominee of that corporate member shall be eligible for re-election for a period of two years after the end of the second consecutive term.

INSERTION OF RULE 10OA IN THE RULES, BYE-LAWS & REGULATIONS OF THE EXCHANGE PERTAINING TO FLIGIWLITY OF CORPORATE MEMBERS FOR FLECTION TO THE GOVERNING BOARD OF THE EXCHANGE DULY APPROVED BY SEBI VIDE IT'S LETTER NO. SMDRP/SEAID-I/BSE/7707/2000 DATED 15TH MAY, 2000.

Eligibility of Corporate Members

100 A.(i) A company or a sxxly corporate which is a member (hereinafter referred to as the "corporate member") may nominate an individual who is a whole time director of a corporate member for election as a member of the Governing Board.

(ii) In case of conversion of individual member /partner- ship firm into a corporate member, the corporate member may nominate the individual member or the partner or the constituted attorney who was authorised to carry on the business of the individual member or the partnership firm, as approved by the Governing Board under Rule 2! I.

Provided that the individual, partner or the constituted attorney is a whole time director of the corporate member constituted on conversion of indi- vidual member/partnership linn into a corporate member.

(iii) The individual partner or the constituted attorney as •vfp.rred io in :ub rules (i) and (ii) of this rule shall comply with the eligibility criteria as specified in clauses (i) and (iii) to (vi) of Rule 100¹.

(iv) The corporate member shall comply with the eligi- bility criteria as contained in claus;s (ii) to (vi) of Ru'e 100.

Provided that for the purpose of eligibility criteria of the corporate member under clause (ii) of Rule 100 the previous experience of the individual part- ner or ihe constituted attorney as referred to in srb Rule (ii) may be c3tisideie

f v) Not more lhan one nominee of a corporate member shi!! be a member of the Govern'pg Board at ;.ny point of iimc.

AMENDMENT TO THE RULE, 114"OF THE" RULES~BYE- LAWS & REGULATIONS OF THE EXCHANGE PERTAIN- ING TO THE VACANCY IN THF GOVERNING fcOARD OF THE EXCHANGE DULY Al-T-ll^VPf, UY SER1 VIDF, I I \S LF.TTER NO. SMD1UV .-V:". VLO-i, BiF,. 7/07 /2000 HATED 15TH MAY, ICfiXs ' NO J f l T FR NO SMDS.P/ SFAJD-T/BSF/lfiTOo/ZOGO DATED' 20TH OCTOBER, 2PO0 Vsc.lHCy

!14. The office of a membe- of the Governing Bna'J shall be ip") facto vacated :—

Suspension of Payment

(i) if he or the corporate member who has nominated him O'- the partnership firm of which he is a partner suspends payment or is adjudicated ;tn insolvent or if a petition be filed by him tor winding up his affairs or those of his partnership iiim or of the corporate member who has nominated him or if he or his partnership finr, or the corporate member who has nominated him compounds wiih his /its creditors or is declared a defaulter;

Unsound Mind

(ii) if he be found lunatic or becomes of unsound mind or incapable of efficient attention to business;

Absence

(iii) if he absents himself from al! the meetings of the Governing Board for n continuous period of three months without leave of absence from the Govern- ing Board;

Death, Cessation or Expulsion

(iv) if he dies or he or tiie corporate member who has nominai ed him ceases to be a member of the Ex- change or is expelled from the Exchange;

Provided that the office of a member of the Governing Board •shall not be deemed to be vacated in ense such member, being an individual member of the Exchange, exercises the naht of nomination of his membership in favour of a company or a body corporate of which he is a whole-time /designat- ed director if he holds together wi?Tf his family mem- bers and curtent Gartners more than 51% of the share capital of such company or body coiporate thpt may be admitted as a member of the Exchange in his place. However, such member shail continue as a member of the Governing Board till the re- mainder of his tenure or till he ceases to hold more than 51% of the share capital as above or till he ceases to be a whole time /desigaated director of the company or body corporate, or till he ceases to be a member of the Governing Board under any other P''ov:sion.. whichever be earl'er.

Resignation

(v) if he bv notice in writing to the Governing Board resigns his office;

Cancellation of SEBI Registration

(vi) if his certificate of resignation as a Stock Broker has been cancelled by the Securities and Exchange Board of India;

S'l.'-poiiS'on

(vii) if his certificate of registration as a Stock Broker or his trading rights have been s-'jpeailed by the Seeu- i.'i.ies and Exchange Board of India or the Exchange as ihe case may ho or his meitfiersMp rights have been suspended by the Exchange on account of any disciplniaiy rction t".ken p.;ainft him under the Rules, Regulations or Bye-Laws or' the Exchange and two years ha\e not ilapwd iioro (he date of expiry or such suspension of certificate cf registration, trad- iitr. :ieh!s or .nsmbe^hi rights;

Notified Persons

(viii) if he. falls in the category of Notified Persons as pev the Sp^i'jul Couits (trial ot Otleucef. relating to Transactions in Securities) Act, 1992;

Cessation ns ubak-tim^'designated director of the Ccr- porato Member,

(ix) if he, being a nominee of a corporate member, ceases to be fi whole-time /designated director of tho: cor- porate member.

Nationality

(x) if he ceases to be citizen of India.

In case of vacancy of the office of a member on the grounds as provided in the above clauses, the corrwete member shnll not have the right lo ii.pla.ee that member and the vacancy shall be filled as per Ihe Rules of the Exchange.

When a member of the Governing Board vacates office upon occurrence of an event specified under any of the afore- said clauses, he shall not resume office as a member/office b"irer of Governing Board upon ihe ce:i.;ation of such evv-nt during the remaining term of his office,

AMENDMENT TO THE RULE 170 OF THE RULES, BYE-LAWS %. REGULATIONS OF THE EXCHANGE PER- TAINING TO STANDING COMMITTEES OF THE P.X- CHANGE DULY APPROVED BY SEBI VIDE IT'S LETTER NO. SMDk!'SEAID-l'HSF./77()7/2000 DATED 15TH MAY, I'Oon.

STANDING COMMHTEFS

Arbitration, Defaulters' and Disciplinary Action Committee 170. The Governing Board shall wery year at Ihe ilrst meeting in Aruil ;iftcr its flection. appoint :--

AMENDMENT TO RULE !9B (ix) OF THE RULFS COMPONENT MEMBERSHIPS APPROVED BY SEBI VIDE ITS LETTER NO. SMDRP/SEAID-I/BSE/30944/ 2001 DATED THE 20TH JUNE, 2001 Composite Corporate Member and Component Members lyB (ix) A Composite Corporate Member may resign from the membership risht associated with any of it? Com- p.jneiit Membership only nfler a period of :—

i a) throe years f;-om the date of the acquisition of that Component Membership by the Composite Coi- pbrate Member; or

(b) eix months from the date of the acquisition of that Component Membership bv the Composite Corporate Member if atleast three years have elapsed after the date cf acquisition of any other Component Membership then held by the Compo- site Corporate Member.

All the liabilities, if any, relating to the Component Mem- bership in respect of which tho Composite Corporate Member has resigned will continue to be borne by Compo- site Corporate Member."

AMENDMENT TO BYE-LAWS OF THE RULES, BYE- LAWS & REG¹ f ATIONS OF THE EXCHANGE PERTAI- N1NG TO THE TRADE GUARANTEE FUND APPRO- VED BY SEBI VIDE ITS LETTER NO. SMDRP/SEAID- I/BSE/7.9038/2001 DATED THE 22ND MAY, 2001 (I) Bye-law 365 shall be amended as under :—

(a) Jn the opening part of clause (if) the word "fund" shall be spelled as "Fund"

(b) In item (e) of clause (il) the following shall be insert;,.! in the beginning, n:\mely;

"coil for and hold any security for the payment of any amount payable to tho Fund, and" (II) Bye-law 368 shall be amended as under ;—

(a) In item (iii) of clause (a) the following shall be added at the end, namely : "and from any utilisation from the Fund,"PART—IV] THE GAZETTE OF INDIA, OCTOBER 13, 2001 (ASVINA 21, 1923) 36$ before declaring the concerned nifanber as a de- faulter, utilise the Trade Guarantee Fund to the extent necessary to fulfill his obl'gnifons on such norms, terms and conditions ns tho Governing Board or the Defaulters' Committee may specify from time to time.

(iii) The terms and conditions specified by the De- faulters' Committeo may include, inter alia, terms and conditions as to interest, repayment, suspension of trading right and reduction of exposure limits of tho concerned member.

liv) The concerned member shall bo obliged to repay the amount so utilised to ttic Fund within SLK,I period as the Defaulters Commutec may specify together with interest thereon at Ihe rate specified by the Defaulters' Committee, If a member ltuJs to icpay tnc amount :,o utilized Irom the Vund or a part thereof or any interest thereon within the period specified by the Defaulters' Committee, the member, subject to the proviso to Bye-Law 316, may be declared a defaulter under Bye-law 316.

( \ I) Bye-law 390 shall be amended as under :—

In item (iii) the following shall be inserted in tho begin- ning, namely;

"Subject to tho provisions of Bye-lnw 389A".

(VII) Byo-laws 402, 403 and 404 shall bs revised as under: Charge on Membus'/Defaullars' Assets

402. Upon payment being made from the Fund pursuant to bye-law 389A or upon payineiu ot any money oy lie Ueiauucrs' Committee out of the money or property referred to at clauses (vj to (vii> of Bye-law 398 tha Exchange and the Defaulters' committee shall each have a fust charge on all assets and property of tho mcmoeiVdefauiter whercsuever situated and of whatsoever nature as sccumy for the repay- ment of su

Proceedings by Defaulters' Committee and Exahange 403. For tho purpose of recovering any amount payable by the member/defaulter to the Iixchai.ge, the Defaulters' Committee, the Fund, or the Customers' Protection Fund, the E\change and/or the Executive Director shall be entitled to take sucn stops find proceedings (including bui not liiiiiied to sale of any property or n portion thereof) ns the Ex- change and/or the Defaulters' Committee may think fit against the member/defaulter, the member's defaulter'* property and any poison by whom any amount is payable to the member/defaulter.

Borrowings

404. For the purpose of making any payments referred to at Bye-law 391 and/or Bye-law 394 or for making any payment pursuant to Bye-law 3&9A, the Defaulters' Com- mittee may borrow money without security and/or afiainsl the security of any property of the Fund and/or any pro- perty offered to it as security by the defaulter or any mem- ber".

AMENDMENT TO BYE-LAWS OF THE DERIVATIVES! RULES, BYE-LAWS & REGULATIONS OF THE EXCHANGE FOR FACILITATING OPTIONS TRADING ON THE EXCHANGE AND APPROVED BY SEBI VIDE ITS LETTER NO. 1ES/DC/29023/01 DATED THE 21ST MAY. 2001

Adjustments ) elating To Corporate Actions and other Matters 1.12A The Derivative Segment and/or the Clearing House shall have the right to (but Khali not be obtained to) udjuM and modify the terms of any Options Contracts) and fiivc other appropriate directions to reilect corporate actions and rttliar factors relatins to any Underlying Security including* 5—280 GI/2001

without limitation, abnormal dividend, bonus issues, mer- gers, demergers, stock splits and consolidations. Such ad- justments, modifications and other directions will be announc- ed by the Derivative Segment or tho Clearing House in line with the parameters, if any, hid down by SEBI and will be effective in respect of such transactions as may be speci- lled by ihe Clearing House or the Derivafiivos Segment.

Explanation : For the purpose of this Bye-law the term "abnormal dividend", in relation to a particular security, ihaJl mean dividend in excess ot such rate or amount as the Derivatives Segment or the Clearing Houso may from time to time prescribe in relation to that security. The Deriva- tives Segment or the Clearing House may from time to time modify such rate or amount with reference to any particulai security and may prescribe dilferent rates and amounts foi different securities,

1.19 Without prejudice to the generality of the aforesaid and in consonance with any guidelines and parameters issued or specified by SEBI tho Derivatives Segment may specify the guidelines and parameters in respect of :—

1.19.1 the manner und circumstances in which orders can be placed, modified deleted and retained in the system;

1.19.2 the manner and circumstances in which positions can be netted out, squared off, closed out or offset;

1.19.3 the priority for execution of orders;

1.19.4 the derivatives which can bo traded and the speci- fications thereof;

1.19.5 the type and amount of margins, the method of computation and collection of margins, the time of payment of margins, the manner and circumstances in which mar- gins are to be paid, adjusted or returned and all other mat- ters relating to margins;

1.19.6 the manner of settlement and clearing of trades/ Derivatives contracts;

1.97.7 the type of contracts which can be entered into and /or which arc- not permitted;

1.19.8 the procedure for registration of Clients;

1.19.9 dealings with Clients;

1.19.10 lelritionships, rights and obligations between Trading Members and Clearing Members, Trading Members imer se and Clearing Members inter se.

1.19.11 maintenance of accounts, records, books, registers, etc. and inspection thereof; and

1.19.12 Resolution of complaints of Clients and mem- bers;

1.19.13 Resolution of complaints between Members inter se.

1.19.14 Arbitration between Clients and Members; j.l9.15 arbitration between Members inter te; Only Permitted Derivatives may Trade 1.20 Trading/Clearing Members shall trade/clear only in such Derivatives as are permitted by the Derivatives Segment and SEBI. Tho Derivatives Segment shall have th.3 power to withdraw from trading all or any Derivatives Contracts in which no Open Positions exist. In the event any Open Positions exiit in respect of any Derivative Con- tracts then the Derivatives Segment shall have the power to withdraw from trading all or any such Derivatives Con- tracts, subject to tho approval of SEBI.

1 21A Payment of Option Premium : The Option Pre- mium shall be paid by the buyer of the Option to the seller of the Option in the manner and at the lime prescribed by the applicable Rules, Bye-laws and Regulations and Other provisions.

Contract Expiration

1 22 Contacts will expire on n pre-dctcrmiued date, and the time upto which the Contract will be available for trad- ing shall be notified bv the Derivatives Segment in advance.

Allocation of Exercise Against Obligations

be as prescribed by the Derivatives Segment or the Clear- ing House and shall be paid, performed or received by the Clearing Members accordingly,

1.39A The Derivative Segment or Clearing house shall be entitled to allocate an exercise of an Options Contract against the obligation of an Option Seller /Writer on a random selection basis or any other method as may be (leaded by the Derivatives Segment or Clearing House from time to Lime and advance notice of such method shall be given to the members.

2.34 When, pursuant to Bye-Law 1.39A, the exercise of ;in Option Contract has been allocated against the obliga- tion of an Option Seller/Writer under an Option Contiact ihe scttlcmo.it obligation of tpe Option Seller/Writer under ihe latter Option Contract shall also be determined on the i-xcrcise Day of the former Option Contract.

Eligibility of CleiirniK Member to Act

Withholding Margin 2.5 The Clearing Member shall he entitled to act as u

Clearing Member only if :—

2.5.1 Ml all timsN be has a minimum net worth of such jmount as may be specified by SEBI and/or the Clearing House f,om time to time. The net worth shall be computed in the manner, if any, specified by SEBI and/or the Clear- ing House from lime to time.

4.4 The Clearing House shall nt ils discretion nr on the inst uctions of the Derivatives Segment withhold the release to a Clearing Member of unv margin deposited by that Clearing Member with the Clearing House for any period lequired by the Derivatives Segment or as Decided by the Clearing House. Notwithstanding tlint such margin is withheld, where a Clearing Member has Open Positions he must continue to pay any usual or further margins or othci obligations without taking into account any margin with- held bv the Clearing House.

Exposure Limit

2.5.2 he bas deposited with the Djrivniives Segment or the Clearing House as minimum capital contribution, such amount as may be specified by SEBI and/or the Clearing House from time to time. The Minimum Capital Contri- bution shall be in such form as SEBI and/or the Clearing House may from time to time specify; and

4.8 The Clearing House may, in respect of Clearing Mem-

bers, at any time in its absolute discretion. :—

2.5.3 lie has fulfilled such other terms and conditions at> SEBI and/or the Clearing House may from time to time specify.

4.8.1. Specify maximum long and/or short Open Positions for all or any Clea:ing Members, including quantity and/or value, for any or all Derivatives Contracts;

CATEGORIES OF CLEARING MEMBERS

2.7 The categories of Clearing Members may include :

(i) Trading Member Clearing Members :

4.8.2. Specify exposure limits for any Derivatives Contracts or class or classes of Derivatives Contracts in quantity and/ or value and/or as a percentage of the capital of the Clear- ing Mambtar of a combination of any of the above or such other method as the Clearing Houie may decide from time 10 tjne for alj or any of the Clearing Members;

Trading Member Clearing Member means a Member who is a '1 lading Member and also a Clearing Mem- ber. A Trading Member Clearing Member may clear and settle transactions cither on his own account or on account of his Trading Member or the Trading Member's/Clearing Member's Client or the Client of another Trading Member in the manner specified in these Bye-laws.

lil) Custodian Clearing Members :

4.8.3. Impose any exposure limits pursuant to tht above by giving notice to the Derivatives Segment and the relevant Marabcr(s). Such exposure limits shall not exceed the limits, if any, spec fled by SEBI. Notice may be given verbally or in writing or olcctronically as the Clening House considers appropriate in ihe circumstance and wiy imposition, removal or change in oxposure limits so noiL"^ shall take effect as stipulated in the notice;

Custodian Clearing Member means Custodians registered as Clearing Members and who may e'ear and setttle trades for Clients of Trading Members or for its own Client or its own trades in the manner specified in these Bye-Jaws.

4.8.4 Allow Clearing Members to increase their exposure limit on deposit of additional capital with the Clealng House. The Clearing House shall fve entitled to specify from time to time the method of calculation of capital and mode of payment of additional capital.

(iiij Professional Clearing Members :

Explanation : For the purpose of this Chapter, Professional Clearing Member means a Clearing Member Viho is permitted by the Clearing House to dear and setttle trades on account of his Clients or on account of Trading Members and/or Clients of Trading Members or its own trades.

(i) The term exposure may extend both to actual ex- posure to Trades as well as potential exposuie by entry of Orders in the Order Book of the Derivatives Segment.

Offset Automatic

The Exposure limit may bo in the form of a collateral limit or such other basis as the Deriva- tive Segment or the Clearing House may decide.

Closing-Out How Effected

2.14 In case of Derivatives Contracts having the sume expiration Uaie, and partaminp to the Members proprietary account or the account of the sams Client, of the Member, the puschaues and sales shall offset encti other automatically to the extent possible.

Custodian Clearing Members

5.3 Closing-out shall be effected by the Clearing House in such manner and by such method which it may decide from time to time. Without prejudice to the generality of the aforesaid, closing out mav be effected by any of the follow- ing methods :

2,18 The Clearing House shall maintain a list of Clear- ing Members approved by the Clearing House as Custodian Clearing Members (hereinafter called "Custodial) Ciesinn- Members").

(a) Bv buying-in or selling-out ajiainst the Clearing

Member through an auction,

DAILY MARK !O MARKET AND FINAL SETTLE- MENT OF OPTION CONTRACTS

tb) By Jec';uinj; a closing-out at Mich prices us it may

decide,

(c) By buying-in or selling-out agairisi the Hearing

Member by placing an order,

(d) By a combination of mie or more lnethod* anrt/oi.

(o) In aDy Qthw manner as the Clearing House or

Records Lo be Final

SEBI may decide from time to time.

Provided, that nothing contained m these Bye-laws shall oblige the Derivative* Segment to deliver securities in the cloiw out of a Security Settled Derivatives Contract

Authorisation of Personnel

6.14 Eveu-y Trading Member shall specifically authorise in writing, person or persons who may b£ authorised to transact on behalf of the Trading Member and to do such act* which the Trading Member mny wish to delegate to such person, and make available a copy of such power of attorney to toe Exchange before such person transacts Hny business on the Exchange.

Written Approval

6.15 Every Trading Member shall establish procedures for the review and endorsement by an appropriate senior officer in writing, on an internal record of all transactions and all correspondence by its employees pertaining to solicitation or oxwitlon of any transaction.

13.5 (i) Every trading Member who pays any amount (or meets an obligation) to his Cearing Member or to the Clearing House (including any amount/ asset pay by way of margin) onall Inform the Clearing Member or the Clearing House (as the case may be) as to whether such amount (or other asset) is paid by the Trading Member on his own account or is paid on behalf of a Client (and, in such cas?, the identity of the Client). Such information shall be yiven by the Trading Member simultaneously with, the payment of the amount (or otherwise meeting with the obligation) or, if the amount (or asset) has not been allocated at the time of payment, then immediately upon allocution. The infor- mation given by the Trading Member uhall be conclusive and binding on the Clearing Member, the Trading Member and all the Clients of the Trading Member. In the event of any Client or other Member claiming or proving that any informatian given by a Trading Member is incorrect then the Client or other Member shall h;ivc ;t claim against the concerned Trading Member. However, the Exchange, the Clearing Council, and the Clearing Member shall tic&i the information given, by tho Trading Member or available with the Clearing House as conect and conclusive.

Front Running

7.23 A Member shall not directly or indirectly trade in advance of a Client with the knowledge that the Client will place or has placed an order in the market and with the knowledge that such order may affect the market price. Such trades, either on a principal basis or shown as being one for a Client on an agency basis, ahall be deemed to be violative ot H Members fiduciary duties.

* Explanation : This Bye-law shall be deemed to be violated if the Member discloses a Client's Order to a third party with a view to such third party or any other person trading

m in advance of the Client.

Suspension and Declaration of Default of Clearing Member

13.1 A Clearing Member may be suspended and/or

declared a defaulter by the Clearing House, if :

(i) he is unable to fulfil or fails to fulfil his obligations;

or

(ii) Every Clearing Member who pays any amount (or meets any obligation) to the Clearing House (including any amount/asset paid by way of margin) shall inform the Clearing House (as the case may be) M to wtether such amount (or other asset) is paid by the Clearing Member on his own account or is- ]>aid on behalf of a Trading Member or a Client of tho Clearing Member or of a Trad- ing Member (and, in such case, (he identity of the Trading Member and Client). Such information shall be given by the Clearing Member simultaneously with th^ payment of the amount (or asset) or, if the amount (or asset) ban not bean allocated at the time of payment, then immediately upon allocation. The information given by the Clearing Member shall be conclusive and binding on the Clearing Member, the Trading Member mid all the Clients of the Clearing Member and of the Trading Member. In the event of any Client of Member claiming or proving that any information given by a Clearing Member is incorrect then the Client or Member shall have a claim against the concerned Clearing Member, However, the Exchange, the Clearing Council shall treat the information given by the Clearing Member or available wit*? the Clearinjr Home m correct and conclusive.

(ii) ho admit* or discloses his inability to pay, fulfil or discharge his duties, obligations and liabilities; or

Provided however that :—

fiii) he fails lo unable to pay within the specified time the damages or the money difference due on a closing out or squaring off effected against him under these Rules, Bye Laws and Regulations; or

(i) if there is u conflict betweeu the records of the Clearing Member and those of the Trading Mem- ber, the records of the Clearlflg Member stall prevail and be binding on nil parties; and

(ii) if there is a conflict between the records of (he Cleanng Member, the Traidng Membei end the Clearing House, the records of the Clearing House shall prevail und ihe binding on all parties.

liv) he fafls to pay any sum or to fulfil any obligation due to the Exchange or the Clearing House or the Derivatives' Segment Trade Guarantee Fund or to submit to the Exchange or the Clearing House on the duo date statement of differences, a balance sheet, other clearing forms or other statements as may be specified from time to time; or

Provided also that if a portion of the entire amount/ obligation declared by the Clearing Member to the Clearing House is not paid/met by him to the Clearing House then the Regulations shall prescribe the manner in which and on account of wliom iiuch amount/obligation shall be presumed to have been paid/'met and Mich amount/asset shall he appropriated accordingly.

(v) he fails to pay or deliver to the Clearing House or tho Derivatives Segment all moneys and other assets due to a Member who has been declared a defaulter within such time of the declaration of default of such Member as may be directed; or

Revocation of Suspension on Payment of Disputed Amount ivi'l he falls to abide by arbitration proceedings conducted in the manner laid down by these Rules, Bye Laws and Regulations or by any arbitration award made in such proceedings; or

(vii) he is suspended or declared a defaulter on any other

exchange.

13.6 If, during the period of suspension, the Clearing Member pays all amounts payable by him. and discharge* all obligations duo from him to the Exchange (including the Derivatives Segment) and the Clearing House, to other members of the Exchange, to Vis Clients and lt> the Deri- vatives' Segment Trade Guarantee Fund and to any other fund of the Exchange then the authority who has imposed the suspension may revoke hit suspension.

List of Debtors and Creditors

Explanation : The. Clearing House may, upon the occurrence of any event mentioned above, declare the Member as a defaulter or, if it thinks fit, initially suspend the Member for n period of time and thereafter declare him a defaulter.

Explanation : The Clearing House may suspend a Member or his tradiun or clearing; rights if it has reason to apprehend (which reasons shall be recorded in writing by the Clewing House) that the Member is likely to commit any of the above mentioned acts or omissions.

13.9 The suspended Clearing Member/defaulter shall file with the Clearing Council within such time of his suspension or the declaration of his default as the Clearing Counci' mny direct, a written statement containing a complete list of hift debtors and creditors and the sum /obliaations owing V and to each.

Close out of Clearing Member's Positions

(viii) he is suspended or declared a defaulter on any

ether exchange.

Explanation : The Derivatives S;gmert or his Clearitigg Member may suspend .! Member or his trading rights ii it has reason to apprehend that the Member is "likely to commit any of the ?bove "ier>t'O'i?d p.ct-: or omiss'ons.

T.ist of Debtors and Creditors

• £3.H> If a Clearing Member is suspended or declared a defaulter then, unless the Clearing House otherwise decides, all the Open Positions of the Clearing Member aril the Trading Members {whether on Their own account or on account of their Clients) for whom siKh Cleaning Member was acting as a clearing iiember and oi Clients of the Clearing Member shall bs closed-oat in accordance with t,tne Rules, Bya-laws and Regulations cf the Derhativas Segment relating to closing out or in tiich other member as the Clearing House may dete inline.

!4.!6 The '^f.cndcd member.defaulter shall file with the Derivatives Segment w;th:n such t;ire of his suspension or the declaration of h;s default i-s the Derivatives Segment may direct, a written statement conla'fl'nj n complete list cf hi? debtnrs and creditors ;>nd the sum /assets owned

by and to eacfe.

Close out of Trading Member's positions Provided, Sli.it noihi.i'.¹. toiitr:Qsd in ihe&e Bve-iaws shall oblige the Ilerii'ii'.ivo*! Sei'iiA.-;'! to deliver securities in the dose out of Scan!'.; SerL-i 'derivatives Contract and the Derivative Segment or the Clearing House may settle such Security Settled Derivatives Contract by payment of such amount as may be determined by ihe Derivative Segment or the Clearing House.

Segregation of Dues

14.23 If a Trading Member is suspended or declared a defaulter then, unless the D?rivat.ives Segment otherwise decides, all the Open Positions of the Trading Member (whether on his own account or on account of his Clients) shall be c!osed-out in accordance with the Rules, Bye-laws and Regulations of the Derivatives Segment relating to •closing out or in such other manner as tho Cle?ring Member •' Derivatives Segment roay determine.

Segregation of Dues 13.18 The accounts of the Clients of the Clearing Mem- ber, the Trading Members for wliom the Clearing Member was acting as a Clearing Member and the Clients of such Trading Members shall be segregated from each other and the amounts and assets standing to the debit and credit of a Trading Member or a Client s-iall not be adjusted against the credit or debit of another Client or Trading Member and one Client's or Trading Member's fundi or assets shall not be utilised for payment of another CHent's or Trading Member's dues. Obligations payable by a Clearing Mem- ber on his own account shall not be paid or met out o} money/ assets of a Client or a Trading Member. However •amounts or assets payable/deliverable to a Clearing Mem- ber (on his own account) by the Clearing House or Deri- vatives, Segment may be applied for paying amounts/ assets payable/delira-abie by 'he Clearing Member or by any Client of the Clearing Member or nny Trading Member (whose trades the Clearing Mamber had agreed to clear) pr any client of such Trading Member lo the Derivatives Segment, the Clearing House or any Member or any Uient of the Clearing Member or of any Trading Member (whose trades the Clearing Member had agreed to clear 1,

14.25 The accounts of the various Clients of a Trading Member shall be segregated from each other and the amounts/assets standmg to the debit and credit of a Client of a Trading Member shall not be adjusted against the cre- dit or debit of another Client. One Client's funds/assefs shall not be utilised for payment of another Client's dues. Amounts /assets payable by a Trading Member on his own account shall not be pa;d/delivered out of money of a Client. However amounts/assets jT.p.nMc/t'eliverab'e to a. Trading Member (on his own prcc'inM '"' his fienrinj? Member or by the Clearing Hoi;v; o' "y I!K Derivatives Se?menf mav be applied for paying amounts/delivering assets payable/deliverable by the Trading Member or by any Client of the Trading Member to the Derivatives Seg- ment, the Clearim* House or any Member or any Client of the Trading Member.

Suspension and Declaration of Default.

Clearing Member responsible for Specified dues of Trading Members

14.1 A Trading Member may be suspended and/or dec- lared a defaulter by the Derivatives Segment and /or may be suspended by the Hearing Member if :

(i) he is unable to fulfill or fails to fulfill his obliga-

tions; or

14.26 If a Trading Member is suspended or declared a defaulter then the Clearing Member who has agreed to clear such Trading Member's tr?des/Derivrttves Contracts shall pav such Trading Member's liabilities as mentioned below:—-

(ii) fcs admits or discloses bis inability to pay, fulfill or discharge his duties, obligations and liabilities; or

14.26.1 The Clearing Member stall -pay/deliver to the Clearing House such pnirnpKVii'K :J-S are payable/deli- ^" V such I-.-TC-VIM .-r ,i,.n. ,!-c- . Tradiwt Member (Whether on his own account or on account of any Client of-such Trading Member) to complete, in a timely manner all settlements in which the Trading Member is liable to pay any amou"*s /deliver ;>nv assets.

(iii) he fails or is unable to pay/delivei within the specified time the damages or the money difference or assets due on a closing-out o: s^MLing off effec- ted against him under these Rules, Bye Laws and Regulations, or

(iv) he (ails to pay any sum /fulfil anv obligations due to the Exchange or i!-c f "x w'wi House or the Clearing Member <••• 'hi: !!...!•• :\\v:->~ Se&ment Trade Guarantee Fun-.' u. I.) v.ib::-.ir to the Ex- chsnee or the Clearing Houso or the Clearing Member on the date a statement of differences, a balance sheet, other clearing forms or other state- ments as may be specified from time to time- or

14.26.2 The Clearing Member shall pay/ddiver to the Clearing House such amonnts/nssnN ?s are payable by "uch suspended or defaulter Tradir.c Membrr after transfer" or closing out of such of the C V ^ M m -: Positions of such •radmg Member rwh"">er on his own recount or on account of any Clien; of such Trat'-nir Arc m l,wi 8S a re to be t r a D s. ferred or .-losfid out in accords n-e with the provisions of these Rules and Bye-laws or my snpiicable Regulations.

fv) he fails to pay or deliver to the Clearing House all moneys and other assets, due to a Member who has been declared a defaulter within such time of the declaration of default of s'ich Member as may be directed; or

14.26.3 A Oearin? Member shall be bound to nav fnifl'l or d-^hnrse the Trading Mernhp-'s obligations and liabilities regardless of the solvency i< 1H ^-^.=r, >r<-mhcr and not- withstanding that the Tra/liro •"*..mi - .r ,..,,. ,,..,. fei!ed tf> "iila!;op<; tir by any arbitration award made in such wocec-S!.!^?- or

. ;; •; ••";•••• i-.-vvu-r-• .-o-,.r,i.,,i;s :,r,l^. t u ch ^ ^^ (vii) he fails to pay. fulfill or discharge his dutiet, obli- gations and liabilities to his Clearing Member; orPARrr—-W} THE GAZETTE OF INDIA, OCTOBER 13, 2001 (ASVINA 21, 1923) 369 14.26.5 Such other amounts/'assets as may be specified by Regulations from time to time subject to the terms and jonditions specified by the Regulations.

declared a defauicer and not in respect of any other Settle-* mcii^v the xoaowiug amourio snail oe paid out ox the Fun* beiOre trie pay-out date in the manner mentioned beiow :

15.1.3 "Settlement in which a 1 rading/Clearing Member las been suspended or declared a defaulter or in which a lefaulter has been declared a detaulter" shall have the bllowing meaning :

i'5.27.1 The Fund shall pay to the Clearing House such amuuuis as are payabxe by such suspended or defaulter Ocaiing Member (wnether on his own account or on account "i any trading Memoer ior whom he was a Clearing Mem- bei or on account of any Client of any such 1 ratting Mem- ber or of such Clearing Member; to the Clearing House to complete, in a timely manner, the Settlement in which the Clearing Member was suspended or declared a defaulter;

i 5.27.2 The Fund shall pay to the Clearing House such amounts as are payable by such suspenueu or deiaulter Clearing Member (whether on his own account or on account oi any 1 lading Member for whom iie was a Clearing Mtm- ber or on account oi any Client of any such Tracing Mem- ber or of sucu C.earing Member) to the Clearing house aner Lransltr or closing out oi such of the Outstanding iro&i- uoiis ot all the Trading Members for whom the suspenaed or udtuuiter Clearing Member was a Clearing Member and oi Cnenns of such iraaing Members and/or oi such Clear- ing Memoer as are to be a a l i e n ed or ciosed out ji accor- dance with the provisions of these Rules ana Bye-laws and any applicable Regulations.

where a Trading Member has been suspended or de- clared a defaulter ior non-payment o± any amount paya- ble by him or the nonrperformance of any obligations to his Clearing Member in respect of any Settlement, or a Clearing Member has been suspended or declared a defaulter for non-payment oi any amount payable by him or the non-performance of any obligations to the Clearing House in respect of any Settlement then the Settlement in respect of the non-payment /non-perior•* mance of which the Trading/Clearing Member is sus- pended or declared a defaulter shall be the "Settlement in. Which the Trading/Clearing Member has been" sus- pended or declared a defauLter or in which a deiaulter 'has been declared a defaulter'; and where the TrMLng/ Clearing Member has failed to pay any amount payable by him/fulfill any obligafion to his Clearing Member or- Clearing House in respect of more than one Settle- ment then the '"Settlement in which the Trading /Gearing Member has been suspended oi declared a defaulter" shall be the Settlements) so specified by the authority who or which has suspended him or JcrJared him as a defaulter.

15.27.3 Such other amounts as may be specified by the Regulations from time to time subject to the terms and conditions specified by the Regulations.

Records to be Final

15.27.4 The finality of the records shall be as determined T5.2(i) The Exchange shall establish a fund which shall be known as the "Derivatives Segment Trade Gaurantee Fund".

under Bye-law 13.5.

Adjustments by Clearing Council

(ii) Subject to the other provisions of these Rules and Bye-laws and Regulations, the object of the Fund shall be to unconditionally guarantee, in accordance with these Rules, liye-laws and Regulations, the settlement of—

15.28 If any amount is payable/any obligation is due by a Member or Client to the defaulter or suspended Member then—

(i) the Clearing Council shall be entitled to set-off such amount/obligation against any amount paya- ble from the Fund to such Member or Client.

(a) Derivatives Contracts which have been entered into between Trading Members of the Ex- change inter se which form part of the Deri- vatives Segment's Settlement system

(b) claims of Clients of Trading Members who have been suspended or have been declared as defaulters and whose Clearing Members have also been suspended or declared as de- faulters Clearing Members.

(ii) if, such amount/obligation not having been netted out in full against money payable from the Fund, the Member or C.ient docs not pay such amout to the Clearing Council within the time frame spe- cified by the Clearing Council then it shall be deemed that the Member or Client has deiaulted in making payment of such amount.

(c) claims of Clients of Cusiodia.i Clearing Mem- bers who have been suspended or have been declared as defaulters.

Liabilities of a Defaulter not Discharge

Provided however that no claims shall be entertained ich are collusive or entered into to defraud any person the Exchange or are otherwise not bona fide.

15.29 Any amount paid or obligations discharged by the Fund account of the liabilities ot a defaulter or suspended: Member shall be a debt due from that Member to the Ex-> change, and the Exchange and/ or the Clearing Council shall be entitled to adopt appropriate proceedings against such Member to recover such amount/obligation.

'rovided further that the Derivatives Segment and the aring House may, at their option, either,

Shortfall In Fund

fa) deliver Securities in the Settlement of a claim arising out of a Security Settled Derivatives Con-

. tract, or

(b) settle such Security Settled Derivatives Contract by payment of such amount as may be determined by the Derivatives Segment or the Clearing House.

'rovided further that the Fund's guarante'e shall extend f to claims arising in respect of the Settlement(s) in ch the Clearing Member is suspended or declared a miter and not in respect of any other settisnient(s).

'ayment out of Fund on Default By Clearing Member

15.31(i) In the event of the Fund being insufficient tot make full payment of the payments/deliveries to; be made from the Fund under B>e-laws 15.27.1, 15.27.2 and 15.27.3 then the Clearing Council shall make the payments under clause 15-27.1 in periority to the other payments and the pay- ment /deliveries under clause 15.27.2 in priority to the payment under clause 15.27.3; and prorate as regards payment/deliveries falling under the same clause tQ" the extent possible out of the Fund, and the l'ii!i\ncc iinfiiliii'iid ob1i2iition" remaining after such piivnKnl/d'.'inoijr nwy be assessed against the Members in w.k m-inner ;is the Clearing Council may, from time to time, in its absolute discretion thin fit and equitable. The Clearing Council may piovide for different amounts being assessed against Trading Members and -Clearing

Members.

527. If a Clearing Member is suspended or declared a miter by reason of default in payment /failure to fulfill obligations in a Settlement(s) then in respect of ths !ement(s) in which the Clearing Member is suspended or370 THE GAZETTE OF INDIA, OCTOBER 13, 2001 (ASVINA 21, 1923} [VXSLT—TV — Third—the balance, if any, shall be paid Into any other Fund of any other Segment of the Exchange to the extent of the money paid out of such fund;

(ii) In the event of the Fund being insufficient to make full payment/deliveries oi the payments/del rvel¹- ables to be made from the Fund undei any provi- lion other than Clauses 15.27 1, 15.27.2 and 15.27.3 ' then the Clearing Council shall make the pay- ments/deliveries on a pro-iata basis to the extent possible out of the Fund after making the pay- ments/deliveries jnder clauses 15.27.1, 15.27,2 and 15.27.3, and the Fund and/ or the Exchange and/or the Derivatives Segment and/or the Clearing Council and/or the Clearing House shall not be liable to pay the balance unfulfilled obligations reJ maining after such payment/ delivery. In such case the Claimants may claim and receive from the defaulter or suspended Member directly.

—- Fourth—subject to the Rules, Bye-laws and Regula- tions of the Derivatives Segment and other segments of tbte Exchange, the balance, if any, shall be applied by the Clearing Council for the payment of such unpaid outstandings, debts, liabilities, obligations and claims (other than claims falling under Bye-law 15.27) to or of Members arising out of any con- tracts made by the defaulter with such Members subject to these Rules, Bye-laws and Regulations as shall have been admitted by the Clearing Council; provided that if the amount avaihble be Insufficient to pay arid satisfy all uucto dstos, liabilities, obliga- tions and claims in full they shall be paid and satis- fled pro raia;

(iii) The guarantee of the Fund and payment/delivery from the Fund shall be limited to the extent of the money and assets in or available to the Fund; and in the event of any shortfall, the Exchange, the Derivatives Segment, the Clearing House, the Governing Council and/or the Clearing Council shall not be liable. The claimant may however recover the shortfall from the defaulter or suspen- ded member.

Repayment by Payee Disentitled to Receive

—• Fifth—subject to the Rules, Bye-Laws and Regula- tions of the Derivatives Segment and other segments of th" Exchange, the balance, if any, shall bo applied by th* Clearing Council for the payment of such unpaid debts, liabilities, obligations and claims (.other than claims falling under Bye-law 15,27) to or of the defaulter or suspended Member's Clients arising out of any contracts made by such defaulter or suspended Member subject to these Rules, Bye-laws and Regulations, as shall have been admitted by the Clearing Council; provided that if the amount avail- able be insufficient to pay and satisfy all such debts, liabilities, obligations and claims in full they iball be paid and satisfied pro rata;

15.32 If any sum has been paid, or any obligations been satisfied, under these Bye4aws and it is subsequently found that the payee was for any reason not entitled to receive such amount then the payee shall forthwith repay the same to the Clearing Council or the Clearing House, as the case may be, together with interest thereon at the rate of 2% per month (or such other rate us the Clearing Council may specify) for the period commencing on the date on which the payment/satisfaction was received by the payee and end- ing on the date on which such amount is repaid by the payee.

[Application of Defaulters'/Suspended Memb'.Mi' A^eis and Other Amounts

— Sixth—subject to the Rules, Bye-Laws and Regula- tions of the Derivatives Segment and other icgmeDta of the Exchange, the balance, if any, shall be epplied by the Clearing Council for the payment ot much unpaid outstandings, debts, liabilities, obligations and claims to or of any members of the Exchange arising out of any contracts made by the defaulter with such members on any other segment of th# Exchange sub- ject to the Rules, Bye-iaws and Regulations of the Derivatives Segment and other segments of the Ex- change as shall have been admitted by the Clearing Council; provided ttoat if the amount available be insufficient to pay and satisfy all such debts, liabili- ties, obligations and claims in full they shall be paid and satisfied pro rata,;

15.36 The Clearing Council shall realise nnc. apply all the money, rights and assets of the defaulter or suspended Mere- ,bcr which have vested in or which have been received by the Clearing Council under these Rules, Bye-laws and Regula- tions and all other assets and money of the defaulter or suspended member in the Delivatives Segment including the money and securities receivable by him from any other Member or Client, money, securities ol the defaulter or sus- pended member lying with the Clearing House or the Derivatives Segment, credit balances lying in the Cleat ring House, security deposits, any bank guarantees furnished on betialf of th" defaulter or suspended member, fixed deposit receipt? dis- charged or assigned to or in favour of the Exchange or the Derivatives Segment, Additional Capita) deposited with th" Exchange by the defaulter/suspended Member, any security created or agreed to be created by rhe defaulter or suspended Member or any other person in favour of the Exchange or the Clearing Council for the obligations of the defaulter or suspended Member to the following purposes and in the following order of priority, viz :—

— Seventh—subject to the Rules, Bye-Laws, and Regu- lations of the Derivatives Segment and other seg- ments of the Exchange, the balance, if any, shall be applied by the Clearing Council for the payment of such unpaid debts, liabilities, obligations and claimi to or of the defaulter or suspended Member's Clients arising out of any contracts made by sik'h defaulter or suspended Member on. any other segment of tfce Exchange subject to the Rules, Bye-Jaws and Regu- lations of the Derivatives Segment and other seg- ments of the Exchange as shall have been admitted by the Clearing Council; provided that if the amount available be insufficient to pay and satisfy all such debts, liabilities, obligations and claims in full they shall be paid and satisfied pro rata;

First—the payment of such subscriptions, debts, fines, fees, charges and other money as shall have been determined by the Clearing Council to be du" to the SEBI, to the Exchange or to the Clearing House by the defaulter or suspended Member:

— Eighth—the balance, if any, shall be paid into the Derivatives Segment's Investor Protection Fund to the extent of any and ull amounts paid out of the investor Protection Fund towards the obligations or liabilities of the defaulter or suspended member and interest thereon at the rate of 2% per month tor such other rate as the Governing Council may specify) from the date of payment out of the Inves- tor Protection Fund to the date of repayment of the Fund; and

— Ninths—the surplus, if any, shall he putf to the de-

faulter or suspended Member,

Charge on D^faulter'fj/ Suspended Member's AssetspjAHT-JV] THE GAZETTE GF INDIA, OCTOBER 13, 2001 (ASVINA 21t 1923) 371 on all asset* and property of the defaulter or sui tided Mem- ber wheresoever situated and of whatsoever natu as security for the repayment of -such money /obligation and ie payment of interest thereon subject only to any and all cL.rges, mort- gages and other encumbrances created thereon by the defaulter or suspended Member bona fide for valuable consideration prior to the day such payment/RatUfaction was made by the Fund.

Limitation of Liability to Pay

15.45 Notwithstanding anything stated elsewhere in the Rules, Bye-laws and Regulations, the Clearing Council shall not pay any of the following amounts or discharge (.ny of the following obligations from the Fund : —

(i) any amount payable by the defaulter or suspended Member to the Clearing House on account of costs, charges, expenses, fines or penalties;

Ui) any amount payable by the defaulter or suspended Member to any Client on any account whatsoever other than pursuant to Regulations matte under Clause 15.27.3 above;

(iii) any amount payable by the defaulter or suspended Member in respect of a transaction which it not part of the Derivatives Segment or Exchanged settlement procedure;

(iv) any amount payable by ihe defaulter or suspended Member in respect of any transaction which would have been settled otherwise than through the Clearing House (if such default or suspension had not occurred); and

(v) any amount payable by the default or suspended Member in respect of any SeUlemeut(R) other than the Settlement(s) in which the concerned Clearing Member was suspended or declared a defaulter.

Provided however that no claims shall be entertained which ure collusive or entered into to defraud any person or any part of the Exchange or which are otherwise not bona fide.

15.47 Without prejudice to the Fund's other rights, the Fund may fulfil an obligation to deliver securities by, at its option, either delivering the securities or paying the value thereof as determined by the Clearing Council, and In soch event, such obligation shall be deemed to be satisfied in full.

Triggering Event

16.3 Subject to other Rules, Bye4awj, and Regulations, the Investor Protection Fund shall be utilised to compensate a Client who has suffered and claims an obligation due to hint by a Trading or Gearing Member (who has since j been declared a defaulter) whore :—

(i) the claim arises directly on account of a trade in a. Derivatives Contract which has been entered into between the Client and the Trading/Clearing Member (who ha* since been declared a defaulter) in accor- dance with the Rules, Bye-laws and Regulations of the Derivatives Segment.

(ii) the trade in the Derivatives Contract has already been settled by the Clearing House but the obliga- tion in respect of which Derivatives Contracts has not been completed by the Trading/Clearing Mem- ber to the concerned Client and

(ill) the loss is not payable by a Clearing Member under the Chapter relating to Default and Suspension oi from the Derivatives Segment Trade Guarantee Fund under the Chapter relating to tfie Fund.

(iv) the claim fulfils such other requirements ai the Derivatives Segment may spwjify (ro" ti*" to lt"e.

AMENDMENT TO RULES OF THE DERIVATIVES SEGMENT RULES, BYE-LAWS & REGULATIONS OF THE EXCHANGE FOR FACILITATING OPTIONS TRADING ON THE EXCHANGE AND APPROVED BY SEM VIDE US LETTER NO. IBS/DC/29023/U>1 DATED THE 21ST MAY, 2001

1.1B "Approved Office" means the office of a Trading/ Clearing Member registered with the Derivatives Segment and Includes all other premises from which the Trading/Clear- ing Member is allowed by the Derivatives Segment to trade on the Trading System or carry out back-office work or uny other work related to the Derivatives Segment.

1.1 "American Style Option" means an Option Contiact which may be exercised by the Option Holder at any time on or before the expiry of such contract in accordance with the terms of the contract and at the time and in the manner specified by the Derivatives Segment or the Clearing House.

1.1A "Amount¹¹ in reference to an obligation, shall, unless Otherwise specified, mean all obligations whether due in monetary tejms or as an obligation to deliver an security or otherwise, as the context requires and any reference to "payment of Amounts" shall be construed accordingly.

1.6 "Call Option" means an Option Contract whi;h gives a right to (but does not impose an obligation on) the buyer/' holder of the Option Contract to buy the Underlying Secu- rity at a predetermined price.

1.8 "Cash settled Derivatives Contract" means a Derive tives Contract which is, as per its terms, required to be performed by cash settlement,

1.21A "European Style Option" means un Option Contiact which may only bo exercised by the Option Holder only on the expiry of the contract in accordance with the terms of the contract.

1.22A "Exercise" means the exercise of the rights of an Option Holder under an Option Contract in accordance with the terms of the Option Contract.

1.22B "Exercise Price" or "Strike Price" means the price at which the Underlying Security may be purchased or sold upon the Exercise of an Options Contract in accordance with the terms of the Option Contract.

1.22C "Exercise Day", in relation to an Option Contract, shall mean the day on which exorcise of such Option Con- tract takes place.

1.23 "Expiration Day" means the day on which the final settlement obligations are to be determined in a Deriatives Contract in accordance with or pursuant to the terms of the Derivatives Contract.

1.33 "Open Interest" means the total number of Deriva- tives Contracts of an Underlying Security that have not yet been offset and closed by opposite Derivatives transaction nor fulfilled by payment of cash or delivery of the Under- lying Security nor settled by option exeicise nor terminated by option expiry. For calculation of Open Interest, only one side of the Derivatives Contract shall be counted.

1.36 "Option Contract" means a type of Derivatives Con- tract which given the buyer/holder of the contract the light (but not the obligation) to buy or sell the Underlying Secu- rity at a predetermined price within or at the end of a speci- fied period or on a specified date, the settlement of which thall be carried out in such manner as is provided by or under the terms of the Option Contract and these Rules, Bye-laws and Regulations.

1.36A "Option Holder" means a person who hase purchased an Option Contract but has not exorcised or offset it372 THE GAZETTE OF INDIA, OCTOBER 13. 2001 (ASVINA 21, 1923) [ P A A T - IV 1.36C "Option Class" or "Class of Options" means all

Option Contracts having the .jarne terms ,ind Expiration Date • and covering the same Underlying Security. Provided that Option Contracts shall be deemca to fall within the same class notwithstanding that I hey ht-ve a different exeruse

Council in other cases) end/or Designated Directors tin the" event of such person being a body corporate) and/or em- ployees, as the Governing Council, and/or SEBI may .pres-. cribe, , qualify/ies in a SEBI approved certification pro* gramme.

price.

SEBI Requirements

1.36D "Options Series" means all Options Contrfict-j ot the

tame Class having the same exercise pi ice

(v) unless such person undertakes to comply with such requirements and norms as may be specified by SEBI for registration with SEBI as a Clearing Member of the Derivai tives Segment; and

Governing Council Requirtnaents

(vi) unless such person fulfils such other requirements an

the Governing Council may from time to time ipecify.

1.37 "Option Writer" means .i person who is permitted by the Derivatives Segment to write Optijn Contracts i.e. to be the counterparty of the buyer/holder of the option Contract. Under an Option Contract, subject to I he Rules, , Bye-Laws and Regulations, the Option Writer is obliged to buy or sell (as the case may be) the Underlying Securities from or to the buyer/holder of the Option Contract upon the buyer /holder of the Option Contract exercising hi; option /tight under and in tornn of the Option Contract. However, a person who sells an Option Contract which docs not create; an Open Position will not be considered an Option Writer.

1.38 "Outstanding Obligation" means an obligation in relation to a Derivatives Confact which has not been paid or offset nor been settled.

Provided that the Governing Council may waive compli- ance with any of the requirements under clause (vi) if the person seeking registration is in respect of means, position, integrity, knowledge and experience of business in securities considered by the Governing Council to be otherwise quali- fied for registration as a Clearing Member.

Firms Ineligible

1.40 "Put Option" means an Option Contract which ({ives a right to (but does not impose an obligation on) the buyer/ holder of the Option Contract to sell ths Underlying Security at a predetermined price.

1.44A "Securities Settled Derivatives Contract" means a Derivatives Contract which, as per its terms, is required to be settled by delivery of Underlying Securitien.

2.11 A partnership firm as such shall not be eligible to be registered as a Trading/Clearing Member of the Derivatives Segment.

1.46 "Settlement Date" means the date on which Out- standing Obligations in a Derivatives Contract are required to be settled in accordance with the terms of the Derivative Contract and these Rules, Bye-iaws and Regulations.

1.52 "Underlying Security" means the security or secuii- ties to which a Derivatives Contract relates and shall include and index, debt instrument, share, loan, risk instalment, interest rate, exchange rate, contract for differences or other vari- ablos to which the Derivatives Contract relates.

Conditions of Registration as Clearing Membcr

2.10 No person shall be eligible to be registered aa n

Explanation : While only an individual or a body corporate may be registered as a Trading/Clear ins Member, the business of such Trading/Clearing Membership may be carried on. by the Trading/Clearing Member in partnership, provided such partnership has already been approved by the Governing Board of the Exchange, or the Governing Council I in case of a Clearing Member who is not a member of the Exchange) and, in such case, the Rules, Bye-laws and Regu- lations, of the Exchange relating to partnerships and partners shall mutatis mutandis apply to such Trading/Clearing Member and such firms and partners in relation to the Deri- vatives Segment.

Clearing Member—

Individual or Body Corpoiate

(i ) unless he is an individual or a body corporate;

Hcfund ot Deposit

Previous Rejection

(u) if he has been previously refused registration at, u Clearing Member of the Derivatives Segment, unless a period ot three months has elapsed since the d.itc of such refusal;

Financial Soundness .

(iii) unless he has a minimum net worth, possesses a mini- mum working capital of cash and/or marketable securities, and possesses assets of such nature- and value as the Go- verning Council may from lime <

SBBl- Approved Ceituicauon Programme

4.2 (d) The refundable security deposit of a Trading/ Clearing Menrtjer Shall be refunded to ' huV subject' to the Governing Council and the Clearing Council bejnjf satisfied that all his outstanding obligations have been settled, all his open. position and outstanding obligations have been, dosed out or settled and efl his liabilities to the Exchange, the Clearing House, the members of the Exchange, other Tra- ding/Clearing Members and his Clients have been duly paid. Aiter such satisfaction, the Governing Council Hnd the Clearing Council may pay the balance amount of the security deposit within⁵ a period of three months after the Governing Council 'and "the Clearing Council are so satisfied, after withholding'such .TOnount its' the Governing^ Council and/ or the Clearing' Council tfiihfcr fit '-"and- proper for meeting possible future¹: . liabilities ?i or obh'BMtoni fif the; Tra^ina/ Clewing Member.

(lv) unless he and/or such number of his partners (in a partnership-flxar which has been approved, by th,e Governing Board if it Is carrying on business or the Cash Segment..o£ the Exchange or which has be"n approved by the Governing[P,ART—IVJ THE GAZETTE OF INDIA, OCTOBER 13, 200.1 (.ASV1NA 21, 1923) 373 Liabilities of Past Members

5.J A Trading/Clearing Member who may for any reason cease to be a Trading/Clearing Member shall nevertheless remain liable lor and shall pay all monies and meet all obli- gations which at the time of his ceasing to be a Trading, Clearing Member shall have been due by him to the Ex- change, the Oterivntivcs Segment, ihe Clearing House, the Derivatives Segment TraJe Guarantee Fund, Cash Segment Trade Guarantee Fund, imy member of Vhe Exchange, any other Trading/Clearing Member and any Client of the Trading/Clenring Member.

the Exchange, the Derivatives Segment, the Clearing Home or to the Derivatives Segment Trade Guarantee Fund or the Cash Segment Trade Guarantee Fund within one month after notice in writing has been served upon him (or such other period as the Governing Council ur ihe Clearing Council may specify) he may be suspended by the Governing Council or the Clearing Council untrl he makes payment and if within a further period of six months he fails to make such payment he may be expelled by the Governing Council or the Clearing Council. Nothing in this paragraph shall deTO- gate from the duty of a Trading/Clearing Member to pay margins or other settlement payments or other amounts ai are payable within a shorter period or immediately, as due.

Failure lo Puy Subscription mid Other Fees

For The Stock Exchange, Mumbai 5.6 Save as otherwise provided in these Rules, Bye-laws and Regulations, if a Trading/Clearing Member fails to pay his annual subscription, fees, charges or any other monies or dues or fidfil any obligations which may be due bv him tu

S. S. W AS General Manas'si", I eg.il & Secretarial PRINTED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, FARIDABAD,

AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 2 0 01