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रजिस्ट्री सं. डीएल(एन)-04/0007/2003—05 REGISTERED No. DL(N)–04/0007/2003—05

सत्यमेव जयते

साप्ताहिक/WEEKLY

प्राध्किार से प्रकाशित

PUBLISHED BY AUTHORITY

सं. 8] नई दिल्ली, शनिवार, फरवरी 21—फरवरी 27, 2015 (फाल्गुन 2, 1936)

No. 8] NEW DELHI, SATURDAY, FEBRUARY 21—FEBRUARY 27, 2015 (PHALGUNA 2, 1936)

इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके

(Separate paging is given to this Part in order that it may be filed as a separate compilation)

भाग IV

[PART IV]

[गैर-सरकारी व्यक्तियों और गैर-सरकारी संस्थाओं के विज्ञाापन और सूचनाएं]

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

——————

NOTICE

NO LEGAL RESPONSIBILITY IS ACCEPTED FOR THE PUBLICATION OF ADVERTISEMENTS/PUBLIC NOTICES IN THIS PART OF THE GAZETTE OF INDIA. PERSONS NOTIFYING THE ADVERTISEMENTS/PUBLIC NOTICES WILL REMAIN SOLELY, RESPONSIBLE FOR THE LEGAL CONSEQUENCES AND ALSO FOR ANY OTHER MISREPRESENTATION ETC.

BY ORDER I, Ashok Kumar Matto son of Sh. Gopi Nath Employed as Manager in J.K. Enterprises, Suranussi, Jalandhar residing at 191, Police Lines, Near Bus Stand, Jalandhar have changed my name and shall hereafter be known as Ashok Matto.

It is certified that I have complied with other legal

requirements in this connection.

Ashok Kumar Matto [Signature (in existing old name)]

Controller of Publication

CHANGE OF NAME

I, hitherto known as KOTHWAL SRAVAN KUMAR S/o KOTHWAL YESHWANTH RAO R/O H. No-6-2-238, Pinterla street, ST Hanumkonda, Warangal-5060011,T.S. have changed my name and shall hereafter be known as JESWANT VEERBHADDRA RAO.

It is certified that I have complied with other legal

requirements in this connection.

KOTHWAL SRAVAN KUMAR [Signature (in existing old name)]

1—470 GI/2014

————

I, hitherto known as SABITA KUMARI/SAYITA KUMARI W/O Sh. Abhijit Mandal employed as LADY CONSTABLE/GD residing at House No. 1137, Samshan Ghat Road, Bijwasan, New Delhi - 110061 have changed my name and shall hereafter be known as SAVITA KUMARI.

It is certified that I have complied with other legal

requirements in this connection.

SABITA KUMARI/SAYITA KUMARI [Signature (in existing old name)]

(123)124 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV I, hitherto known as ANKIT GUPTA son of MAHESH SARAWGI employed as BUSINESS MAN residing at F-225, ANTRIKSH APPARTMENTS, SECTOR-14, ROHINI, NEW DELHI - 110085 have changed my name and shall hereafter be known as ANKIT SARAWGI.

It is certified that I have complied with other legal

requirements in this connection.

ANKIT GUPTA [Signature (in existing old name)]

————

I, hitherto known as Deepak Son of Mohan Lal Dobriyal employed as Self Employed residing at 62, Sangli Mess, Mahatma Jyoti Rao Phule Marg, Bhagwan Dass Road, New Delhi-110001 have changed my name and shall hereafter be known as Deepak Dobriyal.

It is certified that I have complied with other legal

requirements in this connection.

Deepak [Signature (in existing old name)]

————

I, hitherto Known as Prachi Sinha D/o Sh. Ramesh Prasad Singh W/o Sh. Sitanshu Sinha resident of Flat no.-C-005 Rudra Apartments, Plot no. -12, Sector - 6 Dwarka, South West Delhi, Delhi-110075 have changed my name and shall hereafter be known as 'PRACHI SINGH'.

It is certified that I have complied with other legal

requirements in this connection.

Prachi Sinha [Signature (in existing old name)]

————

I, hitherto known as M. R. Rajesh son of Shri. S. Rajan employed as Section Officer, Cabinet Secretariat/Special Bureau residing at Quarter No.1, Special Bureau Residential Complex, CBI Road, Kathrikkadavu, Kochi-682017 have changed my name and shall hereafter be known as R. RAJESH.

It is certified that I have complied with other legal

requirements in this connection.

M. R. Rajesh [Signature (in existing old name)]

————

I, hitherto known as RAJU BAHADUR son of LATE K.BAHADUR employed as M.T.S. in the MAIL MOTOR SERVICES, KOLKATA-700015, Department of Posts, Govt. of India residing at the 12/1 Mehar Ali Lane, Kolkata-700015 have changed my name and shall hereafter be known as RAJU BAHADUR PRADHAN.

It is certified that I have complied with other legal

requirements in this connection.

RAJU BAHADUR [Signature (in existing old name)] I, hitherto known as Akhilesh Kumar Verma Son of Shri Yashpal Singh employed as CR at 78 Bn BSF Dantiwara, Gujarat, India residing at Ward No.7, Waryam Nagar, House No. 1120, Nr. Gurudwara Baba Deep Singh Abohar - 152116. Distt.: Fazilka, State: Punjab, India, have changed my name as Akhilesh Singh.

It is certified that I have complied with other legal

requirements in this connection.

Akhilesh Kumar Verma [Signature (in existing old name)]

————

I, hitherto known as MAHESH GUPTA son of LATE HIRA LAL SARAWGI employed as BUSINESSMAN residing at F-225, ANTRIKSH APPARTMENTS, SECTOR-14, ROHINI, NEW DELHI-110085 have changed my name and shall hereafter be known as MAHESH SARAWGI.

It is certified that I have complied with other legal

requirements in this connection.

MAHESH GUPTA [Signature (in existing old name)]

————

I, hitherto known as RAVI son of RAM KANWAR a STUDENT residing at BRD, AIR FORCE STATION WADSAR, TALUKA- KALOL, DIST- GANDHINAGAR, GUJARAT have changed my name and shall hereafter be known as RAVI SIHMAR.

It is certified that I have complied with other legal

requirements in this connection.

RAVI [Signature (in existing old name)]

————

I, hitherto known as HARMEET KUMAR son of Ramesh Kumar residing at B-14, Gali no. 7, New Gobind Pura, Delhi 110051 have changed my name and shall hereafter be known as HARMEET SINGH.

It is certified that I have complied with other legal

requirements in this connection.

HARMEET KUMAR [Signature (in existing old name)]

————

I, hitherto known as ANAND son of OM PRAKASH LAL, employed as Scientist at National Institute of Animal Biotechnology, Hyderabad residing at Flat no. A-G2, Aparna Hill Park Avenues, Chandanagar, Serilingampally, Hyderabad-500050, have changed my name and shall hereafter be known as ANAND SRIVASTAVA.

It is certified that I have complied with other legal

requirements in this connection.

ANAND [Signature (in existing old name)]PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 125 I, hitherto known as SUBHASH KUMAR S/o Sh. Ram Nandan Singh R/o D-119, Gali No. 6, Teesra Pusta, Vijay Colony, New Usmanpur, Delhi-110053, have changed my name and shall hereafter be known as SUBHASH SINGH.

It is certified that I have complied with other legal

requirements in this connection.

SUBHASH KUMAR [Signature (in existing old name)]

————

I, hitherto known as Ramachandra Bhat S/o Shankara Bhat Employed as Proprietor in the Navneeth Construction Company, residing at # 285, 4th Main, Kengeri Satellite Town, Bangalore-560060 have changed the name of my minor son Navneeth.R.K aged 17 years and he shall hereafter be known as Navneeth Bhat.

It is certified that I have complied with other legal

requirements in this connection.

Ramachandra Bhat [Signature of Guardian]

————

I, hitherto known as Suresh Kumar Dwivedi S/O Mohan Lal Dwivedi employed as CT/Mali in G.C C.R.P.F Bijnaur, Lucknow (U.P.), residing at Qtr No.727, Type-II have changed the name of my minor daughter Pooja Dwivedi, Age 14 Years and she shall hereafter be known as Nikita Dwivedi.

It is certified that I have complied with other legal

requirements in this connection.

Suresh Kumar Dwivedi [Signature of Guardian]

————

I, hitherto known as VEGINATI CHENNAIAH S/O VEGINATI GALAIAH R/O Hno-2-4, Tummala Bazar, Amanigudipadu (V), Dupadu (SO), Yerragondapalem (M), Prakasam Dist, Pin-523330, A.P. have changed my name and shall hereafter be known as VEGINATI CHAITANYA.

It is certified that I have complied with other legal

requirements in this connection.

VEGINATI CHENNAIAH [Signature (in existing old name)]

————

I, hitherto known as Radha Rani Wife of Inderjit as Housewife residing at H.no 21/418 Guru Arjundev Nagar Kular Road Moga have changed my name and shall hereafter be known as Snehlata Rattan.

It is certified that I have complied with other legal

requirements in this connection.

Radha Rani [Signature (in existing old name)] I, hitherto known as Virender kumar Son of Late Shiv Charan Lal employed as Conductor in Delhi transport corporation residing at B-34, New D.D.A M.I.G Flats, opposite to S.F.S Flats, Mayur Vihar phase-3, Delhi-110096, have changed my name and shall hereafter known as Virender kumar rao.

It is certified that I have complied with other legal

requirements in this connection.

Virender kumar [Signature (in existing old name)]

————

I, hitherto known as Pushpender kumar son of Shri Virender kumar rao employed as unemployed nowadays residing at B-34, sector-g, D.D.A M.I.G Flats, Opp. To S.F.S Flats, Kondli, Gharoli, Mayur Vihar phase-3, Delhi -110096, have changed my name and shall hereafter be known as Pushpender kumar rao.

It is certified that I have complied with other legal

requirements in this connection.

Pushpender kumar [Signature (in existing old name)]

————

I, hitherto known as KAPIL KUMAR Son of Late Sh. GANESHI LAL NIM Employed as ADVOCATE, HIGH COURT OF DELHI residing at 4/2294-A, STREET No. 4, BIHARI COLONY, SHAHDARA, DELHI-110032 have changed my name and shall hereafter be known as KAPIL KUMAR NIM.

It is certified that I have complied with other legal

requirements in this connection.

KAPIL KUMAR [Signature (in existing old name)]

————

I, hitherto known as SAROJINI DUTT Wife of No. 229424 EX SGT SATYA PAL CHHIBBER Employed as—residing at H.No. 56 SHIVA JI PARK YAMUNA NAGAR, TEH JAGADHRI. DISTT YAMUNA NAGAR (HR)-135001 have changed my name and shall hereafter be known as SAROJINI CHHIBBER.

It is certified that I have complied with other legal

requirements in this connection.

SAROJINI DUTT [Signature (in existing old name)]

————

I, hitherto known as CHINTA HARAN SINGH Son of BINOD SINGH employed as Student residing at H. No 999, Street No-4, Chopda Farm, Kota Rajasthan have changed my name and shall hereafter be known as PRABHAT SINGH.

It is certified that I have complied with other legal

requirements in this connection.

CHINTA HARAN SINGH [Signature (in existing old name)]126 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV I, Prem Bhushan s/o Sh Mohan Manjhi r/o 614, sector 2, R.K. Puram, New Delhi-110022 have Changed my name and shall hereafter be known as Bhushan Paswan.

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

Prem Bhushan [Signature (in existing old name)]

————

I, hitherto known as Montoo Singh S/o Sh. Surya Bali Singh, a Director at ACE Enterprises, Noida, U.P.-201301, Residing at 368/4A, Ekta Vihar, Mithapur Extn., Badarpur, Near Masjid, New Delhi-110044 have changed my name and shall hereafter be known as MANAV SINGH.

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

Montoo Singh [Signature (in existing old name)]

————

I, Kiran Bala wife of Sh. Khem Chand Employed as H.G.A. Programmer in the L.I.C. of India, Unit-2, District Jalandhar residing at Kothi No. 479-A, Surya Enclave, district Jalandhar have changed the name of my minor son Anirudh Narang aged 17 years 11 Months and he shall hereafter be known as Hemant Narang.

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

Kiran Bala [Signature of Guardian]

————

I, hitherto known as Gurmit Singh son of Late Sh. Inder Singh, employed as S.D.E. (Sub-Divisional Engineer) BSNL, Raikot-141109, Distt:- Ludhiana (PB.), residing at # 1787/Ai, New Preet Vihar, Kacha Malak Road, Jagraon-142026, Distt:-Ludhiana (PB.) have changed my name and shall hereafter be known as Gurmit Singh Kainth.

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

Gurmit Singh [Signature (in existing old name)]

————

I, hitherto known as Mal Singh son of Sh. Gurbakhash Singh, employed as S.D.E. (Sub-Divisional Engineer) BSNL, Jagraon-142026, Distt:- Ludhiana (PB.), residing at V.P.O. Hans Kalan, Tehsil Jagraon-142026, Distt:-Ludhiana (PB.) have changed my name and shall hereafter be known as Mal Singh Hans.

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

Mal Singh [Signature (in existing old name)] I, hereto known as DASHRATH GANGADHAR PERUMAL, Son of Gangadhar Perumal Pillay employed as Auto - Electrical fitter HS-I in the section CT.T No. 125 Personal No 950029, date of Birth 11/01/1957.

In the Ammunition Factory, Kirkee, Pune 411003 residing at - Survey No.7/1,Galli No.3 Ganga Niwas, House No.3, Gangotri Nagar, Pimple Gurav, Pune-411061 have changed my name and shall hereafter be known as DASHRATH GANGADHAR PILLAY.

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

DASHRATH GANGADHAR PERUMAL [Signature (in existing old name)]

————

I, hitherto known as (AKHIL KUAR DWIVEDI) Son of LAXMI SHANKAR DWIVEDI as a student residing at H.No.-P-8/3, SHANKAR VIHAR COLONY, NEAR SUBROTO PARK DELHI CANTT, DELHI-110010 have changed my name and shall hereafter be known as (AKHIL KUMAR DWIVEDI).

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

AKHIL KUAR DWIVEDI [Signature (in existing old name)]

————

I, hitherto known as SIDDHARTH Son of SH. YASHPAL JOKHANI employed as Private Sector residing at 15/12, FIRST FLOOR, ASHOK NAGAR, NEW DELHI-110018 have changed my name and shall hereafter be known as SIDDHARTH JOKHANI.

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

SIDDHARTH [Signature (in existing old name)]

————

I, hitherto known as SEEMA AGARWAL Wife of ARUN AGARWAL employed as House Wife residing at 702B, 2nd Floor, Ganesh Nagar-II, Shakarpur, Delhi-110092 have changed my name and shall hereafter be known as APARNA AGARWAL.

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

SEEMA AGARWAL [Signature (in existing old name)]PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 127 I, hitherto known as SHIVA SINGH YADAV Son of ANOOP SINGH YADAV employed as Student residing at B-14, Vidhyadhar Nagar, Sector-7, Jaipur Rajasthan have changed my name and shall hereafter be known as SHIVANG SINGH RAO.

It is certified that I have complied with other legal

requirements in this connection.

SHIVA SINGH YADAV [Signature (in existing old name)]

————

I, hitherto known as BHIM SINGH Son of Sh. TARA CHAND employed as Agriculture residing at Village Bega, Tehsil Ganaur, Distt Sonipat, Haryana, have changed my name and shall hereafter be known as RAM SINGH.

It is certified that I have complied with other legal

requirements in this connection.

BHIM SINGH [Signature (in existing old name)]

————

I, hitherto known as Suresh Kumar Son of Bishamber Dayal employed as Subedar Major in the Group Centre CRPF Sonipat, Haryana residing at Vill. Bhagdana, P.O. Palri Panihar Distt. Mahendergarh, Haryana have changed my name and shall hereafter be known as Suresh Kumar Yadav.

It is certified that I have complied with other legal

requirements in this connection.

SURESH KUMAR [Signature (in existing old name)]

————

I, hitherto known as Mohit Kumar son of Shri Virender Kumar Rao employed as unemployed nowadays residing at B-34, sector-g, D.D.A M.I.G Flats, Opp. To S.F.S Flats, Kondli, Gharoli, MayurVihar phase-3, Delhi-110096, have changed my name and shall hereafter be known as Mohit Kumar Rao.

It is certified that I have complied with other legal

requirements in this connection.

Mohit Kumar [Signature (in existing old name)]

————

I, hitherto known as REGETI OFFICE RAO S/O APPANNA R/O Makavaram (V), Dimili (PO), Kotturu (M), Srikakulam Dist, A.P. Pin-532457 have changed my name and shall hereafter be known as REGETI KISHORE.

It is certified that I have complied with other legal

requirements in this connection.

REGETI OFFICE RAO [Signature (in existing old name)] I, hereto known as Ms. Sonu Gupta daughter of Mr. M K Gupta employed as an Advocate in the office of Kred-Jure Law Firm residing at G-334 Preet Vihar, New Delhi-110092 have changed my name and shall hereafter be known as Ms. Nidha Gupta.

It is certified that I have complied with other legal

requirements in this connection.

Sonu Gupta [Signature (in existing old name)]

————

I, hitherto known as HUMAMA/HUMAIMA RIZWAN Daughter of Mr. ZULFIQAR AHMED, Wife of Mr. RIZWAN ALI employed as SELF Residing at 3446/3, GALI GULAR WALI, KUCHA PANDIT, LAL KUAN, DELHI-110006 have changed my name and shall hereafter be known as UMAIMA ALI.

It is certified that I have complied with other legal

requirements in this connection.

HUMAMA/HUMAIMA RIZWAN [Signature (in existing old name)]

————

I, hitherto known as Kavita Devi D/o. Sh. Bahadur Singh R/o. A-1275, Jahangir Puri, Delhi-110033 have changed my name and shall hereafter be known as NEETU DEVI.

It is certified that I have complied with other legal

requirements in this connection.

Kavita Devi [Signature (in existing old name)]

————

I, hitherto known as Alok Ranjan Son of Naresh Prasad, employed as student in the Northern India Engineering College, New Delhi, residing at Vill-Gorihari, PO-Kosi, PS- Roh, Distt- Nawada (Bihar) 805107 have changed my name and shall hereafter be known as Alok Raj Narayan.

It is certified that I have complied with other legal

requirements in this connection.

Alok Ranjan [Signature (in existing old name)]

————

I, hitherto known as Bablu son of Shri Ganga Ram residing at the E-296, Gali no. 8, Pul Prahladpur, Delhi 110044 have changed my name and shall hereafter be known as Bablu Badgurjar.

It is certified that I have complied with other legal

requirements in this connection.

BABLU [Signature (in existing old name)]128 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV I, hitherto known as KUSUM GUPTA wife of MAHESH SARAWGI employed as HOUSE WIFE residing at F-225, ANTRIKSH APPARTMENTS, SECTOR - 14, ROHINI, NEW DELHI-110085 have changed my name and shall hereafter be known as KUSUM SARAWGI.

It is certified that I have complied with other legal

requirements in this connection.

KUSUM GUPTA [Signature (in existing old name)]

————

I, SANJAY BHUTORIA S/O SHRI TARA CHAND Bhutoria R/O BN-63, Shalimar Bagh (West), New Delhi-110088 have changed the name of my son form Rhythm Bhutoria (DoB: 16.02.1998) to RHYTHM JAIN BHUTORIA FOR ALL PURPOSES.

It is certified that I have complied with other legal

requirements in this connection.

SANJAY BHUTORIA [Signature of Guardian]

————

I, hitherto known as NAINA AGARWAL wife of ANKIT SARAWGI employed as HOUSE WIFE residing at F-225, ANTRIKSH APPARTMENTS, SECTOR-14, ROHINI, NEW DELHI-110085 changed my name and shall hereafter be known as NAINA SARAWGI.

It is certified that I have complied with other legal

requirements in this connection.

NAINA AGARWAL [Signature (in existing old name)]

————

I, hitherto known as Subhashini. P. Wife of Suresh Bharadwaj employed as Lower Division Clerk , Government of India, Ministry of Labour and Employment, Directorate General of Employment & Training, Coaching-cum-Guidance Centre for SCs/STs, Bangalore residing at C-101, Chartered Madhura, No 7/1,12th Main, Balaji Nagar, Off Uttarahalli Main Road, Bangalore have changed my name and shall hereafter be known as Subhashini Bharadwaj.

It is certified that I have complied with other legal

requirements in this connection.

Subhashini. P. [Signature (in existing old name)]

————

I, hitherto known as MANJU YADAV D/O SHRI PHOOL CHAND MISHRA PROFESSION; HOUSE WIFE R/O C-211/G, PANDAV NAGAR, DELHI-110092 have changed my name and shall hereafter be known as MANJU MISHRA.

It is certified that I have complied with other legal

requirements in this connection.

MANJU YADAV [Signature (in existing old name)] I, hitherto known as Om Prakash Roy son of Late Ram Nath Roy in the Indian Air Force serving as Squadron Leader residing at Logistics Support Wing, 5 Base Repair Depot, Air Force Station Sulur, Coimbatore-641401, Tamil Nadu have changed my name and shall hereafter be known as Om Prakash Rai.

It is certified that I have complied with other legal

requirements in this connection.

Om Prakash Roy [Signature (in existing old name)]

————

I, Balkrishan Sharma Son of Late Shri Natthi Lal Employed as, clerk in the Govt of India, R.K.Puram, New Delhi, residing at A-4/A, Hastsal Vihar, Uttam Nagar, New Delhi-110059, have changed the name of my minor daughter Anita Sharma aged 14 years and he/she shall hereafter be known as Amisha Sharma.

It is certified that I have complied with other legal

requirements in this connection.

Balkrishan Sharma [Signature of Guardian]

————

I, hitherto known as Pardeep Son of Sube Singh employed as City Magistrate (Mewat) H.C.S (Ex), Govt. of Haryana residing at VPO-Dighal, Jhajjar, Haryana have changed my name and shall hereafter be known as Pradeep Ahlawat.

It is certified that I have complied with other legal

requirements in this connection.

Pardeep [Signature (in existing old name)]

————

I, HITHERTO KNOWN AS "MANOJ KUMAR" son of SH. MANGAT RAI, resident of 17/172, GROUND FLOOR, SHUBHASH NAGAR, NEW DELHI-110027, have changed my name and shall hereafter be known as "WARIS BANS".

It is certified that I have complied with other legal

requirements in this connection.

MANOJ KUMAR [Signature (in existing old name)]

————

I, hitherto known as Lalit Kumar Son of Late Sh. Hundraj Chhabria self employed residing at BP - 117, Shalimar Bagh, West Delhi- 110088 have changed my name and shall hereafter be known as Lalit H. Chhabria.

It is certified that I have complied with other legal

requirements in this connection.

Lalit Kumar [Signature (in existing old name)]PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 129 I, hitherto known as Beghraj @ Beghraj Singh @ Begraj S/o Late Shri Ram Chand, R/o 243, Aliganj Kotla Mubarakpur, New Delhi-110003, have changed my name and shall hereafter be known as Beghraj.

It is certified that I have complied with other legal

requirements in this connection.

Beghraj @ Beghraj Singh @ Begraj [Signature (in existing old name)]

————

I, hitherto known as MILON KUMAR CHATTORAJ S/o Late D.P. CHATTORAJ employed in Gun Carriage Factory, residing at H. No. 3079 Type-3 sector 2 GCF Estate, Distt. Jabalpur (M.P.) has changed my name and shall hereafter be known as MILON KUMAR CHATTERJEE.

It is certified that I have complied with other legal

requirements in this connection.

MILON KUMAR CHATTORAJ [Signature (in existing old name)]

————

I, PAWAN KUMAR AGARWAL Son of KEDAR NATH AGARWAL Employed as Businessman in the F.M.C.G. Sector residing at House No-188 Gallamandi Mainatali Mughalsarai Chandauli U.P. have changed the name of my minor son SHIVAM AGARWAL aged 16 years and he shall hereafter be known as SHIVAM KAYAL.

It is certified that I have complied with other legal

requirements in this connection.

PAWAN KUMAR AGARWAL [Signature of Guardian]

————

I, Mamta Rani wife of Sh. Khem Chand Employed as H.G.A. Programmer, L.I.C. of India, Unit-2, Jalandhar residing at Kothi No. 479-A, Surya Enclave, district Jalandhar have changed my name and shall hereafter be known as Kiran Bala.

It is certified that I have complied with other legal

requirements in this connection.

Mamta Rani [Signature (in existing old name)]

————

I, hitherto known as Om Prakash Pathak Brahmin Son of Sh Baij Nath Pathak employed as Warrant Officer in Indian Air Force residing at Vill - Pachwar PO - Sewapuri Dist - Varanasi (UP) - 221403 have changed my name and shall hereafter be known as Om Prakash Pathak.

It is certified that I have complied with other legal

requirements in this connection.

Om Prakash Pathak Brahmin [Signature (in existing old name)] I, hitherto known as RAJU GOYAL Son of JWALA PARSHAD employed as SELF EMPLOYED residing at Mata Rani Gali Jaito have changed my name and shall hereafter be known as RAJNESH KUMAR GOYAL.

It is certified that I have complied with other legal

requirements in this connection.

RAJU GOYAL [Signature (in existing old name)]

————

I, hitherto known as ANKIT KUMAR Son of Sri Rajkumar Srivastava, a student residing at 18/221, Indira Nagar, Lucknow (U.P.-226016) have changed my name and shall hereafter be known as ANKIT KUMAR SRIVASTAVA.

It is certified that I have complied with other legal

requirements in this connection.

ANKIT KUMAR [Signature (in existing old name)]

————

I, hitherto known as METTUPALLI AMAL PRAKASH REDDY S/O M. RAMACHANDRA REDDY R/O 5-153, Bagath singh colony, gopavaram, Proddatur, Kadapa, A.P. have changed my name and shall hereafter be known as METTUPALLI AMAL REDDY.

It is certified that I have complied with other legal

requirements in this connection.

METTUPALLI AMAL PRAKASH REDDY [Signature (in existing old name)]

————

I, hitherto known as Amandeep Kaur Wife of S. Satpal Singh employed as Business Woman residing at H. No. 188, St. No. 6, SantVihar, Haibowal Kalan, Ludhiana have changed my name and shall hereafter be known as Gurjeet Kaur.

It is certified that I have complied with other legal

requirements in this connection.

Amandeep Kaur [Signature (in existing old name)]

————

I, hitherto known as Priyanka Chhabria Daughter of Mr. Ramesh Chhabria self employed residing at BU-126, Vishakha Enclave, Pitam Pura, Delhi - 110034 have changed my name and shall hereafter be known as Kayra Menghani W/o Gaurav Menghani , Address M5/C10 Jhulelal Appartments, Pitam Pura, Rd. No. 44, Delhi-34.

It is certified that I have complied with other legal

requirements in this connection.

Priyanka Chhabria [Signature (in existing old name)]130 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV I, hitherto known as Shiv Kumar Son of Brij Lal employed as Private Employee residing at House No.3053, Sector-70, Mohali, Punjab have changed my name and shall hereafter be known as Shiv Kumar Singh.

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

Shiv Kumar [Signature (in existing old name)]

————

I, hitherto known as Sumita Lakhmani @ Sunita @ Sunita Bhagwani Daughter of Late Chaman Das employed as Self residing at A-27, RDSO Colony, Manak Nagar, Lucknow-226011 have changed my name and shall hereafter be known as MUKTA BHAGWANI.

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

Sumita Lakhmani @ Sunita @ Sunita Bhagwani [Signature (in existing old name)]

————

I, hitherto known to KUMAR: SANGAMESH S/O SHANKRAYYA MATHAPATI Resident of Bijapur, Taluka : District Bijapur in Karnataka State have changed my sur name and I shall hereinafter be known as "KUMAR: SANGAMESH S/O SHANKRAYYA HIREMATH" vide Affidavit dated 06-05-2014 before Notary Public, Indi.

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

KUMAR: SANGAMESH [Signature (in existing old name)]

————

I, hitherto known to SMT. SUVARNA W/O SHANKRAYYA MATHAPATI Resident of Bijapur, Taluka : District Bijapur in Karnataka State have changed my sur name and I shall hereinafter be known as "SMT. SUVARNA W/O SHANKRAYYA HIREMATH" vide Affidavit dated 06-05-2014 before Notary Public, Indi.

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

SUVARNA [Signature (in existing old name)]

————

I, hitherto known to SHRI. SHANKRAYYA S/O BASALINGAYYA MATHAPATI Resident of Bijapur, Taluka : District Bijapur in Karnataka State have changed my sur name and I shall hereinafter be known as "SHRI. SHANKRAYYA S/O BASALINGAYYA HIREMATH" vide Affidavit dated 06-05-2014 before Notary Public, Indi.

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

SHANKRAYYA [Signature (in existing old name)]

————

I, hitherto known to SACHIN S/O SHANKRAYYA MATHAPATI Resident of Bijapur, Taluka : District Bijapur in Karnataka State have changed my sur name and I shall hereinafter be known as "SACHIN S/O SHANKRAYYA HIREMATH" vide Affidavit dated 06-05-2014 before Notary Public, Indi.

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

SACHIN [Signature (in existing old name)]

————

I, hitherto known as BATKIRI VENKATESH S/O ILAIAH R/O Hno-2-12-62, Annapurna Colony, near Water tank, Uppal, R.R.Dist, Hyderabad-39 have changed my name and shall hereafter be known as BATKIRI RITHESH.

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

BATKIRI VENKATESH [Signature (in existing old name)]

————

I, hitherto known as MADDURI BALA SUBRAHMANYAM S/O MADDURI MALLIKHARJUNA RAO R/O Hno-25-13-10, R.V. Rama Rao street, Narasimharao pet, Eluru, West Godavari, A.P-534006. have changed my name and shall hereafter be known as MADDURIE BBALA SUBRRAHMANYAMM.

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

MADDURI BALA SUBRAHMANYAM [Signature (in existing old name)]

————

I, hitherto known as MUTHYALA JAWAHAR S/O MUTHYALA RAJKUMAR R/O Hno-5-9-23/3 c/1, ESIC Staff, Quarters, Adarsh Nagar, Hyderabad-63, T.S have changed my name and shall hereafter be known as VIVAAN MUTHYALA.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 131

It is certified that I have complied with other legal

requirements in this connection.

MUTHYALA JAWAHAR [Signature (in existing old name)]

————

I, hitherto known as PAVAN KUMAR DADHICH S/O MAHAVEER PRASAD SHARMA R/O Hno-4-2-333/339, Badi Chowdi, Sultan Bazar, Hyderabad-01, T.S. have changed my name and shall hereafter be known as KIRTI KUMAR DADHICH.

It is certified that I have complied with other legal

requirements in this connection.

PAVAN KUMAR DADHICH [Signature (in existing old name)]

————

I, hitherto known as SREE KANTH E S/O RAMULU GOUD R/O Hno-2-2-64, Madava Nagar, Old Post Office, Sangareddy, Medak Dist, T.S have changed my name and shall hereafter be known as M SREE KANTH GOUD.

It is certified that I have complied with other legal

requirements in this connection.

SREE KANTH E [Signature (in existing old name)]

————

ADOPTION

We, Amarjit Singh son of Sh. Bansi Singh & Kamaljit Kaur Wife of Amarjit Singh resident of Vill. Machhrai Khurd, Tehsil Amloh, Distt Fatehgarh Sahib do hereby declare that we have adopted Deepika aged 14 years from Prem Singh Son of Sh. Inder Sain & Rupinder Kaur Wife of Sh. Prem Singh resident of Mohalla Sangatpura, Ward No. 13, Mandi Gobindgarh vide Sub Registrar Amloh registration No. 14 dated 20-08-2014. In School & other records the name of mother & father will be used legally as Kamaljit Kaur & Amarjit Singh respectively. Concern may note.

Amarjit Singh & Kamaljit Kaur [Signature]

————

We, Prem Singh son of Sh. Inder Sain & Rupinder Kaur Wife of Sh. Prem Singh resident of Mohalla Sangatpura, Ward No. 13, Mandi Gobindgarh do hereby declare that our daughter Deepika aged 14 years has been adopted by Sh. Amarjit Singh son of Sh. Bansi Singh & Kamaljit Kaur wife of Amarjit Singh resident of Vill. Machhrai Khurd, Tehsil Amloh, Distt Fatehgarh Sahib vide Sub Registrar Amloh registration No. 14 dated 20-08-2014. In School & other records the name of mother & father will be used legally as Kamaljit Kaur & Amarjit Singh respectively. Concern may note.

Prem Singh & Rupinder Kaur [Signature]

————

PUBLIC NOTICE

It is for general information that I Ratan Ghosh S/o Late Shyam Chand Ghosh, residing at KabiNabin Chandra Sen Sarani (Courtpara), P.O. & P.S. Ranaghat, Distt. Nadia, declare that name of mine has been wrongly written as Ratan Kumar Ghosh in my service Book and the other documents. The actual name of mine is Ratan Ghosh respectively, which may be amended accorgingly.

It is certified that I have complied with other legal

requirements in this connection.

Ratan Ghosh [Signature]

————

It is for general information that I PUNAM DEVI Wife of Sh. MOTI CHAND residing at N-9B/11, Lal Bagh, Azad Pur, Delhi-110033 declare that name of mine has been wrongly written as MUNNI DEVI in my educational documents and in the other documents. The actual name of mine is PUNAM DEVI respectively which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

PUNAM DEVI [Signature]

————

It is for general information that I Shri. S. Alagar Son of Sokkan, resident of Austinabad Village, Port Blair Tehsil, South Andaman District, Andaman and Nicobar Islands declare that name of mine/my father has been wrongly written as P. Govind Raj and Pandi in my service book/ license and in the other documents. The actual name of mine/my father is S. Alagar and Sokkan respectively which may be amended accordingly.

It is certified that I have complied with all other legal

requirements in this connection.

R.T. I. of S. Alagar132 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV It is for general information that I, Devendra Kumar S/o Sh. Shishram, Permanent R/o Village Brazlal Pura, Tehsil- Chiware, Distt. Jhunjhunu, Rajasthan, Presently at- GH-14, Flat No. 567, Paschim Vihar, New Delhi, do hereby declare that name of mine has been wrongly written as Davandra Kumar in my 10th class certificate and name of my father has been wrongly written as Sishram in my 12th class certificate. The actual name of mine and my father is Devendra Kumar and Shishram respectively, which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

Devendra Kumar [Signature]

————

It is for general information that I KAUSHALYA NEGI W/o Late Sh. Ram Singh Negi R/o 43, Rispana Road, Block - I, Karanpur, Dehradun. Declare that name of mine has been wrongly written as Sona Devi in my husbands/ service books. The Actual name of mine is Kaushalya Negi respectively which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

KAUSHALYA NEGI

[Signature]

————

It is for general information that I CHANDER KANTI

wife of Sh. NIRBHAY KUMAR residing at H-3/78, Kunwar

Singh Nagar, Ranholla Delhi-110041 declare that name of

mine has been wrongly written as CHANDER KANTA in

my Daughter and my son NAMRATA JADON and

NISHCHAY PRATAP educational documents and in the

other documents. The actual name of mine is CHANDER

KANTI respectively which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

CHANDER KANTI

[Signature] It is for general information that I JHARESWAR

CHANDA son of LATE SH. SHASHIBHUSHAN CAHNDA

residing at SHOP NO.2, E BLOCK, EAST OF KAILASH,

NEW DELHI-110065 declare that name of mine has been

wrongly written as JITANSHU CHANDA in my Life

Insurance Policy bearing no. 113672315 and in the other

documents. The actual name of mine is JHARESWAR

CHANDA, which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

JHARESWAR CHANDA

[Signature]

————

It is for general information that I AMIT S/o Shri SOHAN

PAL residing at H.No. 189, Pitam Pura, Village Delhi-110034,

declare that name of my father has been wrongly written as

SOM PAL in my educational documents and in the other

documents. The actual name of my father is SOHAN PAL

respectively which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

AMIT

[Signature]

————

It is for general information that I Pankaj Kashyap

S/o Naresh Kashyap R/o 3218, Lal Darwaza, Sita Ram Bazar,

Delhi - 110006 declare that name of my mother has been

wrongly written as Deepa Kashyap in my 10th and 12th

(certificates) educational documents and in the other

documents the actual name of my mother is Durga

respectively, which may be amended accordingly.

It is certified that I have complied with other legal

requirements in this connection.

Pankaj Kashyap [Signature]PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 133

( , 1956)

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PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 139

: 11.08.2008

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)PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 165


1. 2. 3 . 4. 5 . 6. 7.	III III,	Sd/- Sd/- Sd/- Sd/- Sd/- Sd/- Sd/-	1116,122001

: 11.08.2008

166 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

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24.

PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 167

एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड मुंबई एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड, मुंबई के उप नियमों में किए गए निम्नलिखित संशोधनों के लिए भारत सरकार, वाणिज्य और उद्योग मंत्रालय की दिनांक मई, की अधिसूचना सं. एस. ओ. के साथ पठित वायदा संविदा (विनियमन) अधिनियम, ( का वां) की धारा () के अंतर्गत उप निदेशक, वायदा बाजार आयोग का अनुमोदन अगस्त, को प्राप्त किया गया है और उपर्युक्त अधिनियम की धारा क की उप धारा के अंतर्गत एतद्‌द्वारा इन्हेेंं अधिसूचित किया जाता है

संशोधन एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड के नियमों में किए गए संशोधन

उपर्युक्त नियमों में मौजूदा खंड को निम्नलिखित के द्वारा प्रतिस्थापित किया जाएगा :

"5.33.10. सदस्यता छोड़ने (अर्थात उसका त्याग होने) पर आरंभ में जमा की गई सुरक्षा जमा राशि (initial security deposit) संबंधित सदस्य को निम्नलिखित ढ़ंग से अथवा वायदा बाजार आयोग द्वारा समय-समय पर यथाविनिर्दिश्ट ढ़ंग से लौटाई (रिफंड की) जाएगी :

क. ऐसे सदस्यों के मामले में, जिन्होंने एक्सचेंज प्लेटफॉर्म पर कभी भी व्यापार (ट्रेड) नहीं किया है - विज्ञापन प्रकाशित होने की तारीख से (छः) माह के पश्चात जमा राशि लौटाई जाएगी ।

ख. ऐसे सदस्यों के मामले में, जिन्होंने एक्सचेंज प्लेटफॉर्म पर किसी भी समय व्यापार (ट्रेड) किया है - विज्ञापन प्रकाशित होने की तारीख से (तीन) वर्ष के पश्चात जमा राशि लौटाई जाएगी । हालांकि उपर्युक्त (ख) के अंतर्गत आने वाले सदस्य अपनी मौजूदा जमा राशियों के स्थान पर सावधि जमा, बैंक गारंटी आदि जैसे गैर-नकदी के रूप में अपनी जमा राशि बनाए रख सकते हैं ।

जमा राशियों का लौटाया जाना वायदा बाजार आयोग/एक्सचेंज द्वारा सदस्यता वापस लेने के लिए अनुमोदन और एक्सचेंज के उप-नियमों, नियमों, व्यापार नियमों तथा उनके अंतर्गत जारी किए गए परिपत्र (परिपत्रों) के अधीन सभी देयताओं/अनुपालनों को पूरा करने की शर्त के अध्यधीन होगा । यदि सदस्यता छोड़ने के अनुमोदन के पश्चात अथवा सुरक्षा जमा राशि जारी करने के लिए यथाविनिर्दिश्ट तारीख से पहले कोई पूरी न की गई बाध्यता, निवेशक की शिकायत, अनुशासनिक कार्रवाई आदि की जानकारी एक्सचेंज के संज्ञान में लाई जाती है, तो एक्सचेंज द्वारा आरंभ में जमा की गई सुरक्षा जमा राशि (initial security deposit) को विनिर्दिश्ट अवधि के बाद भी रोका जा सकता है।

मुख्य कार्यपालक अधिकारी एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड स्थान :

दिनांक : एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड, मुंबई के संगम अनुच्छेद में निम्नलिखित संषोधन करने के लिए वाणिज्य और उद्योग मंत्रालय, भारत सरकार की दिनांक 4 मई 1960 की अधिसूचना संख्या एस.ओ. 1162 के साथ पठित वायदा संविदा (विनियम) अधिनियम, 1952 (1952 का 74वां) की धारा 6 (3) के अंतर्गत उप निदेषक, वायदा बाजार आयोग का अनुमोदन 13 नवंबर 2014 को प्राप्त किया गया है और इसे एतद्‌द्वारा अधिसूचित किया जाता है।

संषोधन

एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड के संगम अनुच्छेद में संषोधन

1. उपर्युक्त अनुच्छेदों में मौजूदा अनुच्छेद 1(ख) के बाद निम्नलिखित नया अनुच्छेद 1(खक) शामिल किया जाएगा :

"1 (खक) 'बैंकिंग कंपनी' से वही अर्थ अभिप्रेत होगा जैसा कि बैंकिंग विनियम अधिनियम, 1949 (1949 का 10वां) की धारा 5 के खंड (ग) में इसके लिए निर्धारित किया गया है।''

2. मौजूदा अनुच्छेद 1(च) के पष्चात निम्नलिखित नया अनुच्छेद 1(चक) शामिल किया जाएगा :

''1(चक) 'समाषोधन सदस्य' (Clearing Member) से वही अर्थ अभिप्रेत होगा जो किसी ऐसे ट्रेडिंग सह समाषोधन सदस्य (Institutional Trading cum Clearing Member) अथवा किसी संस्थान, किसी एक्सचेंज के समाषोधन सदस्य (Clearing Member) के लिए निर्धारित किया गया है, जिसे उन संविदाओं में लेन-देनों का समाषोधन करने का अधिकार है, जिनका क्रियान्वयन एक्सचेंज की ट्रेडिंग प्रणाली में किया जाता है।''

3.मौजूदा अनुच्छेद 1 (ञ) के पष्चात निम्नलिखित नया अनुच्छेद 1 (ञक) शामिल किया जाएगा: ''1 (ञक) 'डिपोजीटरी' का वही अर्थ अभिप्रेत होगा जो किसी ऐसी कंपनी के लिए निर्धारित किया गया है, जिसका गठन और पंजीकरण कंपनी अधिनियम, 1956 (1956 का 1वां) के अंतर्गत किया गया है और जिसे भारतीय प्रतिभूतियां और विनिमय बोर्ड अधिनियम 1992 (1992 का 15वां) की धारा 12 की उपधारा (1क) के अंतर्गत पंजीयन का एक प्रमाणपत्र प्रदान किया गया है।''168 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV 4.मौजूदा अनुच्छेद 1 (ढ) के पष्चात निम्नलिखित नया अनुच्छेद 1 (ढक) शामिल किया जाएगा: ''1 (ढक) 'बीमा कंपनी' का वही अर्थ अभिप्रेत होगा जोे बीमा अधिनियम 1938 (1938 का 4वां) की धारा 2 की उपधारा (8) में इसके लिए निर्धारित किया गया है।''

5.मौजूदा अनुच्छेद 1 (थ) के पष्चात निम्नलिखित नया अनुच्छेद 1 (थक) शामिल किया जाएगाः ''1 (थक) 'नेषनल कोमोडिटी एक्सचेंज' से एक ऐसा लाभ कमाने वाला कोमोडिटी डेरीवेटिव एक्सचेंज अभिप्रेत है, जिसका एक स्वतंत्र व्यवसायिक प्रबंधन, एक इलेक्ट्रॉनिक ट्रेडिंग प्लेटफार्म, अखिल भारतीय स्तर पर प्रचालन है और जो वायदा बाजार (विनियम) अधिनियम 1952 की धारा 6 के अंतर्गत ऐसी सभी पण्यवस्तुओं की ट्रेडिंग के लिए मान्यताप्राप्त है, जिन्हें उपर्युक्त अधिनियम की धारा 15 के अंतर्गत अधिसूचित किया गया है अथवा धारा 17 के अंतर्गत ट्रेडिंग के लिए अन्यथा प्रतिबंधित नहीं किया गया है।''

6.मौजूदा अनुच्छेद 1 (ध) के पष्चात निम्नलिखित नए अनुच्छेद 1 (धक), 1 (धख) और 1 (धग) शामिल किए जाएंगेः ''1(धक) शेयरों अथवा मताधिकार या नियंत्रण के अधिग्रहण अथवा संधारण के संदर्भ में 'एक ही क्रम में कार्यरत व्यक्ति' का अर्थ थोड़े बहुत आवष्यक परिवर्तनों सहित कमोबेष वही अभिप्रेत होगा, जो इसके लिए भारतीय प्रतिभूतियां और विनियमय बोर्ड (षेयरों का पर्याप्त अधिग्रहण और अधिकार प्राप्त करना) विनियम 2011 के विनियम 2 के उप विनियम (1) के खंड (थ) अथवा इनमें किए गए संषोधनों में इसके लिए निर्धारित किया गया है।

''1 (धख) 'भारत में निवास करने वाला व्यक्ति' का अर्थ वही अभिप्रेत होगा, जो विदेषी विनिमय प्रबंधन अधिनियम, 1999 (1999 का 42वां) की धारा 2 के खंड (फ) में इसके लिए निर्धारत किया गया है।

''1 (धग) 'भारत से बाहर निवास करने वाला व्यक्ति' का अर्थ वही अभिप्रेत होगा, जो इसके लिए विदेषी विनिमय प्रबंधन अधिनियम, 1999 (1999 का 42वां) की धारा 2 के खंड (ब) में इसके लिए निर्धारत किया गया है।

7. मौजूदा अनुच्छेद 1 (न) के पष्चात निम्नलिखित नया अनुच्छेद 1 (नक) शामिल किया जाएगा : ''1 (नक) 'जनसासंधारण' में जनता का कोई सदस्य अथवा वर्ग शामिल होता है परंतु इसमें कोई ट्रेडिंग सदस्य अथवा समाषोधन सदस्य या उनके एसोसिएट और एजेंट शामिल नहीं होते हैंः

परंतु यह कि किसी सार्वजनिक क्षेत्र के बैंक, सार्वजनिक वित्तीय संस्थान, कोई बीमा कंपनी, सार्वजनिक क्षेत्र में कार्यरत ऐसा म्युचुअल फंड और वैकल्पिक निवेष निधि, जिनके ट्रेडिंग सदस्यों अथवा समाषोधन सदस्यों के रूप में एसोसिएट (एसोसिएट्‌स) होते हैं, को इन अनुच्छेदों के प्रयोजन से जनता के रूप में माना जाएगा।''

8.मौजूदा अनुच्छेद 1 (भ) के पष्चात निम्नलिखित नया अनुच्छेद 1 (भक) शामिल किया जाएगा : ''1 (भक) 'ट्रेडिंग सह समाषोधन सदस्य' का अर्थ किसी ऐसे व्यक्ति से अभिप्रेत है, जिसे एक्सचेंज द्वारा एक्सचेंज के सदस्य के रूप में स्वीकार किया गया है और एक समाषोधन सदस्य के रूप में एक्सचेंज के समाषोधन गृह के जरिए व्यापार तथा समाषोधन करने का अधिकार प्रदान किया गया है।''

9.मौजूदा अनुच्छेद 2 (घ) को निम्नलिखित अनुच्छेद द्वारा प्रतिस्थापित किया जाएगा : ''2 (घ) शब्द और अभिव्यक्तियां जिनका इस्तेमाल इन अनुच्छेदों में किया गया है और इन्हें परिभाशित नहीं किया गया है, परंतु वायदा बाजार विनिमय अधिनियम, 1952, कंपनी अधिनियम, 1956, भारतीय प्रतिभूतियां और विनिमय बोर्ड अधिनियम, 1992 (सेबी अधिनियम), प्रतिभूतियां संविदा (विनियम) अधिनियम, 1956 (एससीआरए), डीपोजिटरी अधिनियम, 1996 अथवा उनके अंतर्गत बनाए गए किन्हीं नियमों अथवा विनियमों में परिभाशित किया गया है, का वही अर्थ अभिप्रेत होगा, जो उनके लिए क्रमषः उन अधिनियमों, नियमों अथवा उनके तहत बनाए गए विनियमों या किसी सांविधिक संषोधन अथवा किसी सांविधिक संषोधन या उनके पुनर्अधिनियमन, जैसा भी मामला हो, में निर्धारित किया गया है।

10.मौजूदा अनुच्छेद 6(ii), 6(iii), 6(iv), 6(v) तथा 6(vi) को हटा दिया जाएगा।

11.निम्नलिखित नया अनुच्छेद 6 क शामिल किया जाएगा :

''6क शेयरधारिता का ढांचा :

6क (i) एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी का कम से कम इक्यावन प्रतिषत भाग जनता के पास रखा जाएगा।

6 क (ii) भारत में निवास करने वाला कोई भी व्यक्ति किसी भी समय प्रत्यक्ष अथवा अप्रत्यक्ष रूप से या तो अलग से अथवा क्रमबद्ध रूप से कार्यरत व्यक्तियों के साथ मिलकर एक्सचेंज में प्रदत्त इक्विटी शेयर पूंजी के 5 प्रतिषत से अधिक का अधिग्रहण अथवा संसंधारण नहीं करेगा : परंतु यह कि

(i) कोई कोमोडिटी एक्सचेंज;

(ii) कोई स्टॉक एक्सचेंज ;

(iii) कोई डिपोजीटरी ;

(iv) कोई बैंकिंग कंपनी;

(v) कोई बीमा कंपनी; तथा

(vi) कोई सार्वजनिक वित्तीय संस्थान,PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 169 प्रत्यक्ष अथवा अप्रत्यक्ष रूप से या तो अलग से अथवा क्रमबद्ध रूप से कार्यरत व्यक्तियों के साथ मिलकर एक्सचेंज में प्रदत्त इक्विटी शेयर पूंजी के 15 प्रतिषत तक का अधिग्रहण अथवा संसंधारण कर सकता है।

6 क (iii) भारत से बाहर निवास करने वाला कोई भी व्यक्ति प्रत्यक्ष अथवा अप्रत्यक्ष रूप से या तो अलग से अथवा क्रमबद्ध रूप से कार्यरत व्यक्तियों के साथ मिलकर एक्सचेंज में प्रदत्त इक्विटी शेयर पूंजी के 5 प्रतिषत से अधिक का अधिग्रहण अथवा संसंधारण नहीं करेगा।

6 क (iv) भारत से बाहर निवास करने वाले सभी व्यक्तियों की एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी में सम्मिलित शेयरधारिता किसी भी समय निम्नलिखित शर्तों के अध्यधीन इसकी कुल प्रदत्त शेयर पूंजी के 49 प्रतिषत से अधिक नहीं होगी :-

(क) प्रत्यक्ष विदेषी निवेष मार्ग के जरिए ऐसे व्यक्तियों द्वारा अधिग्रहीत सम्मिलित शेयरधारिता किसी भी समय कुल प्रदत्त इक्विटी शेयर पूंजी के 26 प्रतिषत से अधिक नहीं होगी।

(ख) विदेषी संस्थागत निवेषकों की सम्मिलित शेयरधारिता किसी भी समय कुल प्रदत्त इक्विटी शेयर पूंजी के 23 प्रतिषत से अधिक नहीं होगी। (ग) कोई भी विदेषी संस्थागत निवेषक द्वितीयक बाजार के जरिए को छोड़कर अन्यथा एक्सचेंज के शेयरों का अधिग्रहण नहीं करेंगे।

स्पश्टीकरणः खंड (ग) के प्रयोजन से द्वितीयक बाजार के लिए एक्सचेंज में शेयरों का अधिग्रहण निम्नलिखित ढंग से किया गया माना जाएगा :- I. यदि एक्सचेंज सूचीबद्ध नहीं हैं, तो कोई विदेषी संस्थागत निवेषक किसी मान्यता प्राप्त स्टॉक एक्सचेंज के बाहर लेन-देनों के जरिए इसके शेयरों का अधिग्रहण कर सकता है, बषर्ते कि यह शेयरों का आरंभिक आबंटन न हो;

II. यदि एक्सचेंज सूचीबद्ध ह,ै तो किसी विदेषी संस्थागत निवेषक द्वारा लेन-देन उस मान्यता प्राप्त स्टॉक एक्सचेंज के जरिए किए जाएंगे, जहां ऐसे शेयर सूचीबद्ध हैं ।

6 क (v) कोई भी समाषोधन कॉर्पाेरेषन एक्सचेंज में कोई अधिकार, हिस्सेदारी अथवा किसी भी प्रकार के हितों का संसंधारण नहीं करेगा।

6 क (vi) (i) जब तक कि इन अनुच्छेदों में अन्यथा कोई प्रावधान नहीं किया जाता है, एक्सचेंज में किसी भी व्यक्ति की शेयरधारिता अथवा मताधिकार किसी भी समय इन अनुच्छेदों में विनिर्दिश्ट सीमाओं से अधिक नहीं होंगे।

(ii) इन अनुच्छेदों में यथाविनिर्दिश्ट शेयरधारिता में ऐसा कोई लिखत शामिल होगा जो उसके प्रत्यक्ष अथवा अप्रत्यक्ष रूप से स्वामित्व अथवा नियंत्रण में होगा, जिसमें किसी भावी तारीख को इक्विटी अथवा इक्विटी पर अधिकारों की पात्रता के लिए प्रावधान हो।

परंतु यह कि ऐसा कोई शेयरधारक जिसके पास यहां विहित सीमाओं से अधिक इक्विटी शेयरधारिता है, सबसे पहले दिनांक 14 मई 2009 के सैद्धांतिक अनुमोदन/दिनांक 14 मई 2008 के एफएमसी दिषानिर्देषों (17 जून 2010 को यथासंषोधित) के अंतर्गत यथाविहित सीमाओं के अनुसार इसमें निर्धारित की गई समय सीमा के भीतर एक्सचेंज में अपनी शेयरधारिता को घटाएगा और फिर एफएमसी द्वारा समय-समय पर यथाविहित अथवा स्वीकार्य समय-सीमा के भीतर वर्तमान में अथवा भविश्य में एफएमसी द्वारा यथाविहित या इन अनुच्छेदों में यथाविहित स्तर तक अपनी शेयरधारिता को घटाएगा''

12.निम्नलिखित नया अनुच्छेद 6ख शामिल किया जाएगा:

''6ख शेयरों के अधिग्रहण अथवा संसंधारण के लिए पात्रता:

6ख (i) कोई भी व्यक्ति प्रत्यक्ष अथवा अप्रत्यक्ष रूप से एक्सचेंज के इक्विटी शेयरों का अधिग्रहण अथवा संसंधारण तब तक नहीं करेगा, जब तक कि वह इसके लिए उपयुक्त और उचित व्यक्ति न हो।

6ख (ii) कोई भी व्यक्ति जो, प्रत्यक्ष अथवा अप्रत्यक्ष रूप से, या तो अलग से अथवा एक ही क्रम में कार्यरत व्यक्तियों के साथ मिलकर इक्विटी शेयरों का अधिग्रहण करता है, और इस प्रकार उसकी शेयरधारिता एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी के 2 प्रतिषत से अधिक हो जाती है, तो वह अधिग्रहण की तारीख से 15 दिन के भीतर इसके लिए वायदा बाजार आयोग (एफएमसी) का अनुमोदन प्राप्त करेगा।

6ख (iii) कोई भी व्यक्ति जो उपर्युक्त खंड 6क(ii) के अंतर्गत एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी के 5 प्रतिषत से अधिक का अधिग्रहण अथवा संधारण करने के लिए पात्र है, वह एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी के 5 प्रतिषत से अधिक का अधिग्रहण अथवा संधारण केवल तभी कर सकता है, जब इसके लिए उसने आयोग का पूर्व अनुमोदन प्राप्त किया हो।

6ख (iv) यदि किसी व्यक्ति को आयोग द्वारा उपर्युक्त उप खंड 6 (ख)(ii) अथवा 6(ख)(iii) के अंतर्गत अनुमोदन प्रदान नहीं किया जाता है, तो ऐसे व्यक्ति को अपनी अतिरिक्त शेयरधारिता का विनिवेष (डाइवेस्ट) करना होगा।

6ख (v) कोई भी व्यक्ति जिसके पास एक्सचेंज की प्रदत्त इक्विटी शेयर पूंजी के 2 प्रतिषत से अधिक की शेयरधारिता है, वह एक्सचेंज को प्रत्येक वित्तीय वर्श की समाप्ति से 15 दिन के भीतर एक घोशणा पत्र फाइल करेगा कि वह इन अनुच्छेदों में दिए गए मानदंडों के अनुसार 'सही और उचित व्यक्ति' के लिए विहित पात्रताओं को पूरा करता है।

6ख (vi) एफसीआर अधिनियम केे प्रावधानों, इसके अंतर्गत बनाए गए नियमों और इन अनुच्छेदों के प्रति किसी पूर्वाग्रह के बिना एक्सचेंज आयोग द्वारा विहित प्रपत्र में आयोग को प्रत्येक तिमाही की समाप्ति से 15 दिन के भीतर तिमाही आधार पर शेयरधारिता पैटर्न का प्रकटन करेगा, जिसमें निम्नलिखित जानकारी शामिल की जाऐगी:-

(क) 10 सबसे बड़े शेयरधारकों के नाम और उनके द्वारा संधारित शेयरों की संख्या और प्रतिषत; (ख) ऐसे शेयरधारकों के नाम जिन्होंने उस तिमाही के दौरान एक्सचेंज की प्रदत्त इक्विटी शेयरपूंजी के दो प्रतिषत से अधिक का अधिग्रहण किया था।"170 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV 13.निम्नलिखित नया अनुच्छेद 6ग शामिल किया जाएगा: ''6ग सही और उचित व्यक्ति के लिए मानदंड:

6 ग (i) इन अनुच्छेदों के प्रयोजन से, किसी ऐसे व्यक्ति को सही और उचित व्यक्ति माना जाएगा यदि-

(क) उस व्यक्ति की सामान्य प्रतिश्ठा हो तथा ईमानदार तथा सत्यनिश्ठा का रिकॉर्ड हो, जिसमें निम्नलिखित शामिल हैं, परंतु इन तक ही सीमित नहीं हैं- (i) वित्तीय सत्यनिश्ठा; (ii) बेहतर प्रतिश्ठा और चरित्र; और (iii) ईमानदारी;

(ख) उस व्यक्ति ने निम्नलिखित में से कोई भी अनअर्हता प्रदर्षित न की हो ---

(i) कोई भी व्यक्ति और उसके पूर्णकालिक निदेषकों अथवा प्रबंधन भागीदारों में से किसी को भी किसी ऐसे अपराध के लिए न्यायालय द्वारा सजा दी गई हो, जिसमें नैतिक पतन अथवा कोई आर्थिक अपराध या प्रतिभूति विधियों के विरूद्ध कोई अपराध शामिल हो;

(ii) उस व्यक्ति के विरूद्ध समापन (वाइंडिंग अप) के लिए कोई आदेष जारी किया गया हो;

(iii) उस व्यक्ति अथवा उसके पूर्णकालिक निदेषकों या प्रबंधन भागीदारों में से किसी को दिवालिया घोशित किया गया हो और उसे हटाया न गया हो;

(iv) उस व्यक्ति अथवा उसके पूर्णकालिक निदेषकों या प्रबंधन भागीदारों में से किसी के विरूद्ध आयोग द्वारा कोमोडिटी डेरिवेटिव्स अथवा प्रतिभूतियों में डीलिंग या कोमोडिटी डेरिवेटिव या प्रतिभूति बाजार के अभिगम पर प्रतिबंध लगाने अथवा डिबार करने या रोकने के लिए आयोग अथवा किसी अन्य नियामक प्राधिकारी द्वारा आदेष जारी किया गया हो और आदेष में विर्निदिश्ट अवधि की समाप्ति की तारीख से 3 वर्श की अवधि पूरी न हुई हो;

(v) उस व्यक्ति अथवा उसके पूर्णकालिक निदेषकों या प्रबंधन भागीदारों, जिसकी कोमोडिटी डेरिवेटिव्स अथवा प्रतिभूति बाजार पर पकड़ हो, के विरूद्ध आयोग अथवा किसी अन्य नियामक प्राधिकारी द्वारा कोई अन्य आदेष जारी किया गया हो और आदेष की तारीख से 3 वर्श की अवधि समाप्त न हुई हो;

(vi) सक्षम अधिकार क्षेत्र के किसी न्यायालय द्वारा उस व्यक्ति को दिमागी तौर पर विक्षिप्त पाया गया हो और न्यायालय का निश्कर्श वर्तमान में लागू हो; और

(vii) उस व्यक्ति की वित्तीय स्थिति ठीक न हो।

6ग (ii) यदि ऐसा कोई प्रष्न उठता है कि क्या व्यक्ति 'सही और उचित व्यक्ति है', तो इस संबंध में वायदा बाजार आयोग का निर्णय अंतिम होगा।"

14.निम्नलिखित नया अनुच्छेद 6घ शामिल किया जाएगा: ''6घ 'सही और उचित व्यक्ति' का दर्जा समाप्त किए जाने के परिणाम : 6घ आयोग द्वारा किसी व्यक्ति का 'सही और उचित व्यक्ति' का दर्जा समाप्त किए जाने अथवा उसे ऐसा घोशित किए जाने के मामले में ऐसा व्यक्ति आगे से अपनी शेयरधारिता का विनिवेष (डाइवेस्ट) करेगा। इसके अलावा शेयरों का विनिवेष (डाइवेस्टमेंट) लंबित होने के कारण ऐसे व्यक्ति के मताधिकार को समाप्त माना जाएगा और ऐसी शेयरधारिता के बदले में किसी निगमित लाभ को एक्सचेंज द्वारा स्थगित रखा जाएगा/रोक दिया जाएगा। एक्सचेंज यह सुनिष्चित करने के लिए अपने विवेकानुसार आवष्यक कदम उठाएगा कि ऐसे व्यक्ति की शेयरधारिता को आगे से विनिवेष (डाइवेस्ट) किया जा सके।''

15.मौजूदा अनुच्छेद 10 को निम्नलिखित अनुच्छेद द्वारा प्रतिस्थापित किया जाएगाः

"10 पूर्णतः अथवा आंषिक रूप से प्रदत्त रूप में शेयरों का आबंटन अधिनियम के प्रावधानों के अध्यधीन कंपनी की पूंजी में बोर्ड किसी बेची गई संपत्ति अथवा हस्तांतरित माल या आपूर्त की गई मषीनरी अथवा कंपनी को दी गई सेवाओं के लिए भुगतान अथवा आंषिक भुगतान के रूप में शेयरों का आबंटन और उन्हें जारी कर सकता है, और कोई शेयर जिनका आबंटन इस प्रकार किया जाता है, को पूर्णतः प्रदत्त अथवा आंषिक रूप से प्रदत्त शेयरों के रूप में जारी किया जा सकता है और यदि शेयर इस प्रकार जारी किए जाते हैं, तो उन्हें पूर्णतः प्रदत्त शेयर अथवा आंषिक रूप से प्रदत्त शेयर के रूप में माना जाएगा।''

16.मौजूदा अनुच्छेद 58 (क) को निम्नलिखित अनुच्छेद द्वारा प्रतिस्थापित किया जाएगा: ''58 (क) पूर्वगामी अनुच्छेदों में किए गए प्रावधानों के अनुसार और अनुच्छेद 50 के प्रावधानों के प्रति किसी पूर्वाग्रह के बिना शेयरों के हस्तांतरण पर किन्हीं प्रतिबंधों के अध्यधीन शेयर मुक्त रूप से हस्तांतरणीय होंगे :

(i) वायदा बाजार आयेाग तथा अन्य किसी संगत नियामक द्वारा समय-समय पर यथानिर्धारित और/अथवा

(ii) एक्सचेंज के किसी प्रतिस्पर्धी को छोड़कर सदस्य किसी शेयर अंषधारिता करार, शेयर खरीद करार और/अथवा कंपनी और संगत सदस्य के बीच उसमें निहित निबंधन और शर्तों के अनुसार किए गए किसी ऐसे ही परिभाशित करार में निहित कंपनी के किसी प्रतिस्पर्धी को'' शेयरों के हस्तांतरण हेतु स्वतंत्र होगा।

PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 171

बोर्ड हस्तांतरण अनुरोध पर विचार करने के लिए हस्तांतरणकर्ता और/अथवा प्रस्तावित हस्तांतरिती से ऐसी कोई सूचना मांग सकता है जो उसके विवेकानुसार आवष्यक है।

17.मौजूदा अनुच्छेद 65 (क) को निम्नलिखित अनुच्छेद द्वारा प्रतिस्थापित किया जाएगा: ''65क. निबल मूल्य:

65(क) (i) एक्सचेंज के पास हर समय कम-से-कम 100 करोड़ रूपए का निबल मूल्य बना रहेगा:

परंतु यह कि एक्सचेंज सौ करोड़ रूपए के न्यूनतम निबल मूल्य लक्ष्य को 05 मई 2017 से पहले प्राप्त नहीं करेगा। स्पश्टीकरण: निबल मूल्य से प्रदत्त इक्विटी शेयर पूंजी और व्यापार में निवेष द्वारा घटाई गई मुक्त आरक्षित निधियों (सांविधिक निधियों, लाभार्थ निधियों और पुनर्मूल्यांकन के परिणामस्वरूप सृजित आरक्षित निधियों को छोड़कर), चाहे वे संबंधित हों या संबंधित न हों, संचित हानियों का एकीकृत मूल्य और आस्थगित व्यय, जिसे बट्‌टेखाते नहीं डाला गया है, जिसमें ऐसे विविध व्यय शामिल हैं, जिन्हें बट्‌टेखाते नहीं डाला गया है, से अभिप्रेत है ।

65 क (ii) एक्सचेेंज अपने शेयरधारकों को किसी भी ढंग से तब तक लाभ वितरित नहीं करेगा जब तक कि उपर्युक्त विनिर्दिश्ट निबल मूल्य का लक्ष्य प्राप्त नहीं कर लिया जाता है।

65 क (iii) एक्सचेंज पूर्वगामी वित्तीय वर्श के लिए हर वर्श सितंबर की 13 तारीख तक वार्शिक आधार पर सांविधिक लेखापरीक्षक से एक अंकेक्षित निबल मूल्य प्रमाणपत्र प्रस्तुत करेगा।''

18.मौजूदा अनुच्छेद 73 के पष्चात निम्नलिखित अनुच्छेद 73क शामिल किया जाएगा: '' 73क लागू अन्य विधियों के अंतर्गत यथाविहित आवष्यकताओं के अलावा एक्सचेंज अपनी प्रतिभूतियों को जारी करने अथवा उनके हस्तांतरण से संबंधित सभी खाताबही, रजिस्टर, अन्य दस्तावेज और रिकार्ड कम से कम 10 वर्श की अवधि के लिए अवष्य रखेगा।

19.मौजूदा अनुच्छेद 79 को निम्नलिखित अनुच्छेद द्वारा प्रतिस्थापित किया जाएगा:

भाग-IV : बोर्ड

"79(i) कंपनी के कार्यों का प्रबंधन एक बोर्ड द्वारा किया जाएगा जिसमें कम से कम 3 परंतु अधिकतम चौबीस (24) तक सदस्य होंगे। निदेषक मंडल में शेयरधारक निदेषक, स्वतंत्र निदेषक और प्रबंध निदेषक शामिल होंगे। निदेषक मंडल का गठन वायदा बाजार आयोग द्वारा समय-समय पर जारी किए गए दिषानिर्देषों के अध्यधीन किया जाएगा।

परंतु वायदा बाजार आयोग द्वारा स्वीकृत किसी एक अथवा अधिक निकायों के नामितीयों को कंपनी के इक्विटी शेयरों की अंषधारिता; और जिनके साथ कंपनी ने शेयर अंषधारिता करार, शेयर खरीद करार और/अथवा इसी प्रकार से परिभाशित कोई अन्य करार किया है, जिसके अनुसार ऐसे निकाय (निकायों) को निदेषक मंडल में निदेषक नामित करने का अधिकार दिया गया है, की बोर्ड में नियुक्ति निम्नलिखित शर्तों के अध्यधीन की जाएगी: (i) प्रस्तावित नामिती की पहचान के संबंध में निदेषक मंडल का अनुमोदन और निदेषक मंडल द्वारा कंपनी अधिनियम के प्रावधानों के अनुसार अतिरिक्त निदेषक के रूप में ऐसे नामिती की नियुक्ति; और

(ii) निदेषक मंडल में एक अतिरिक्त निदेषक के रूप में निदेषक मंडल द्वारा नामिती की नियुक्ति के पष्चात कंपनी के शेयरधारकों का अनुमोदन। यह स्पश्ट किया जाता है कि अपना अनुमोदन प्रदान करते समय निदेषक मंडल इस बात पर विचार करेगा कि क्या प्रस्तावित नामिती एक प्रतिश्ठित व्यक्ति है और उसे निदेषक मंडल में स्वीकार किया जा सकता है और क्या वह उचित ढंग से कार्य कर सकता है, यदि पूर्वगामी तथ्यों के आधार पर निदेषक मंडल में प्रस्तावित नामिती की नियुक्ति के लिए निदेषक मंडल अपनी सहमति प्रदान नहीं करता है, तो ऊपर बताया गया संबंधित निकाय किसी अन्य व्यक्ति को नामित करने के लिए निदेषक मंडल के अनुमोदन हेतु प्रस्ताव भेजने के लिए पात्र होगा।

79(ii) निदेषक मंडल का स्वरूप निम्नानुसार होगा:

निदेषक मंडल में निदेषकों की कुल संख्या के कम से कम 50% (आधा) स्वतंत्र निदेषक होंगे, जिसमें से:-

(क) 4 स्वतंत्र निदेषकों की नियुक्ति वायदा संविदा (विनियम) अधिनियम की धारा 6(2) (ख) के अंतर्गत वायदा बाजार आयोग द्वारा की जाएगी और

(ख) निदेषक मंडल के शेश स्वतंत्र निदेषकों की नियुक्ति एक्सचेंज द्वारा आयोग के पूर्वानुमोदन से की जाएगी।

79(iii) इन अनुच्छेदों के खंड 79(ii) के अंतर्गत नियुक्त स्वतंत्र निदेषक से इतर निदेषक मंडल के निदेषकों के शेश पदों में शेयरधारक निदेषक शामिल हो सकते हैं। इस श्रेणी में प्रबंध निदेषक/मुख्य कार्यपालक से इतर कोई पूर्णकालिक कार्यपालक निदेषक भी शामिल हो सकता है। शेयरधारक निदेषकों की नियुक्ति एक्सचेंज द्वारा आयोग के पूर्वानुमोदन से की जाएगी।

79(iv) निदेषक मंडल में प्रबंध निदेषक एक पदेन निदेषक होंगे और उन्हें या तो स्वतंत्र निदेषकों अथवा शेयरधारक निदेषकों की श्रेणी में शामिल नहीं किया जाएगा।

79(v) एक्सचेंज के निदेषक मंडल के अध्यक्ष एक स्वतंत्र निदेषक होंगे और उनकी नियुक्ति आयोग के पूर्वानुमोदन से की जाएगी।

172 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

79(vi) कोई भी ट्रेडिंग सदस्य अथवा समाषोधन सदस्य अथवा उनके एसोसिएट और एजेंटों की नियुक्ति एक्सचेंज के निदेषक मंडल में नहीं की जाएगी।

79(vii) विदेषी संस्थागत निवेषक/भारतीय प्रतिभूतियां और विनिमय बोर्ड (विदेषी पोर्टफोलियो निवेषक) विनियम 2014 में यथापरिभाशित विदेषी पोर्टफोलियो निवेषक का बोर्ड में कोई प्रतिनिधित्व नहीं होगा।

79(viii) एक्सचेंज के निदेषक मंडल में निदेषकों के रूप में नियुक्त किए जाने वाले व्यक्तियों को आयोग द्वारा यथाविहित 'सही और उचित व्यक्ति' के मानदंडों को पूरा करना चाहिए।''

20.नया अनुच्छेद 79क निम्नानुसार शािमल किया जाएगा:

"79 क स्वतंत्र निदेषक

79(क)(i) कंपनी अधिनियम, 2013 की धारा 149 (6) में यथानिर्धारित मानदंडों के अलावा निदेषक मंडल में स्वतंत्र निदेषक के रूप में नामांकन/नियुक्ति के लिए पात्रता शर्तें निम्नानुसार होंगीः- (क) उम्मीदवार को सत्यनिश्ठा का धनी व्यक्ति होना चाहिए, जो या तो किसानों, ट्रेडर, निर्यातकों, आयातकों, निवेषक संघों का प्रतिनिधित्व करता हो अथवा कोमोडिटी डेरिवेटिव बाजार , वित्त पोशण, लेखांकन, प्रबंधन, कानून, षिक्षा जगत का कोई विषेशज्ञ हो, जिसे कोमोडिटी की अर्थव्यवस्था/डेरीवेटिव्स की ट्रेडिंग का ज्ञान हो।

(ख) उम्मीदवार के पास संगत अनुभव/षैक्षणिक अर्हता होनी चाहिए। (ग) ऐसा व्यक्ति जिसके पास सार्वजनिक संगठनों में विष्वसनीय और जवाबदेही का पद हो/रहा हो अथवा ऐसा व्यक्ति जो उपर्युक्त पदों से सेवानिवृत्त हुआ हो, को अन्य उम्मीदवारों की तुलना में वरीयता दी जाए।

(घ) ऐसे व्यक्ति जो नियमित रूप से ट्रेडिंग करते हैं/बाजार पर नजर बनाए रखते हैं, इस प्रकार नामांकन के लिए विचार किए जाने हेतु पात्र नहीं होंगे।

79(क)(ii) स्वतंत्र निदेषक की नियुक्ति के लिए कार्यकाल और निबंधन एवं शर्तें निम्नानुसार होंगी :-

(क) किसी स्वतंत्र निदेषक का कार्यकाल सामान्यतः तीन वर्श का होगा, तथापि आयोग अपने विवेकानुसार स्वतंत्र निदेषक की नियुक्ति तीन वर्श से कम अवधि के कार्यकाल के लिए अनुमोदित कर सकता है। स्वतंत्र निदेषक की नियुक्ति को आयोग द्वारा उसका कार्यकाल समाप्त होने से पहले किसी भी समय निलंबित (रद्‌द) किया जा सकता है।

(ख) स्वतंत्र निदेषकों का प्रत्येक तीन वर्श का कार्यकाल अधिकतम दो बार हो सकेगा। (ग) कोई भी व्यक्ति एक से अधिक कोमोडिटी एक्सचेंज में साथ-साथ स्वतंत्र निदेषक के रूप में कार्य नहीं करेगा। (घ) स्वतंत्र निदेषकों को देय मेहनताना कंपनी अधिनियम, 2013 की धारा 197 के प्रावधानों के अनुसार होगा। (ड.) निदेषक मंडल की सभी बैठकों में भाग लेने के लिए स्वतंत्र निदेषक प्रयास करेंगे और उन्हें निदेषक मंडल की लगातार तीन बैठकों में अनुपस्थित रहने अथवा किसी कैलेंडर वर्श में निदेषक मंडल की कुल बैठकों में से 75 प्रतिषत बैठकों में भाग न लेने पर अपना पद छोड़ना होगा।

(च) महत्वपूर्ण मुद्‌दों पर विचारों का आदान-प्रदान करने के लिए स्वतंत्र निदेषक कम-से-कम 6 माह में अलग से एक बैठक आयोजित करेंगे। (छ) स्वतंत्र निदेषक बोर्ड/समिति द्वारा लिए गए निर्णय से सहमत न होने अथवा उनका अलग दृश्टिकोण होने अथवा किसी अन्य ऐसे मामले, जिसे वे आयोग के ध्यान में लाना चाहेंगे, के मामले में बोर्ड/समिति की बैठक की समाप्ति के पष्चात एक सप्ताह के भीतर आयोग को एक रिपोर्ट प्रस्तुत करेंगे।

(ज) यदि ऐसा कोई मामला प्रकाष में आता है कि किसी स्वतंत्र निदेषक का पद अथवा उसे सौंपा गया कार्य उसकी भूमिका के प्रतिकूल है, तो इस संबंध में आयोग का निर्णय अंतिम रूप से मान्य होगा।

(झ) स्वतंत्र निदेषक का कार्यकाल बढ़ाए जाने अथवा किसी नए स्वतंत्र निदेषक की नियुक्ति के मामले में एक्सचेंज उनका कार्यकाल समाप्त होने के दो माह पहले आयोग को आवेदन करेगा। यहां विहित अन्य अपेक्षाओं के अलावा स्वतंत्र निदेषक का कार्यकाल बढ़ाए जाने के लिए आवेदन के साथ विभिन्न अनिवार्य समितियों और एक्सचेंज के निदेषक मंडल की बैठकों में उसकी उपस्थिति से संबंधित विवरण भी संलग्न किए जाएंगे।

(ञ) एक्सचेंज में स्वतंत्र निदेषक की प्रत्येक रिक्ति के लिए आयोग द्वारा यथाविहित प्रपत्र में कम से कम दो नाम अग्रेशित करेगा। तथापि आयोग एक्सचेंज द्वारा सुझाए गए नामों से इतर कोई अन्य स्वतंत्र निदेषक की नियुक्ति कर सकता है।

(ट) स्वतंत्र निदेषक रोटेषन द्वारा सेवानिवृत्ति के अध्यधीन नहीं होगा। (ठ) मौजूदा स्वतंत्र निदेषक तब तक अपने पद पर बना रहेगा जब तक कि उसके स्थान पर किसी नए स्वतंत्र निदेषक की नियुक्ति नहीं कर दी जाती है।''

21.नया अनुच्छेद 79ख निम्नानुसार शािमल किया जाएगा:

"79ख शेयरधारक निदेषक 79ख (i) शेयरधारक निदेेषक के रूप में नियुक्ति के लिए नामों का अनुमोदन पहले एक्सचेंज के निदेषक मंडल द्वारा किया जाएगा, तत्पष्चात आयोग के अनुमोदन हेतु उन्हें प्रस्तुत करने से पहले शेयरधारकों का अनुमोदन प्राप्त किया जाएगा।

79ख (ii) शेयरधारक निदेषकों के चयन, नियुक्ति, कार्यकाल, पंजीकरण, रिक्ति आदि के ढंग का विनियमन कंपनी अधिनियम, 2013 के प्रावधानो और सूचीबद्ध कंपनियों के मामले में वायदा संविदा (विनियमन) अधिनियम, 1952 और इसके तहत जारी किए गए दिषानिर्देषों के अनुसार अन्यथा विनिर्दिश्ट किए जाने पर इक्विटी सूचीयन करार के अनुसार किया जाएगा।''PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 173 22. नया अनुच्छेद 79ग निम्नानुसार शािमल किया जाएगा:

''79ग प्रबंध निदेषक/मुख्य कार्यपालक: 79ग (i) प्रबंध निदेषक/मुख्य कार्यपालक की नियुक्ति, नियुक्ति का नवीनीकरण, सेवा की निबंधन और शर्तों (मेहनताना सहित) और सेवाओं का निर्धारित समयावधि से पहले निलंबन (बषर्ते कि प्रबंध निदेषक/मुख्य कार्यपालक को इस प्रकार निलंबन अथवा हटाए जाने से पहले उन्हें अपना पक्ष रखने का अवसर दिया गया हो) आयोग के पूर्वानुमोदन के अध्यधीन होगा। हालांकि यदि प्रबंध निदेषक/मुख्य कार्यपालक स्वैच्छिक रूप से त्याग पत्र देता है, जिसे निदेषक मंडल द्वारा स्वीकार कर लिया जाता है, तो एक्सचेंज द्वारा आयोग को केवल इसकी सूचना दी जाएगी।

79ग (ii) यदि किसी अज्ञात कारण से प्रबंध निदेषक की रिक्ति होती है, तो ऐसे मामले में एक्सचेंज त्यागपत्र प्रस्तुत करने अथवा इस प्रकार से पद रिक्त होने की तारीख से सात दिन के भीतर आयोग को नए नाम अग्रेशित करेगा।

79ग (iii) यदि हटाए जाने/त्याग पत्र/सेवाओं के निर्धारित अवधि से पहले निलंबन अथवा किसी अन्य कारण से प्रबंध निदेषक/मुख्य कार्यपालक का पद रिक्त होता है, तो ऐसे मामले में प्रबंध निदेषक/मुख्य कार्यपालक के रूप में नए उम्मीदवार की नियुक्ति होने तक प्रबंध निदेषक/मुख्य कार्यपालक का कार्य देखने के लिए निदेषक मंडल कोई उपयुक्त व्यवस्था करेगा। 79ग (iv) प्रबंध निदेषक की नियुक्ति 3 वर्श से कम और 5 वर्श से अधिक अवधि के लिए नहीं की जाएगी। 79 ग (v) एक्सचेंज के प्रबंध निदेषक निम्नलिखित नहीं होंगे—

(क) कोई शेयरधारक अथवा एक्सचेंज के किसी शेयरधारक का एसोसिएट या एक्सचेंज के किसी एसोसिएट का शेयरधारक, जैसा भी मामला हो; (ख) कोई ट्रेडिंग सदस्य अथवा समाषोधन सदस्य या उसका एसोसिएट या एजेंट अथवा किसी ट्रेडिंग सदस्य या समाषोधन सदस्य का शेयरधारक या किसी ट्रेडिंग सदस्य या समाषोधन सदस्य के एसोसिएट या एजेंट का शेयरधारक; अथवा

(ग) जिसने एक्सचेंज की सहायक कंपनी में अथवा एक्सचेंज से संबद्ध किसी अन्य निकाय में वर्तमान में संवर्ती पद धारित किया हो।

एक्सचेंज के प्रबंध निदेषक कोे निदेषक मंडल में नियुक्त किया जा सकता है, परंतु एक्सचेंज की किसी सहायक कंपनी के प्रबंध निदेषक के रूप में नियुक्त नहीं किया जा सकता है।

79ग (vi) प्रबंध निदेषक/मुख्य कार्यपालक, जैसा भी मामला हो, के चयन के लिए एक्सचेंज एक समिति गठित करेगा। प्रबंध निदेषक का चयन कम से कम एक राश्ट्रीय दैनिक के सभी संस्करणों में खुले विज्ञापन के जरिए ऐसे लोगों के बीच से किया जाएगा, जिन्हें कोमोडिटी बाजार/पूंजी बाजार/वित्त/प्रबंधन और संसाधन का पर्याप्त अनुभव और योग्यता प्राप्त है। यदि आयोग पुनर्नियुक्ति/विस्तार अथवा नए सिरे से नियुक्ति का प्रस्ताव देता है, तो ऐसे मामले मेें आयोग को ऐसे प्रबंध निदेषक/मुख्य कार्यपालक के अंतिम कार्य दिवस से दो माह पहले प्रबंध निदेषक/मुख्य कार्यपालक की नियुक्ति के लिए एक्सचेंज से एक प्रस्ताव प्राप्त हो जाना चाहिए। एक्सचेंज इस बात का एक घोशणापत्र/षपथपत्र प्रस्तुत करेगा कि प्रस्तावित व्यक्ति/व्यक्तियों के जीवनवृत्त, शैक्षणिक अर्हता/अनुभव के सत्यापन के संदर्भ में उनके द्वारा आवष्यक अपेक्षित सावधानी बरती गई है। प्रबंध निदेषक/मुख्य कार्यपालक की नियुक्ति/सेवाओं के निलंबन हेतु आयोग का अनुमोदन प्राप्त करने के लिए प्रस्ताव आयोग को केवल तभी प्रस्तुत किया जाएगा, जब एक्सचेंज के निदेषक मंडल का पूर्वानुमोदन प्राप्त कर लिया जाए।

79ग (vii) चयन समिति में पांच सदस्य अर्थात दो स्वतंत्र निदेषक, दो शेयरधारक निदेषक और एक बाह्‌य स्वतंत्र व्यक्ति शामिल होगा। इसके अलावा एक्सचेंज यह सुनिष्चित करेगा कि एक स्वतंत्र निदेषक चयन समिति में शामिल हो और वह ऐसी समिति की सभी बैठकों में उपस्थित रहा हो। 79ग (viii) प्रबंधक निदेषक/कार्यपालक निदेषक की नियुक्ति के लिए आयोग का अनुमोदन प्राप्त करते समय एक्सचेंज आयोग से प्रबंध निदेषक/मुख्य कार्यपालक के मेहनताने और सेवा की निबंधन और शर्तों के लिए भी अनुमोदन प्राप्त करेगा। प्रबंध निदेषक/कार्यपालक के लिए मेहनताने की सिफारिष करते समय एक्सचेंज निम्नलिखित तथ्यों को ध्यान में रखेगाः

क) प्रबंध निदेषक/मुख्य कार्यपालक की भूमिका और जिम्मेदारियां

ख) एक्सचेंज की वित्तीय स्थिति/माली हालत

ग) उद्योग मानकों के साथ तुलनात्मक दृश्टिकोण

घ) एक्सचेंज का राजस्व, निबल लाभ

ड.) एक्सचेंज यह सुनिष्चित करेगा कि प्रबंध निदेषक/मुख्य कार्यपालक के मेहनताने का चर घटक उसके कुल मेहनताने के एक तिहाई से अधिक न हो।

च) अल्पावधि में अतिरिक्त जोखिमों के लिए किसी प्रोत्साहन का प्रावधान नहीं किया जाता है।

छ) मेहनताने के चर घटक का भुगतान निदेषक मंडल द्वारा उस वर्श के लेखापरीक्षित वार्शिक लेखाओं का अनुमोदन किए जाने के पष्चात ही किया जाता है।

ज) प्रबंध निदेषक/मुख्य कार्यपलाक के मेहनताने अथवा सेवा शर्तों में किसी भी परिवर्तन के लिए आयोग का पूर्वानुमोदन आवष्यक होगा। प्रमुख प्रबंधकीय कार्मिकों का मेहनताना निर्धारित करते समय एक्सचेंज द्वारा उपर्युक्त (क) से (ज) तक उल्लिखित बिंदुओं पर विचार किया जाएगा।

प्रमुख प्रबंधकीय कार्मिकों की परिभाशा कंपनी अधिनियम, 2013 की धारा 2(51) के अनुसार की जाएगी।

79ग (ix) एक्सचेंज का प्रबंध निदेषक/मुख्य कार्यपालक विद्वान, सत्यनिश्ठ और विषेशज्ञ व्यक्ति होगा और उसे एक्सचेंज के कार्यकलापों के प्रबंधन हेतु पर्याप्त प्राधिकार प्राप्त होगा।

174 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

79ग (x) एक्सचेंज के प्रबंध निदेषक/मुख्य कार्यपालक का दायित्व यह सुनिष्चित करना होगा कि प्रत्येक तिमाही में कम से कम एक बार केंद्र सरकार/वायदा बाजार आयोग द्वारा एक्सचेंज से संबंधित विभिन्न दिषानिर्देषों और उनके अनुपालन की स्थिति के बारे में निदेषक मंडल को सूचना दी जाए।

79ग (xi)प्रबंध निदेषक/मुख्य कार्यपालक का यह दायित्व होगा कि वह लागू विधियों, नियमों और विनियमों के साथ-साथ एक्सचेंज के नियमों, व्यापार नियमावली, उप नियमों और एक्सचेंज के संगम ज्ञापन तथा संगम अनुच्छेद के यथालागू प्रावधानों के कार्यान्वयन के प्रयोजन से वायदा बाजार आयोग/भारत सरकार द्वारा जारी निर्देषों, दिषानिर्देषों, आदेषों, परिपत्रों को एक्सचेंज में लागू करे। इस संदर्भ में किसी चूक के परिणामस्वरूप प्रबंध निदेषक/मुख्य कार्यपालक को निदेषक मंडल द्वारा वायदा बाजार आयोग के पूर्वानुमोदन से, अथवा वायदा बाजार आयोग से इस आषय के दिषानिर्देष प्राप्त होने पर हटाया जा सकता है अथवा उसकी सेवाएं निलंबित की जा सकती हैं, बषर्ते कि प्रबंध निदेषक/मुख्य कार्यपालक को इस प्रकार हटाये जाने अथवा उसके निलंबन के विरूद्ध उसे अपना पक्ष रखने का अवसर दिया गया हो।

79ग (xii) आयोग के प्रबंध निदेषक/मुख्य कार्यपालक के रूप में नियुक्त किये जाने वाले व्यक्ति को आयोग द्वारा यथाविहित ''सही और उचित व्यक्ति'' के मानदंडों को पूरा करना चाहिए।

79ग (xiii) आयोग के पास नेषनल एक्सचेंज के प्रबंध निदेषक को सार्वजनिक हित में अपने विवेकानुसार हटाने अथवा उसकी नियुक्ति निलंबित करने का प्राधिकार प्राप्त होगा, परंतु ऐसे किसी प्रबंध निदेषक को तब तक नहीं हटाया जाएगा, जब तक कि उसे अपना पक्ष रखने के लिए पर्याप्त अवसर न दिया गया हो।

79ग (xiv) उपर्युक्त प्रावधान उस स्थिति में भी लागू होंगे, जब एक्सचेंज किसी मुख्य कार्यपालक अधिकारी की नियुक्ति करता है, जो प्रबंध निदेषक नहीं हैं।''

23. नया अनुच्छेद 79घ निम्नानुसार शािमल किया जाएगा:

''79घ निदेषकों और प्रमुख प्रबंध कार्मिकों के लिए आचार संहिता/सिद्धांत संहिताः

79घ (i) एक्सचेेंज का प्रत्येक निदेषक वायदा बाजार आयोग (एफएमसी) द्वारा यथाविनिर्दिश्ट आचार संहिता का अनुपालन करने के लिए बाध्य होगा।

इसके अलावा किसी स्वतंत्र निदेषक को कंपनी अधिनियम, 2013 की अनुसूची 4 में यथाविनिर्दिश्ट आचार संहिता का भी अनुपालन करना होगा।

79घ (ii) एक्सचेंज का प्रत्येक निदेषक और प्रमुख प्रबंधकीय कार्मिक वायदा बाजार आयोग (एफएमसी) द्वारा यथाविनिर्दिश्ट सिद्धांत संहिता का अनुपालन करने के लिए बाध्य होगा। एक्सचेंज यह सुनिष्चित करेगा कि उनके द्वारा नियोजित सभी प्रबंधकीय कार्मिक आयोग द्वारा यथाविहित ''सही और उचित व्यक्ति'' के मानदंडों को पूरा करेंगे।

79घ (iii) आयोग के पास यह प्राधिकार होगा कि वह किसी भी निदेषक अथवा प्रमुख प्रबंधकीय कार्मिक द्वारा इन अनुच्छेदों में निहित प्रावधानों अथवा आचार संहिता अथवा सिद्धांत संहिता या एक्सचेंज के हित के प्रतिकूल किसी मामले में उनसे कोई चूक होने पर उन्हें अपना पक्ष रखने का पर्याप्त और उचित अवसर देने के पष्चात एक्सचेंज से संदर्भ प्राप्त होने अथवा अपनी ओर से उन्हें हटाने या उनकी नियुक्ति निलंबित (निरस्त) करने के लिए आवष्यक कार्रवाई कर सकता है।"

24. नया अनुच्छेद 79ड. निम्नानुसार शािमल किया जाएगा: ''79ड. निगमित शासन संबंधी शर्तें 79ड. एक्सचेंज कंंपनी अधिनियम, 2013 के अंतर्गत यथाअधिसूचित निगमित शासन संबंधी नियमों का अनुपालन करेगा और उसके तहत यथानिर्धारित अपेक्षाओं को पूरा करेगा।"

25. नया अनुच्छेद 79 च निम्नानुसार शािमल किया जाएगा: ''79च अनिवार्य समितियां - स्वरूप और भूमिका

(i) एक्सचेंज द्वारा निम्नलिखित न्यूनतम समितियों का गठन करना आवष्यक हैः

(क) लेखापरीक्षा समिति (ख) मेहनताना समिति (ग) जोखिम प्रबंधन समिति (घ) अनुषासनिक कार्रवाई समिति (ड.) व्यतिक्रम समिति (च) प्रौद्योगिकी पर स्थाई समिति (छ) स्वतंत्र निदेषकों की समिति (ज) सिद्धांत समिति

(ii) अनिवार्य समितियों की भूमिका और स्वरूप निम्नानुसार होगा:

(क) लेखापरीक्षा समिति:

स्वरूप:- 1) समिति के सदस्यों में स्वतंत्र निदेषकों का बहुमत होगा।

भूमिका:-

2) समिति की भूमिका कंपनी अधिनियम, 2013 की धारा 177 में दिए गए अनुसार होगी।

PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 175

(ख) मेहनताना समिति:

स्वरूप:-

समिति के सदस्यों में स्वतंत्र निदेषकों का बहुमत होगा और इसकी अध्यक्षता किसी स्वतंत्र निदेषक द्वारा की जाएगी।

भूमिका:-

1) मेहनताना समिति मेहनताना नीति के संदर्भ में प्रमुख प्रबंधकीय कार्मिकों के मेहनताने का निर्धारण करेगी।

2) प्रबंध निदेषक को देय मेहनताने का अनुमोदन बोर्ड और आयोग द्वारा किया जाएगा। प्रबंध निदेषक के मेहनताने की निबंधन और शर्तों को आयोग के पूर्वानुमोदन के बिना परिवर्तित नहीं किया जाएगा।

3) किसी निदेषक से इतर अन्य प्रमुख प्रबंध कार्मिकों का कार्यकाल मेहनताना समिति द्वारा यथानिर्धारित एक निष्चित अवधि के लिए होगा।

(ग) जोखिम प्रबंधन समिति:-

स्वरूप:-

1) इसमें स्वतंत्र निदेषक, शेयरधारक निदेषक और स्वतंत्र बाह्‌य विषेशज्ञ शामिल होंगे, जो बोर्ड को रिपोर्ट करेंगे।

2) प्रबंध निदेषक भी जोखिम प्रबंधन समिति का एक सदस्य होंगे।

भूमिका:-

1) जोखिम प्रबंधन समिति एक विस्तृत जोखिम प्रबंधन नीति तैयार करेगी, जिसे निदेषक मंडल द्वारा अनुमोदित किया जाएगा;

2) एक्सचेंज के जोखिम प्रबंधन विभाग का प्रमुख जोखिम प्रबंधन नीति के कार्यान्वयन के लिए जिम्मेदार होगा और वह जोखिम प्रबंधन समिति के साथ-साथ एक्सचेंज के प्रबंध निदेषक को रिपोर्ट करेगा;

3) जोखिम प्रबंधन समिति जोखिम प्रबंधन नीति के कार्यान्वयन की निगरानी करेगी और आयोग तथा निदेषक मंडल को इसके कार्यान्वयन और विचलन, यदि कोई हैं के बारे में सूचित करेगी;

4) समिति एक्सचेंज के जोखिम प्रोफाइल (व्यापारिक जोखिम, व्यतिक्रम जोखिम, समाधान संबंधी जोखिम, बाजार संबंधी जोखिम, कानूनी जोखिम, प्रचालनात्मक जोखिम, प्रौद्योगिकीय जोखिम और प्रदायगी संबंधी जोखिम सहित) की पहचान, मापन और निगरानी के लिए जिम्मेदार होगी;

5) बाजार में होनेवाले विकास के अनुसार एक्सचेंज की एकीकृत जोखिम मापन प्रणाली का पर्यवेक्षण और जोखिम मॉडलों की समीक्षा करना;

6) जोखिम और नियंत्रण संबंधी उपायों का पर्यवेक्षण, जिनको एक्सचेंज की प्रणाली में शामिल किए जाने की आवष्यकता है और आवधिक अंतराल पर उनके अनुपालन की निगरानी तथा सुधार के लिए सुझाव देना;

7) एक्सचेंज की वित्तीय और जोखिम प्रबंधन नीतियां तैयार करना और आवधिक रूप से उनकी समीक्षा करना;

8) एक्सचेंज की अधिकतम ऋण/निवेष (एक्सपोजर) सीमाओं तथा ऋण (बौरोइंग) सीमाओं का निर्धारण; और

9) सदस्यों, पण्य वस्तुओं और विभिन्न स्थानों (देषों) के लिए एक्सचेंज की ऋण/निवेष सीमाओं को सीमित करने के लिए ढांचे का निर्धारण; चूक करने वाले सदस्यों के विरूद्ध कार्रवाई आदि करना।

(घ) अनुषासनिक कार्रवाई समिति:

स्वरूप:-

1) अनुषासनिक कार्रवाई समिति में स्वतंत्र निदेषक, शेयरधारक निदेषक और एक्सचेंज के अधिकारी शामिल होंगे।

2) समिति में स्वतंत्र निदेषकों का बहुमत होगा।

3) समिति में एक्सचेंज के अधिकतम दो प्रमुख प्रबंधकीय कार्मिक शामिल हो सकते हैं, उनमें से एक अनिवार्यतः एक्सचेंज के प्रबंध निदेषक होंगे।

भूमिका:-

1) समिति नियामक कार्रवाइयों के लिए नीति तैयार करेगी, जिसमें एक्सचेंज के सदस्यों द्वारा विभिन्न प्रकार के उल्लंघनों के लिए चेतावनी, आर्थिक दंड, निलंबन, ट्रेडिंग बंद करना, निश्कासन आदि शामिल हैं।

176 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

2) निर्धारित नीति के आधार पर निरीक्षण आदि के दौरान पाए गए उल्लंघन संबंधी मामलों पर विचार करेगी और एक्सचेंज के सदस्यों पर उपयुक्त नियामक कार्यवाही करेगी।

3) नियामक कार्यवाही अधिरोपित करते समय समिति 'प्राकृतिक न्याय के सिद्धांत' पर आधारित यथानिर्धारित प्रक्रिया का अनुपालन करेगी।'

(ड.) व्यतिक्रम समिति:

स्वरूप:

1) व्यतिक्रम समिति में स्वतंत्र निदेषकों का बहुमत होगा ।

2) समिति में एक्सचेंज के अधिकतम दो प्रमुख प्रबंधकीय कार्मिक शामिल हो सकते हैं।

3) समिति में शेयरधारक निदेषक भी शामिल हो सकते हैं और समिति में सेवा निवृत न्यायाधीष आदि जैसे स्वतंत्र बाह्‌य व्यक्तियों को भी शामिल किया जा सकता है।

भूमिका:- 1) चूककर्ता के रूप में किसी सदस्य की पहचान करना और अधिसूचित करना।

2) चूककर्ता/निश्कासित सदस्य की सभी परिसंपत्तियों/जमा राषियों की वसूली करना और एक्सचेंज के नियमों , उपनियमों और विनियमों के अनुसार चूककर्ता/निश्कासित सदस्य की विभिन्न देयराषियों और दावों के विरूद्ध उनका संविभाजन करना।

3) यदि समाषोधन सदस्य और उसके सहयोगी ट्रेडिंग सदस्य दोनों को चूककर्ता घोशित किया जाता है तो एक्सचेंज की व्यतिक्रम समिति समाषोधन सदस्य और ट्रेडिंग सदस्य दोनों की परिसंपत्तियों की वसूली के लिए कार्य करेगी।

4) चूककर्ता/निश्कासित सदस्य की परिसंपत्तियों पर ग्राहक/ट्रेडिंग सदस्यों/समाषोधन सदस्यों के दावों को स्वीकार करना अथवा अस्वीकार करना।

(च) प्रौद्योगिकी पर स्थायी समिति:

स्वरूप:-

समिति में दो ऐसे बाह्‌य विषेशज्ञ शामिल होंगे, जो प्रौद्योगिकी में प्रवीण हों और इसमें कम से कम एक स्वतंत्र निदेषक भी शामिल होगा।

भूमिका:-

1) इस बात की निगरानी करना कि एक्सचेंज द्वारा प्रयुक्त प्रौद्योगिकी अद्यतन बनी रहे और बाजारों की बढ़ रही मांग को पूरा करती हो।

2) प्रणालियों की क्षमता की पर्याप्तता और एक्सचेंज की दक्षता की निगरानी करना। मौजूदा सॉफ्‌टवेयर/हार्डवेयर में एक्सचेंज द्वारा सुझाए गए परिवर्तनों की जांच करना।

3) कंप्यूटरीकृत ट्रेडिंग प्रणाली की समस्याओं जैसे हैंगिंग/स्लोडाउन/ब्रेकडाउन आदि की जांच करना।

4) यह सुनिष्चित करना कि ऑनलाइन ट्रेडिंग प्रणाली में स्लोडाउन/ब्रेकडाउन से संबंधित सूचना का प्रसार पारदर्षी ढंग से किया जाए।

5) समिति एक्सचेंज के निदेषक मंडल को एक रिपोर्ट प्रस्तुत करेगी।

6) निदेषक मंडल रिपोर्ट पर विस्तार से चर्चा करेगा और उपयुक्त कार्रवाई/उपचारात्मक उपाय किए जाएंगे।

7) ट्रेडिंग बंद करने संबंधी किसी भी मामले को स्पश्ट किया जाएगा और निदेषक मंडल और आयोग को रिपोर्ट किया जाएगा। एक्सचेंज ब्रेकडाउन के कारण बताते हुए एक प्रेस विज्ञप्ति जारी करेगा।

(छ) स्वतंत्र निदेषकों की समिति:

भूमिका:-

अपनी बैठक के दौरान स्वतंत्र निदेषक निम्नलिखित की समीक्षा करेंगे:

1) एफएमसी के पत्रों/परिपत्रों के अनुपालन की स्थिति की समीक्षा करना।

2) नियामक कार्यकलापों के लिए समर्पित संसाधनों की पर्याप्तता सहित नियामक विभागों की कार्यप्रणाली की समीक्षा करना।

PART IV] THE GAZETTE OF INDIA, FEBRUARY21, 2015 (PHALGUNA 2, 1936) 177

3) ऐसी अन्य समितियों की कार्यप्रणाली पर एक रिपोर्ट तैयार करना, जिनमें भी वे सदस्य के रूप में शामिल हैं। यह रिपोर्ट अन्य स्वतंत्र निदेषकों को भी परिचालित की जाएगी।

4) एफएमसी की निरीक्षण रिपोर्ट में दिए गए सुझावों/अवलोकनों के कार्यान्वयन हेतु की जाने वाली कार्रवाई की समीक्षा करना।

5) फिर एक समेकित रिपोर्ट एक्सचेंज के निदेषक मंडल को प्रस्तुत की जाएगी।

6) स्वतंत्र निदेषक ऐसे महत्वपूर्ण मुद्‌दों की पहचान करेंगे, जो एक्सचेंज के हित के प्रतिकूल हो सकते हैं अथवा जिनका बाजार पर महत्वपूर्ण प्रभाव पड़ सकता है और वे इसकी सूचना एफएमसी को देंगे।

7) सभी स्वतंत्र निदेषक समिति की प्रत्येक बैठक में अनिवार्य रूप से भाग लेंगे।

(ज) सिद्धांत समिति:

स्वरूप :-

सिद्धांत समिति में स्वतंत्र निदेषक, शेयरधारक निदेषक, प्रमुख प्रबंधकीय कार्मिक और अनुपालन अधिकारी शामिल होंगे।

भूमिका :-

1) एक्सचेंज के निदेषकों और प्रमुख प्रबंधकीय कार्मिकों के लिए सिद्धांत संहिता के कार्यान्वयन का पर्यवेक्षण करना।

2) आचार संहिता के कार्यान्वयन हेतु प्रक्रियाएं निर्धारित करना और आचार संहिता के अंतर्गत आवष्यक प्रकटन के लिए रिपोर्टिंग प्रपत्र विहित करना।

अनुपालन अधिकारी सिद्धांत समिति द्वारा यथानिर्धारित अपेक्षाओं का पूरा करेगा।

79च (iii) समितियों में नियुक्त किए गए स्वतंत्र बाह्‌य व्यक्ति ऐसे लोगों के बीच से होंगे, जिनकी सत्यनिश्ठा सिद्ध है, उनकी प्रतिश्ठा है और हितों के संबंध में जो कोई मतभेद नहीं रखते। वे समितियों को सौंपे गए कार्यक्षेत्र के विषेशज्ञ होंगे। एक्सचेंज स्वतंत्र बाह्‌य व्यक्तियों की नियुक्ति, कार्यकाल, आचार संहिता आदि के लिए दिषानिर्देष तैयार करेगा। योगदान की समीक्षा, बैठकों में उपस्थिति के रिकॉर्ड आदि के अनुसार कार्यकाल समाप्त होने पर कार्यकाल बढ़ाए जाने के लिए अनुमोदन प्रदान किया जा सकता है।

79च (iv) एक्सचेंज तिमाही प्रगति रिपोर्ट के माध्यम से समितियों की कार्यप्रणाली के बारे में आयोग को विस्तृत विवरण प्रस्तुत करेगा।" 26. मौजूदा अनुच्छेद 80 को हटा दिया जाएगा।

27. मौजूदा अनुच्छेद 79 (ख) को निम्नलिखित द्वारा प्रतिस्थापित किया जाएगा:

"97(ख) निदेषक मंडल/समिति की बैठकों के लिए कार्यसूची निदेषक मंडल/समिति की बैठक की तारीख से कम से कम 7 कार्य दिवस पहले स्वतंत्र निदेषकों सहित समिति के सभी सदस्यों को अनिवार्य रूप से भेजी जानी चाहिए। कार्यसूची के साथ निदेषक मंडल/समिति की बैठक में चर्चा के लिए प्रत्येक बिंदु पर विस्तृत नोट संलग्न किया जाना चाहिए। कार्यसूची की ऐसी मदें जो अत्यंत तात्कालिक प्रकृति की हैं और जिनमें कोई बड़े नीतिगत मुद्‌दे शामिल नहीं हैं, को अपेक्षाकृत कम समयावधि में, परंतु निदेषक मंडल/समिति की बैठक की तारीख से कम से कम 3 कार्यदिवस पहले सूचित किए जा सकते हैं। "

ह./- अपठनीय मुख्य कार्यपालक अधिकारी

एसीई डेरीवेटिव्स एंड कोमोडिटी एक्सचेंज लिमिटेड स्थान :

दिनांक :

178 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

(THE COMPANIES ACT, 1956) (COMPANY LIMITED BY SHARES) MEMORANDUM OF ASSOCIATION OF INDIAN COMMODITY EXCHANGE LIMITED

I. The name of the company is INDIAN COMMODITY EXCHANGE LIMITED II. The registered office of the company will be situated in the National Capital Territory of Delhi. III. The objects for which the company is established are:-

A. THE MAIN OBJECTS TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION IS:

1) *To establish, operate, regulate, assist, promote, facilitate and manage facilities for nation- wide trading in different types of contracts in commodities [including goods as defined in Forward Contracts (Regulation) Act, 1952 as amended from time to time], derivatives, such as Futures, Options and other kinds of derivatives, in ready, forward and futures markets, as may be executed, transacted, cleared and settled, on the Exchange by the members of the Exchange, their authorized agents and constituents and other participants, and to provide accessibility of the markets to various Members of the Exchange and their authorized agents and constituents and other participants with in and/or outside India.

2) *To initiate, facilitate and undertake all such activities in relation to the Exchange as are required for reliable nationwide platform to hedge commodity and price related risks for cross-section of players dealing in various commodities, and derivatives, as per the Articles of Association, Bye Laws, Rules and Regulations of the Exchange with a high standard of integrity and honesty to support, develop, promote and maintain a healthy market in the best interest of all its members, their agents and constituents and participants, the general public and the economy.

Note: *The Main Object clause has been altered by Special Resolution passed at the

Annual General Meeting of the Company held on September 30, 2013.

(B) THE OBJECTS INCIDENTAL OR ANCILLARY TO THE ATTAINMENT OF MAIN OBJECTS ARE:

1. To apply for and obtain from Forward Markets Commission and/or Securities and Exchange Board of India and/or Reserve Bank of India and/or any other authority, recognition of the Exchange as a recognised commodity exchange or an exchange for securities or any other instruments for the purpose of organizing, managing and facilitating the business of dealing in contracts of commodities, securities and other instruments and their derivatives as per the Articles, Bye- Laws, Rules and Regulations of the Exchange as may be framed from time to time.

2. To frame, amend and enforce the Articles, Bye-Laws, Rules and Regulations defining and regulating the terms and conditions subject to which the business on the Exchange as outlined in these presents shall be transacted from time to time.

3. To make arrangement through appropriate arbitration, survey or other methods a mechanism for resolving dispute and to decide all questions of trading methods, practices, usages, customs, or courtesies for conduct of business of the Exchange, and also to provide for suitable forms of contracts for trading in ready, forward and futures markets in different commodities, securities and instruments and derivatives thereof, decided to be traded or allowed for trading at the Exchange.

4. To form other company or companies or subsidiaries for carrying out the operations of company or for carrying out some business or operation ancillary or incidental or expedient in the interests of company and also to outsource some of the activities of company to such or other companies.

5. To levy, charge, recover and receive security deposits, admission fees, transaction and clearing fees, fund subscriptions, margins, penalties, tolls and levies and other fee and/or sums from Members of the Exchange and registered non-members of the Exchange in terms of the Company's Articles of Association, Rules, Bye- Laws and Regulations.

6. To regulate and fix the scale of commission, brokerage and other charges to be charged by the Members of the Exchange from their constituents and others.

7. To facilitate resolution of disputes by various means including mediation, conciliation, arbitration, surveys and to nominate arbitrators, umpires and surveyors on such terms and in such cases as may seem expedient, and to set up regional or local arbitration or survey panels and appellate committee and to provide for rules and methods for arbitration of disputes and claims in respect of transactions relating to or arising out of or in connection with or pertaining to transactions effected on the Exchange and including arbitration of disputes between Members of the Exchange inter-se and/or between Members of the Exchange and persons who are not the Members of the Exchange; and to remunerate such arbitrators, surveyors, regional or local arbitration panels and appellatePART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 179 committee/members, if any, and to make Rules, Bye-Laws and Regulations in relation to such arbitration and survey proceedings, the fees of arbitrators, the costs of such arbitration, and to define and regulate related matters, and to regulate the procedures thereof and enforce all awards.

8. To acquire, collect, preserve, disseminate, or sell statistical or other information in connection with the business of the Company, to maintain a library and to print, publish, undertake, manage and carry on any newspaper, journal, magazine, pamphlet, official yearbook, or other work in connection with or in furtherance of the objects of the Company.

9. To test, develop, improve or elevate the technical and business knowledge of persons engaged in or about to be engaged in trade, industry, banking, commerce, finance or company administration/and in particular in the business of the Company for dealing in contracts for commodities, securities or other instruments and derivatives, or in connection therewith, by organizing for delivery of lectures, holding of classes, courses, seminars and the like, and to test by examination or otherwise the competence of such person(s) and to award certificates and diplomas and to institute and establish scholarships, grants, and other beneficiation and to set up or form any technical or other educational institution and to run, manage or administer it.

10. To subscribe for becoming a member in or to co-operate with, any other association or entity, whether incorporated or not, in India or abroad, whose objects are to promote the interests represented by the Company so as to advance general, commercial and trade interests and to procure from and communicate to such association or entity such information as may further the objects of the Company.

11. To take part in the management of, or set up a research, testing or training division and/or to act as consultants or advisors for the setting up and organising of Exchanges in India or abroad and to enter into association with any other Exchange in India or abroad whether by subscription or on co- operation principle for furthering the objects of the Company.

12. To enter into partnership or arrangements in the nature of partnership, co-operation or union of interest, with any person or entity, engaged or interested or about to become engaged or interested in the carrying on, or conduct, any business which this Company is authorised to carry on or conduct or from which the Company could or might derive any benefit whether directly or indirectly.

13. To appoint trustee(s) to hold on behalf of and to protect the interest of the Company or further the objects of the Company.

14. To amalgamate or merge with any entity, or allow amalgamation or merger of any entity with this Company, for the purpose of furthering the objects of this Company.

15. To form, constitute, promote, manage, subsidize, organise, or assist in forming, constituting, promoting, managing, subsidizing, organising entities of all kinds, for the purpose of acquiring any undertaking or any property, whether movable or immovable, whether with or without liability of such undertaking for advancing directly or indirectly the objects hereof and to take or otherwise hold and dispose of shares, debentures and other securities in or of any such undertaking and to subsidize or otherwise assist or manage or own any such entity.

16. To do business in India and abroad either as principals, agents, trustees, contractors, or otherwise alone or in conjunction with others and either by or through agents, contractors, trustees or otherwise for the attainment of the objects of the Company.

17. To own, establish or have and maintain offices, branches and agents, in or out of India for its business.

18. To construct, develop, maintain and alter any lands, buildings, constructions or works necessary or convenient for the objects and purposes of the Company.

19. To exercise all or any of its corporate powers, rights and privileges and to conduct its business in any or all states, territories, possessions, colonies and dependencies thereof in India and in any foreign country.

20. To subscribe, contribute, make donations or grants or guarantee money for any general or useful object and to aid any association, body or movement, subject to compliance with the provisions of the Companies Act, 1956.

21. To establish and support, or assist in the establishment and support of any fund, trust and convenience calculated to advance and further the objects and purposes of the Company in particular, and the commodity, capital and financial markets in general, including markets in commodity products.

22. To make payments or disbursements out of the funds or other moveable property of the Company for deploying surplus funds of the Company or for any of the purposes specified in these presents and Articles of Association and Rules, Bye-Laws and Regulations of the exchange and to make draw, accept, endorse, discount, execute or transfer instruments, warrants, debentures or other negotiable or transferable documents.

180 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

23. To borrow, raise loans in any form, create indebtedness, to receive, grants or advances (whether interest free or not) equity loans, or raise any moneys required for the objects and purposes of the Company upon such terms and in such manner and with or without security as may from time to time be determined, by the issue of debentures, debenture stocks, and/or other securities. Any person claiming payment, whether on account of principal or interest or otherwise in respect of the moneys so borrowed or raised shall be entitled to claim such payment out of the funds, properties and other assets of the Company which alone shall be deemed to be liable to make good all claims and demands whatsoever under and in respect of the moneys so borrowed or raised, and not the personal funds, property and other assets of the members of Board of Directors or Members of the Company, or their successors and assigns, who shall not be deemed to have incurred any personal liability or render themselves or himself personally subject or liable to any claim or demand.

24. To invest, lend or advance the moneys of the Company not immediately required in or upon such security and with or without interest and in such other investments as may be, from time to time, determined by the Company or the Board of Directors under the provisions of the Companies Act, 1956.

25. To make experiments alone or jointly with others with a view to improving the Company's business and further to procure the incorporation, registration or other recognition of the Company in any country, state, or place and to establish and regulate agencies for the purpose of Company's business.

26. To enter into any arrangement or agreement with any person, firm, company or entity, either Indian or Foreign, for the purpose of collaboration with such person, firm, company or entity in any business or transaction capable of being conducted so as to directly or indirectly benefit this Company.

27. To acquire, purchase, take over assets, businesses or undertakings of other companies or entities, which may conveniently or advantageously be combined with the business of the Company.

28. To remunerate (by cash or other assets or by the allotment of fully or partly paid-up shares or by calls on shares, debentures, debenture-stock or securities of this or any other company or in any other manner) whether out of Company's capital, profits or otherwise, to any person, firm, company or entity for services rendered or to be rendered to the Company or for assisting to place or guaranteeing the subscriptions of any share, debentures, debenture- stock, or other securities of the Company or for any other reason, which the Company may think proper, subject to the provisions of the Companies Act, 1956.

29. To ensure or guarantee the settlements on the Exchange, payment of advances, margins, credits, settlements on the Exchange, and other commercial obligations or commitments of such description as well as the fulfillment of contracts and other trading and commercial transactions of such descriptions, and to indemnify any person against the same as may be determined by the Board of directors from time to time.

30. To guarantee the payment of money secured by or payable under or in respect of any debentures, debentures-stock, bond, mortgage charge, security, contract or obligation of any person, persons or corporation or any authority.

31. To apply for, purchase, or otherwise acquire, any patent, trademark, copyright, brevet, invention, license, concession, and the like, conferring an exclusive or non-exclusive or limited right to use any secret or other information, which may seem capable of being used for any of the purposes of the Company, and to use, exercise, develop, or grant licenses in respect of the aforesaid.

32. To open current accounts and/or other accounts with any bank, to pay money into and draw money from such accounts.

33. To establish, provide, maintain and conduct research and training centre by engaging on remuneration necessary technical, research, teaching and administration personnel in pursuit of the objects of the company or otherwise, workshops and libraries for researches, experiments and tests of all kinds and to undertake and carry out research and investigations, to process, improve and invent new and better techniques and methods and products and to improve or secure any process, patent, copy- right which the company may acquire or deal with and to promote and publish studies, researches, surveys and investigations, either independently by the company or by providing, subsidizing, endowing or assisting schools, colleges, universities, workshops, libraries, lectures, meetings, exhibitions and conferences and by providing for the remuneration of technical personnel or teachers, research workers and inventors, or generally to encourage, promote and reward studies, researches, experiments, tests and inventions of any kind which may be considered likely to assist any of the objects of the Company.

34. To promote, sponsor, undertake and carry out rural development, including any programme for promoting the social and economic welfare of, or the upliftment of the people in any rural area and to incur any expenditure on anyPART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 181 programme or rural development and to assist promotion or execution thereof, either directly or through an independent agency or by making contributions or giving donations or in any other manner.

35. To procure the registration, incorporation or recognition of the Company under the laws or regulations of any country.

36. To employ experts to investigate and examine into the condition, management prospects, value, character, and circumstances of any business, concern and undertaking.

37. To undertake and execute any trusts for the benefit of employees and also to undertake the office of trustees for debenture-holders or debenture-stock holders of a Company and to appoint trustees to hold securities on behalf of and to protect the interests of the Company.

38. To obtain any provisional order or Act of the Government for enabling the Company to carry any of its objects or for effecting any modification of the Company's constitution.

39. To enter into arrangements with any Government or Authority, and to obtain from any of them any rights, privileges and concessions, which the company may think necessary or desirable for furtherance of its objects.

40. To distribute any of the Company's property among the members in specie in the event of winding-up, subject to the provisions of the companies Act, 1956.

41. To establish competitions in respect of information suitable for insertion in any publication or otherwise for any of the purposes of the company, and to offer and grant prizes, rewards, gifts and premiums of such character and on such terms as may seem expedient.

42. To receive any gift of immoveable or moveable property and offering or voluntary donation or bequest and legacy from any person or entity for all or any of the objects of the Company/with or without any specific conditions/provided such receipts of the conditions attached are not inconsistent with the objects of the company. All such gifts, donations, grants, offerings, legacies and bequests, including land, buildings and other immoveable properties, shall be treated as forming part of the property of the Company and shall be applied accordingly.

43. To provide for welfare of the employees or ex-employees, directors or ex–directors of the Company and wives, and families or the dependents of such persons, by grant of money/pension, allowances, bonus or other payments or by creating and from time to time subscribing or contributing to provident fund and other associations, institutions, trusts and by providing or subscribing towards medical or other assistance as the Company shall think fit and to subscribe or to contribute or otherwise assist charitable, benevolent, national, and/or other institutions or objects.

44. To provide for and furnish or secure to any subscriber or purchaser or processor of any publication of the Company, or of any coupon or ticket issued with any publication of the Company, any convenience, advantage, benefit or special privilege which may seem expedient.

45. To pay all costs, charges, and expenses incurred or sustained in or about the promotion, incorporation and establishment of the Company or which the Company shall consider being preliminary out of the funds of the Company.

46. To refer to or agree to refer any claim, demand, dispute or any other question by or against the Company or in which the Company is interested or concerned, and whether between the Company and the member or members or his or their representatives, or between the Company and third party, to arbitration and to observe and perform and to do all acts, matters and things to carry out or enforce the awards, subject to the Articles of Association, Rules, Bye-Laws, and Regulations of the Exchange.

47. To apply for, promote, and obtain any statute, order, regulation or other authorizations or enactment which may seem calculated directly or indirectly to benefit the Company and to oppose any bills, proceedings, or applications.

48. To sell, dispose of or transfer the business property and undertaking of the Company, or any part thereof for any consideration which the Company may deem fit to accept.

49. To obtain know-how in order to utilize it or provide the same in India and abroad, and grant such know-how on such terms and conditions as may be beneficial to the Company, and to establish, maintain, conduct, provide, procure or make available all types of services and to take such steps as may be necessary for the purpose of examining, inspecting and carrying out tests for the purpose of market research in respect of any project.

182 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

50. To purchase, take on lease or in exchange, hire and otherwise acquire and maintain any lands, buildings, and easements, or any immoveable or moveable property, patents, licenses, rights and privileges which the Company may think necessary or convenient for the purpose of its business and to pay for the same either in cash or in shares or securities and to sell, let, lease or under lease or otherwise dispose of or grant right over any moveable or immoveable property, rights and privileges belonging to the Company.

51. To adopt such means of making known the business or particular transactions in which the Company is interested, as may seem expedient, and in particular by advertising in the press, by circular, by purchase and exhibition of works of interest, by publication of books and periodicals and by granting prizes, rewards etc.

52. To take part in supervision or control of the business or operation of any company or undertaking doing similar or related business.

53. To effect all such insurance in relation to the carrying on of the Company's business and any risks incidental thereto as may seem expedient, and if thought fit, to join or become a member of any mutual insurance company or to carry a part or the whole of such insurance risk in connection with the Company's business.

54. To promote any company or companies for the purpose of acquiring all or any of the property rights and liabilities of this Company for carrying on any business which this Company is authorised to carry on or for any other purposes which may seem directly or indirectly calculated to benefit this company or to promote or advance the interest of this Company.

55. To act as technical and management consultants in relation to all aspects of data processing, data processing systems, computer systems, application and system software, process control systems, computers and all branches computer science in India and abroad and further act as agent for Indian and international entities providing the equipment and services in the areas of management science and computer science and to buy, sell, import, hire, lease, install, maintain and use equipment and accessories, know-how and services, software and hardware related to all aspects of management services and computer science.

56. To cater, prepare, evolve, buy, sell, information technology solutions to any industry by providing software, hardware, local area-wide area, connectivity and net working, off shore information technology projects – consultancy, value added, reseller or software systems and solutions and consultancy, and to act as software developer, buyer, seller, exporter and importer.

57. To act as custodian or depository of warehouse receipts of all kinds, by itself or in association with or through any other company or person or department or authority for purposes of storage in any form.

58. To establish and maintain or to arrange or appoint agents, to establish and maintain clearing house for the objects and purposes of the Company or maintain a holding and clearing corporation, depository clearing house or establish and maintain division and to control and regulate the working and administration thereof.

59. To act as trustees of any deeds constituting or securing any debentures, debentures stock of other securities or obligations and to undertake and execute any other trusts and also undertake the office of or exercise the powers of executors, administrators, receiver, custodian and trust corporation.

60. To constitute any trust with a view to issue preferred and deferred or any other special stocks, securities certificates or other documents based upon or representing any shares, stocks, securities certificates or other documents or other assets appropriated for the purpose of any such trust and to settle and regulate, and if required, to undertake and execute any preferred, deferred or other special stocks, securities, certificates or documents.

61. To use the distribution network and systems infrastructure of the company, independently or in association with the Members of the Exchange, or other intermediaries and to support agencies and institutions, to distribute various products and services, within the country and outside, for a fee or charge or otherwise, to further the objects of the company and to use its investment, reach and penetration most optimally.

62. To do all other acts and functions as may be directly or indirectly associated with or incidental to or in consonance with the accomplishment of any of the aforesaid objects.

NIL

IV. The Liability of the members is Limited.

V. The Authorised Share Capital of the Company is Rs. 110,00,00,000/- (Rupees One Hundred and Ten Crore) divided into 22,00,00,000 (Twenty Two Crore) Equity Shares of Rs. 5 /- (Rupees five) each.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 183

We, the several persons, whose names and addresses are subscribed hereto are desirous of being formed into a Company in pursuance of THIS MEMORANDUM OF ASSOCIATION and we respectively agree to take the number of shares in the Capital of the Company, set opposite our respective names:-

S. No	Name, Addresses, Description and Occupation of each subscriber	Number and type of Shares	Signature of subscribers	Name, Addresses, Description and Signatures of witnesses
1. 2. 3. 4. 5. 6. 7.	Indiabulls Financial Services Limited, F-60, Malhotra Building, 2nd Floor, Connaught Place, New Delhi (Business) Through Authorized Representative: Karan Singh S/o Shri Dal Singh, 1408, Urban Estate Jind Haryana 126102 (Service) Tejinderpal Singh Miglani, S/o Shri M. S. Miglani, R/o A-1/166, Ground Floor, Safdarjung Enclave, New Delhi-110029 (Service) Nominee of Indiabulls Financial Services Limited Matbeer Singh, S/o Shri Pratap Singh, R/o F- 6/25, Sadatpur, Karawal Nagar. Delhi- (Service) Nominee of Indiabulls Financial Services Limited Ashok Sharma, S/o Shri R.D. Sharma R/o III F-50, Rakesh Marg, Nehru Nagar, Ghaziabad (U.P.) (Service) Nominee of Indiabulls Financial Services Limited Sanjeev Ranjan S/o Late Shri Bindeshwari Kumar, R/o 597, Niti Khand III, Indirapuram, Ghaziabad, (Service) Nominee of Indiabulls Financial Services Limited Satish Chand S/o Shri Vijay Pal Singh, R/o Flat No. H-66, Plot No. 6, DGS Co- Operative, Group Housing Soceity, Sector 22, Dwarka, New Delhi -110075 (Service) Nominee of Indiabulls Financial Services Limited Somesh Singh S/o Shri Banteshwari Prasad Singh, R/o B-2, Hari Appartment, Amar Enclave, Behind Hotel West View, East Model Town, G.T. Road, Ghaziabad (U.P.) 201001 (Service) Nominee of Indiabulls Financial Services Limited T OTAL	49,994 Equity Shares 1 Equity Share 1 Equity Share 1 Equity Share 1 Equity Share 1 Equity Share 1 Equity Share	Sd/- Sd/- S d/- S d/- Sd/- S d/- S d/-	Sd/- (Amit Jain) S/o Sh. P. K. Jain I witness the signatures of all the subscribers Company Secretary M.No.: FCS 5433 1116, Sector-4, Urban Estate, Gurgaon-122001
		50,000 Equity Shares

Place- New Delhi Date: 11.08.2008184 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

THE COMPANIES ACT, 1956

(COMPANY LIMITED BY SHARES)

ARTICLES OF ASSOCIATION Of

INDIAN COMMODITY EXCHANGE LIMITED

PRELIMINARY

1. Subject to the provisions contained in these Articles, the regulations contained in Table A shall apply to the Company, except insofar as they are embodied in the following Articles, which shall be the regulations for the management of the Company.

DEFINITIONS AND INTERPRETATIONS

2. (i) In these Regulations :-

(a) "Affiliate" shall mean, with respect to IBFSL and / or MMTC, a corporate entity directly or indirectly owned or controlled by the Party and/or its promoters, or under common ownership or control of the Party specified, provided, further, that for purposes of these present, the Company will not be deemed an Affiliate of either Party. The term "own" as used in this definition means ownership of more than 50 % of the equity interests or rights to distributions on account of equity of the Party or Person and the term "control" as used in this definition means the power to direct the management or policies of the Person specified including the power to appoint majority of the directors on the board of such Person.

(aa) 'Affirmative Vote Matters' shall have the meaning as set forth in Article 139A hereof.

(ab) 'Auditor' means the statutory auditors of the Company appointed by the Company in accordance with the provisions of the Act.

(b) 'Board' means the Board of Directors for the time being of the Company.

(d) "Bye-laws", "Rules" and "Regulations" means the Bye-laws, Rules and Regulations of the Exchange for the time being in force.

Explanation: "Rules" shall include Memorandum and Articles of Association of the Company.

(e) 'Chairman' means the Chairman of the Board for the time being of the Company

(f) "Clearing House" is one which acts as the common agent of the members of the Clearing House for clearing contracts between members and for delivering commodities to and receiving commodities from members in connection with any of the contracts and to do all things necessary or proper for carrying out the foregoing purposes. The functions of the Clearing House may be performed by the Exchange or any other agency identified by the Exchange for this purpose.

(g) "Commodity" shall include goods as defined under Forward Contracts (Regulation) Act, 1952 and includes any statutory modification, replacement or re-enactment thereof for the time being in force.

(h) 'Director' means a member of the Board for the time being of the Company and includes an alternate director.

(i) 'Debenture' includes debenture stocks.

(j) "Depository" means a company formed and registered under the Companies Act, 1956 (1 of 1956), and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(k) 'Dividend' includes interim dividend.

(l) "Exchange" means the Exchange owned and / operated by this Company to facilitate trading, clearing and settlement in contracts for commodities, securities or any other instrument or derivatives thereof.

(m) "Forward Markets Commission" or "Commission" or "FMC" shall mean the Forward Markets Commission established by the Government of India in accordance with the Forward Contracts (Regulation) Act, 1952.

(n) 'General Meeting' means a general meeting of the members.

(na) 'IBFSL' means Indiabulls Financial Services Limited, a public limited company registered under the Companies Act, 1956 and having its Registered Office at F-60, Malhotra Building, 2nd Floor, Connaught Place, New Delhi –110 001, and includes its successors.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 185

(nb) 'IBFSL Director(s)' shall mean the director(s) nominated by IBFSL on the Board of the Company in accordance with Article 120 (c) hereof.

(o) 'Managing Director' means the Managing Director(s) for the time being of the Company so appointed.

(p) 'Member' or 'Shareholder' means duly registered holder of the shares of the Company and whose name is entered in the Register and any other person whose name is entered as Beneficial Owner in the records of the Depository.

(pa) 'MMTC' means MMTC Limited, a Government Company within the meaning of the Companies Act, 1956 and having its Registered Office at Core – 1, SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi – 110 003, and includes its successors.

(pb) 'MMTC Director(s)' shall mean the director(s) nominated by MMTC on the Board of the Company in accordance with Article 120 (c) hereof.

(pc) 'MMTC Trust' shall mean the Trust to be established by MMTC Limited for the welfare of its present and ex- employees.

(q) 'Month' means calendar month.

(r) 'Office' means the Registered Office for the time being of the Company.

(s) 'Party' means IBFSL, MMTC and The Company, which have entered into the Shareholders' Agreement.

(t) 'Person' includes body corporate, firm, association of firms and society registered under the Societies Registration Act.

(u) 'Proxy' includes an Attorney duly constituted under a Power of attorney.

(v) 'Register' means the Register of members kept pursuant to Section 150 of the Act.

(w) 'Shareholders' Agreement' shall mean the agreement dated February 12, 2009 executed by and between Indiabulls Financial Services Limited, MMTC Limited and the Company (including the Schedules thereto and any amendments to such agreement made by the said executing parties), setting forth their mutual rights and obligations as well as terms and conditions governing their relationship as the Shareholders of the Company, inter se as well as with the Company, including in relation to the transfer of their shares and the management of the Company.

(x) 'Shares' mean voting shares in the capital of the Company and includes all rights and interests therein, bonus shares and any shares issued in exchange thereof by way of conversion or reclassification and any shares representing or deriving from such shares as a result of any increase in or reorganisation or variation of the capital of the Company.

(y) 'Seal' means the Common Seal for the time being of the Company.

(z) 'Table A' means the Table A of the First Schedule to the Act.

(za) 'the Company' means INDIAN COMMODITY EXCHANGE LIMITED

(zb) 'The Act' means the Companies Act, 1956 and includes any re-enactment or statutory modification thereof for the time being in force.

(zc) 'These presents' means the Memorandum of Association and these Articles of Association of the Company for the time being in force.

(zd) 'Whole time Director' means the Whole time Director for the time being of the Company.

(ii) (a) Unless the context otherwise requires, words or expression contained in these Regulations shall bear the same meaning as in the Act, Forward Contracts (Regulation) Act, 1952 or any statutory modification thereof.

(b) 'In writing' and 'written' includes printing, lithography and any other modes of representing or reproducing words in a visible form.

186 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

SHARES 3. Copies of Memorandum and Articles of Association of the Company shall be furnished to every member of the Company at his request on payment of Rs. 1 (One) each.

4. The Authorized Share Capital of the Company is as mentioned in Clause V of the Memorandum of Association of theCompany. The paid up capital of the company shall not be less than Rs. 5,00,000/- (Rupees Five Lac) or such higher sum as may be prescribed by the Act.

5. Subject to the provisions of Section 80 of the Companies Act, 1956, the Company may issue preference shares, which are or at the option of the Company are liable to be redeemed and/or converted into equity share capital, on such terms and in such manner and time, as the resolution authorising such issue shall prescribe.

6. Subject to the provisions of these Articles and subject to the prior approval of the FMC and in accordance with the guidelines issued by the FMC in this behalf, the shares shall be under the control of the Board who may allot or otherwise dispose of the same to such person, on such terms and conditions, at such times, either at par or at a premium and for such consideration as the Board thinks fit'.

7. The Directors may allot and issue shares in the Capital of the Company as partly or fully paid up in consideration of any property sold or goods transferred or machinery supplied or for services rendered to the Company in the conduct of its business.

8. Unless the shares of the Company are held with a Depository, the shares in the Capital shall be numbered progressively according to their several denominations.

9. Except as required by law, no person shall be recognised by the Company as holding any shares upon any trust, and the Company shall not be bound by, or be compelled in any way to recognise (even when having notice thereof), any equitable, contingent, future or partial interest in any share, or any interest in any fractional part of a share or (except only as by these regulations or by law otherwise provided) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

10. The Company may pay commission to any person prescribed under Section 76 of Act and that such commission may be paid in cash or by the allotment of fully or partly paid shares or partly in one way and partly in the other. The Company may also on any issue of shares or debenture pay such brokerage as may be lawful.

11. Save as permitted by Section 77 of the Act, the funds of the Company shall not be employed in the purchase of or lent on the security of, shares of the Company.

The Company shall not give, directly or indirectly, any financial assistance whether by way of loan, guarantee, security or otherwise any financial assistance for the purpose of or in connection with any purchase of or subscription for any shares in the Company.

12. Subject to the provisions of section 77A, 77AA and 77B and any statutory amendments or reenactments thereof and compliance of the provisions thereof by the Company, the Company is authorized to purchase its own shares or other specified securities.

13. Subject to the provisions of section 78 and section 79 of the Act, the Company may issue shares at a premium or at a discount.

14. The Company, subject to the provisions of section 79A of the Act, may issue sweat equity shares of a class of shares already issued. All the limitations, restrictions and provisions relating to equity shares shall apply to such sweat equity shares.

15. If, by the conditions of issue of any shares, the whole or part of amount of issue price thereof shall be payable in installments, every such installment shall, when due, be paid to the Company, by the person who, for the time being, shall be the registered holder of the share or by his executor or administrator as the case may be.

16. The Joint holders of a share shall be severally as well as jointly liable for the payment of all installments and calls due in respect of such share.

17. Share(s) may be registered in the name of any person, company or other body corporate. Not more than three persons shall be registered as joint holders of any shares. Shares may be registered in the name of any minor through a guardian only as fully paid shares.

FURTHER ISSUE OF SHARES

18 Where at the time after the expiry of two years from the formation of the company or at any time after the expiry of one year from the allotment of shares in the company made for the first time after its formation, whichever isPART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 187 earlier, it is proposed to increase the subscribed capital of the company by allotment of further shares either out of the un-issued capital or out of the increased share capital then:

(a) such further shares shall be offered to the persons who at the date of the offer, are holders of the equity shares of the company, in proportion, as near as circumstances admit, to the capital paid up on those shares at the date.

(b) such offer shall be made by a notice specifying the number of shares offered and limiting a time not less than thirty days from the date of the offer and the offer if not accepted will be deemed to have been declined.

(c) the offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce the shares offered to them in favor of any other person and the notice referred to in sub clause (b) hereof shall contain a statement of this right. PROVIDED THAT the Directors may decline, without assigning any reason to allot any shares to any person in whose favour any member may renounce the shares offered to him.

(d) After expiry of the time specified in the aforesaid notice or on receipt of earlier intimation from the person to whom such notice is given that he declines to accept the shares offered, the Board may dispose off them in such manner and to such person(s) as they may think, in their sole discretion, fit.

19. Notwithstanding anything contained in clause 18 thereof, the further shares aforesaid may be offered to any persons (whether or not those persons include the persons referred to in clause (a) of sub-clause (18) hereof) in any manner whatsoever.

(a) If a special resolution to that effect is passed by the Company in General Meeting, or

(b) Where no such special resolution is passed, if the votes cast (whether on a show of hands or on a poll as the case may be) in favour of the proposal contained in the resolution moved in the general meeting (including the casting vote, if any, of the Chairman) by the members who, being entitled to do so, vote in person, or where proxies are allowed, by proxy, exceed the votes, if any, cast against the proposal by members, so entitled and voting and the Central Government is satisfied, on an application made by the Board in this behalf that the proposal is most beneficial to the Company.

20. Nothing in sub-clause (c) of clause 18 hereof shall be deemed:

(a) to extend the time within which the offer should be accepted; or

(b) to authorize any person to exercise the right of renunciation for a second time on the ground that the person in whose favour the renunciation was first made has declined to take the shares comprised in the renunciation.

21. Nothing in this Article shall apply to the increase of the subscribed capital of the Company caused by the exercise of an option attached to the debenture issued or loans raised by the Company:

(i) to convert such debentures or loans into shares in the Company: or

(ii) to subscribe for shares in the Company (whether such option is conferred in these Articles or otherwise).

PROVIDED THAT the terms of issue of such debentures or the terms of such loans include a term providing for such option and such term:

(a) either has been approved by the Central Government before the issue of the debentures or the raising of the loans or is in conformity with the rules, if any, made by that Government in this behalf: and

(b) In the case of debentures or loans or other than debentures issued to or loans obtained from Government or any Institution specified by the Central Government in this behalf, has also been approved by a special resolution passed by the Company in General Meeting before the issue of the debentures or raising of the loans.

EMPLOYEE STOCK OPTIONS/STOCK PURCHASE

22. Subject to the provisions of Section 81 of the Act and other applicable law, the Company may issue options to the whole-time directors, officers or employees of the Company, its subsidiaries or its parent, which would give such directors, officers or employees, the benefit or right to purchase or subscribe at a future date, the securities offered by the Company at a pre-determined price, in term of schemes of employee stock options or employees share purchase or both.

The Company shall issue Equity shares aggregating up to 20,00,000 for an amount of Rs. 10/- per share, for an aggregate consideration of Rs. 2,00,00,000/- (Rupees Two crores only) to the MMTC Trust to be established by MMTC for the welfare of its present and ex-employees188 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV INCREASE AND REDUCTION OF CAPITAL

23. The Company in General Meeting may, from time to time, by ordinary resolution increase the share capital of the Company by the creation of new shares by such sum, to be divided into shares of such amount as may be deemed expedient.

24. Subject to any special rights or privileges for the time being attached to any shares in the capital of the Company when issued, the new shares may be issued upon such terms and conditions and with such preferential, qualified or such rights and privileges or conditions there to as general meeting resolving upon the creation thereof shall direct. If no direction be given, the Board shall determine in particular the manner in which such shares may be issued with a preferential or qualified right to dividends and in the distribution of assets of the Company. However the Shares so issued shall be subject to prior approval of the FMC.

25. Before the issue of any new shares, the Company in General Meeting may make provisions as to the allotment and issue of the new shares and in particular may determine to whom the shares be offered in the first instance and whether at par or premium or at a discount. In case no such provision is made by the Company in General Meeting, the new shares may be dealt with according to the provisions of these Articles.

26. Except so far as otherwise provided by the conditions of issue or by these presents any capital raised by the creation of new shares shall be considered part of the then existing capital of Company and shall be subject to the provisions herein contained with reference to the payment of dividends, calls and installments, transfer and transmission, forfeiture, lien, voting, surrender and otherwise.

27. If, owing to any inequality in the number of new shares to be issued and the number of shares held by members entitled to have the offer of such new shares, any difficulty arising in the allotment of such new shares or any of them amongst the members shall, in the absence of any direction in the resolution creating the shares or by the Company in general meeting, be determined by the Board.

28. Subject to the provisions of sections 100 to 103 of the Act, the Company may, from time to time in any manner, by special resolution and subject to any consent required under sections 100 to 103 of the Act, reduce:

a. its share capital

b. any capital redemption reserve

c. any share premium account.

29. Subject to provisions of sections 100 to 105 of the Act, the Board may accept from any member the surrender, on such terms and conditions as shall be agreed, of all or any of his shares.

ALTERATION OF SHARE CAPITAL

30. The Company, by ordinary resolution may, from time to time:

a) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares.

b) sub-divide its share or any of them into shares of smaller amount than is fixed by the Memorandum of Association so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived.

c) Cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of share so cancelled. Provided that at no point of time, the total paid up equity capital of the Company be less than Rs. 100 crores

31. Where any share capital is sub-divided, the Company in General Meeting, subject to the provisions of Section 85, 87 and 106 of the Act, may determine that as between the holders of the shares resulting from sub-division, one or more of such shares shall have same preferential or special rights as regards dividend, payment of capital, voting or otherwise.

VARIATION OF SHARE HOLDER'S RIGHTS

32. If at any time the share capital is divided into different classes of shares, all or any of the rights and privileges attached to any class (unless otherwise prohibited by the terms of issue of the shares of that class) may, subject to the provisions of sections 106 and 107 of the Act, whether or not the Company is being wound up, be modified, commuted, affected, abrogated, varied or dealt with by the consent in writing of the holders of not less than three fourths of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of three fourths of the issued shares of that class. To every such separate meeting the provisions of these regulations relating to general meeting shall mutatis mutandis apply but so that necessary quorum shall be five members or all the members holding or represented by proxy of the entire issued share of the class in the question.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 189

SHARE CERTIFICATES

33. Every member shall be entitled, without payment, to one or more certificates in marketable lots, for all the shares of each class or denomination registered in his name, or if the Directors so approve (upon paying such fee as the Directors may from time to time determine) to several certificates, each for one or more of such shares and the Company shall complete and have ready for delivery such certificates within three months from the date of allotment, unless the conditions of issue thereof otherwise provide, or within one month of the receipt of application of registration of transfer, transmission, sub-division, consolidation or renewal of any of its shares as the case may be. Every certificate of shares shall be under the seal of the Company and shall specify the number and distinctive numbers of shares in respect of which it is issued and amount paid-up there on and shall be in such form as the Directors may prescribe or approve, provided that in respect of a share or shares held jointly by several persons, the Company shall not be bound to issue more than one certificate and delivery of a certificate of shares to one of several joint holders shall be sufficient delivery to all such holder..

The provisions of this Article shall mutatis mutandis apply to debentures of the Company.

Nothing contained herein shall apply to transfer of a security effected by the transferor and the transferee both of whom are entered as Beneficial Owners in the records of a Depository.

34. The certificate of shares registered in the name of two or more persons shall be delivered to the person first named in the Register.

35. If any certificate be worn out, defaced, mutilated or if there be no further space on the back thereof for endorsement of transfer, then upon production and surrender thereof to the Company, a new certificate may be issued in lieu thereof, and if any certificate lost or destroyed then upon proof thereof to the satisfaction of the Company and on execution of such indemnity as the Company deem adequate, being given, an & new certificate in lieu thereof shall be given to the party entitled to such lost or destroyed certificate. Every Certificate under the Article shall be issued without payment of such fees (not exceeding Rs. 2/- for each certificate) as the Directors shall prescribe. Provided that no fee shall be charged for issue of new certificates in replacement of those which are old, defaced or worn out or where there is no further space on the each thereof for endorsement of transfer.

Provided that notwithstanding what is slated above the Board shall comply with such Rules or Regulation or requirement of any stock exchange or the Rules made under the Securities Contract Regulations Act, 1956 or the Act, or rules applicable in this behalf.

The provisions of this Article shall mutatis mutandis apply to debentures of the Company.

36. If the securities of the Company are dealt with in a Depository, the Company shall intimate the details of allotment of securities to Depository immediately on allotment of such securities.

CALLS

37. The Board may, from time to time, subject to terms on which any shares may have been issued and subject to the provisions of Section 91 of the Act, make such calls as the Board thinks fit upon the members in respect of all moneys unpaid on shares held by them respectively and not by the conditions of allotment thereof made payable at fixed times. Each member shall pay the amount of every call so made on him to the persons and the times and places appointed by the Board, provided that option or right to make call on shares shall not be given to any person except with the sanction of the Company in a General Meeting. A call may be made payable by installment and be deemed to have been made at the time when the resolution of the Board authorising such call was passed at a meeting of Board.

38. No call shall exceed one fourth of the nominal amount of a share or be made payable at less than one month from date fixed for the payment of the last preceding call. Not less than fourteen days' notice of any call shall be given specifying the time and place of payment and the person or persons to whom such call, shall be paid. Provided that, before the time for payment of such call the Board, may, by notice in writing to the members, revoke the same or extend the time for payment thereof.

39. If by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by installments at fixed times, whether on account of the nominal amount of the share or by way of premium, every such amount or installment shall be payable as if it were call duly made by the Board and of which due notice has been given and all the provisions herein contained in respect of calls or otherwise shall relate to such amount or installment accordingly.

40. If the sum payable of any call or installment be not paid on or before the day appointed for payment, the holder for the time being of the shares in respect of which the call shall have been made or the installment shall be due, shall pay interest for the same at such rate not exceeding 18 % (Eighteen percent) per annum from the day appointed for the payment thereof to the time of the actual payment or at such other rate as the Directors may determine from time to190 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV time. The Directors may in their absolute discretion waive the payment of interest, wholly or in part in the case of any person liable to pay such call or installment.

PAYMENT IN ANTICIPATION OF CALL MAY CARRY INTEREST

41. The Board may, if they think fit, subject to the provisions of Section 92 of the Act, agree to and receive from any member willing to advance the same whole or any part of the moneys due upon the shares hold by him beyond the sums actually called for and upon the amount so paid or satisfied in advances, or so much thereof as from time to time exceeds the amount of the calls than made upon the shares in respect of which such advance has been made, the Company may pay interest provided that money paid in advance of calls shall not confer a right to participate in profits or dividend. The Board may at any time repay the amount so advanced. The Company may pay interest at such rate not exceeding 18 % (Eighteen) or as determined by the Board from time to time unless the Company in General Meeting shall otherwise direct.

42. The members shall not be entitled to any voting rights in respect of the moneys so paid by them the same would but for such payment, become presently payable.

43. The provisions of these Articles shall mutatis mutandis apply to the calls on debentures of the Company.

44. Subject to the provisions of the law of Evidence and Procedure, on the trial or hearing or any action or suit brought by the Company against any share holder or his representative to recover any debt or money claimed to be due to the Company in respect of his shares, it shall be sufficient to prove that the name of the defendant is or was, when the claim arose on the Register of the Company as a holder or one of the holders, of the number of shares in respect of which such claim is made and that the amount claimed is not entered as paid in the books of the Company and it shall not be necessary to prove the appointment of the Directors who made any call nor that a quorum of Directors was present at the Board at which any call was made nor that the meeting at which any call was made was duly convened or constituted, nor any other matter by the proof of the matters aforesaid shall be conclusive evidence of the debt.

45. No member shall be entitled to exercise any voting rights either personally or by proxy at any meeting of the Company in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the Company has exercised any right of lien.

46. A call may be revoked or postponed at the discretion of the Board.

47. The Directors may from time to time, at their discretion extend the time fixed for the payment of any call and may extend such time as to all or any of the members who on account of residence at a distance or some other cause, may be deemed fairly entitled to such extension, but no member shall, as a matter of right, be entitled to such extension (save as a matter of grace and favour).

48. Every member, his executors or administrators shall pay to the Company the proportion of the Capital represented by his share or shares which may for the time being, remain unpaid thereon in such amount at such time or times and in such manner as the Directors shall, from time to time, in accordance with the Company's regulations, require or fix for the payment thereto.

SHARES AT THE DISPOSAL OF THE DIRECTORS

49. Subject to the provisions of Section 81 of the Act and these Articles, the shares in the capital of the Company for the time being shall be under the control of the Directors who may issue, allot or otherwise dispose of the same or any of them to such persons, in such proportion and on such terms and conditions and either at a premium or at par or (subject to the compliance with the provision of Section 79 of the Act) at a discount and at such time as they may from time to time think fit and with the sanction of the Company in the General Meeting to give to any person or persons the option or right to call for any shares either at par or premium during such time and for such consideration as the Directors think fit, and may issue and allot shares in the capital of the Company on payment in full or part of any property sold and transferred or for any services rendered to the Company in the conduct of its business and any shares which may so be allotted may be issued as fully paid up shares. Provided that option or right to call on shares shall not be given to any person or persons without the sanction of the Company in a General Meeting.

FORFEITURE OF SHARES

50. If a member fails to pay any sum payable in respect of any call or any installment of a call, on or before the day appointed for payment thereof, the Board may at other rights, incidental to the share except any such of those rights as by these any time there after during such time as any part of the said call or installment remains unpaid, serve a notice on such member requiring payment of so much of the call or installment as is unpaid together with anyPART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 191 interest which may have accrued and all expenses that they may have been incurred by the Company by reason of such non-payment.

51. The notice aforesaid shall name a further day not being earlier than the expiry of thirty days from the date of service of notice, on or before which such call or payment required by notice, is to be made and a place at which such call or installment and such interest and expenses as aforesaid are to be paid. The notice shall state that in the event of non- payment, on or before the date so named the shares in respect of which such call or installment was payable shall be liable to be forfeited.

52. If the requirements of any such notice as aforesaid are not complied with, any shares in respect of which such notice has been given may at any time thereafter, before the payment of calls or installment, interest and expenses due in respect thereof has been made, be forfeited by a resolution of the Board to that effect. Such Forfeiture shall include all dividends declared in respect of the forfeited shares and not actually paid before the forfeiture, subject to section 205 A of the Act.

53. When any share shall have been so forfeited, notice of the forfeiture shall be given to the member in whose name it stood immediately prior to the forfeiture and an entry of the forfeiture with the date thereof shall forthwith be made in the Register of Members but no forfeiture shall in any manner be invalidated by any omission or failure to give such notice or to make such entry as aforesaid.

54. Any share so forfeited shall be deemed to be property of the Company, and may be sold or otherwise disposed off on such terms and in such manner as the Board thinks fit.

55. The Board may at any time before any share so forfeited shall have been sold or otherwise disposed off, annul the forfeiture upon such terms and conditions, as it thinks fit.

56. i). A person whose shares have been forfeited shall cease to be member in respect of forfeited shares, but shall not withstanding the forfeiture remain liable to the Company for all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares.

ii). The liability of such person shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares.

iii). The forfeiture of a share shall involve the extinction of all interest in and also for all claims and demands against the Company in respect of the shares and all Articles are expressly saved.

57. A duly verified declaration in writing that the declarant is a Director of the Company and that certain shares in the Company have been duly forfeited on a date stated in the declaration shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. The Company may receive the consideration, if any, given for the shares on any sale or disposal thereof and may execute a transfer of share in favour of the person to whom the share is sold or disposed of. On receipt by the Company of the consideration, if any given for the shares on the sale or disposition thereof, the transferee shall be registered as the holder of such shares and the purchaser shall not be bound to see to the application of purchase money, nor shall his title to such shares be affected by any irregularity or invalidity in the proceedings in reference to such forfeiture, sale or disposition.

58. The provisions of these regulations as to forfeiture shall apply in the case of non- payment of any sum which, by the terms of issue of a share becomes payable at a fixed time whether on account of the nominal value of the share or by way of premium as if the same has been payable by virtue of a call duly made and notified.

59. When any shares under the powers in that behalf herein contained are sold by the Directors and the certificate has not been delivered to the Company by the former holder of the said shares, the Directors may issue a new certificate for such shares distinguishing it in such manner as they may think fit from the certificate not so delivered.

60. Neither the receipt by the Company of a portion of any money which shall from time to time, be due from any member to the Company in respect of his shares, either by way of principal or interest, nor any indulgence granted by the Company in respect of the payment of any such money shall preclude the Board from thereafter proceeding to enforce a forfeiture of such shares as provided in these regulations for non-payment of the whole or any balance due in respect of the shares.

CONVERSION OF SHARES INTO STOCK

61. The Company may, by ordinary resolution:

i) Convert any paid-up shares into stock; and

ii) Reconvert any stock into paid-up shares of any denomination.

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62. The holders of stock may transfer the same or any part thereof in the same manner as, and subject to the same r egulations under which, the shares from which the stock arose might before the conversion have been transferred, or as near thereto as circumstances admit:

Provided that the Board may, from time to time, fix the minimum amount of stock transferable, so, however, that such minimum shall not exceed the nominal amount of the shares from which the stock arose.

COMPANY'S LIEN ON SHARES

63. The Company shall have a first and paramount lien upon all the shares (other than fully paid up shares) registered in the name of each member (whether solely or jointly with others) and upon the proceeds of sale thereof for all moneys (whether presently payable or not) called or payable at a fixed time in respect of such shares and no equitable interest in any shares shall be created except upon the footing and condition that this Article will have full effect. And such lien shall extend to all dividends and bonus from time to time declared in respect of such shares subject to section 205A of the Act. Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company's lien if any on such shares. The Directors may, at any time declare any share wholly or in part to be exempt from the provisions of this clause.

64. For the purpose of enforcing such lien the Board may sell the shares in such manner as it thinks fit, but no sale shall be made unless a sum in respect of which the lien exists is presently payable and until notice in writing of the intention to sell shall have been served on such member, his executor or administrator or other legal representative as the case may be and default shall have been made by him or them in payment of the sum payable as aforesaid in respect of such share for fourteen days after the date of such notice.

65. The net proceeds of the sale shall be received by the Company and applied in or towards payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall (subject to a like lien for sums not presently payable as existed upon share before the sale) be paid to the person entitled to the share at the date of the sale.

66. Upon any sale after forfeiture or surrender or for enforcing a lien purported in exercise of the powers herein conferred, the Board may appoint some person to execute the instrument of transfer of the share sold and cause the purchaser's name to be entered in the Register in respect of the share sold and the purchaser shall not be bound to see to the regularity of the proceedings nor to the application of the purchase money. After his name has been entered into the Register in respect of such share, the validity of the sale shall not be impeached by any person on any ground whatsoever and the remedy of any person aggrieved by such sale shall be in damages only and against the Company exclusively.

TERM OF ISSUE OF DEBENTURE

67. Any debentures, debentures stock or other securities may be issued at a discount, premium or otherwise and may be issued on condition that they shall be convertible into shares of any denomination and with any privileges and conditions as to redemption, surrender, drawing, allotment of shares, attending (but not voting) at the General Meeting, appointment of Directors and otherwise Debentures with the right to conversion into or allotment of shares shall be issued only with the consent of the Company in the General Meeting by a Special Resolution.

TRANSFER AND TRANSMISSION

68. Save as provided in Section 108 of the Act, no transfer of share shall be registered unless a proper instrument duly stamped and executed by or on behalf of the transferor and by or on behalf of transferee and specifying the name, address and occupation of the transferee has been delivered to the Company along with the certificate relating to the shares or if no such certificate is in existence along with the letter of allotment of the shares, in accordance with the provisions of Section 108 of the Act. The transferor shall be deemed to remain a member in respect of such share until the name of the transferee is entered in the Register in respect thereof. The signature of one credible witness who shall add his address shall duly attest each signature to such transfer. Provided, that, where on application in writing made to the Company by the transferee and bearing the stamp required for an instrument of transfer, it is proved to the satisfaction of the Board that the instrument of transfer signed by or on behalf of the transferor and by or on behalf of the transferee has been lost, the Company may register the transfer on such terms as the Board may think fit so as to indemnify the Company.

69. Application for the registration of the transfer of a share may be made either by the transferor or the transferee, provided that, where such application is made by the transferor, no registration shall, in the case of the partly paid share, be effected unless the Company gives notice of the application to the transferee in the manner prescribed by Section 110 of the Act, and subject to the provisions of these Articles, the Company shall, unless objection is made by the transferee within two weeks from the date of receipt of the notice, enter in the Register the name of the transferee in the samePART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 193 manner and subject to the same conditions as if the application for registration of the transfer was made by the transferee.

70. Every instrument of transfer of shares shall be in the form prescribed under the Act or as near thereto as the circumstances may admit and shall be in accordance with the provisions of Section 108 of the Act, from time to time.

71. No fee shall be charged for transfer of shares/ debentures or for effecting transmission or for registering any letters of probate, letters of administration and similar other documents.

72. Nothing contained in Article 70 and 71 shall apply to transfer of a security effected by the transferor and the transferee both of whom are entered as Beneficial Owners in the records of a Depository.

73. No fee may be charged:

a). For splitting up, sub-division and consolidation of shares and debenture certificates and for splitting up and sub- division of Letters of Allotment and splitting, consolidation, renewal into denomination corresponding to the market Units of trading as per Rules of Stock Exchange concerned.

b). For sub-division of right shares offered to share holders.

c). For issue of new certificates in replacement of those which are old, decrepit or worn out or where the pages on the reverse for recording transfer have been fully utilized.

d). For registration of any power of attorney, probate or will, Letter of Administration or similar other documents.

74. Subject to the provisions of Section 111A of the Act the Directors may, at their own absolute and uncontrolled discretion and by giving reasons, decline to register or acknowledge any transfer of shares whether fully paid or not and the right of refusal, shall not as affected by the circumstances that the proposed transferee is already a member of the Company but in such cases, the Directors shall within one month from the date on which the instrument of transfer was lodged with the Company, send to the transferee and transferor notice of the refusal to register such transfer provided that registration of transfer alone or jointly with any other person or persons indebted to the Company on any account whatsoever except when the Company has a lien on the shares, transfer of shares/debentures in whatever lot shall not be refused.

75. Every instrument of transfer shall be left at the office of the Company for registration, accompanied by the certificate, of the shares to be transferred or if there is no certificate, the letter of Allotment thereto and such other evidence as the Board may require to prove the title of the transferor or his right to transfer the share. The Board may waive the production of any certificates upon production of evidence to them of its having been lost or destroyed. The Company shall retain every instrument of transfer, which shall be registered,, but any instrument of transfer which the Board may refuse to register shall be returned to the person depositing the same.

76. Subject to the provisions of Section 154 of the Act, the registration of transfer may be suspended at such times and for such periods as the Board may from time to time determine. Provided that, such registration shall not be suspended for more than thirty days at any one time or for more than forty-five days in the aggregate in any year.

77. If the Board refuses to register the transfer of or the transmission by operation of law of the right to any share, the Company shall within two months from the date on which the instrument of transfer or the intimation of such transmission, as the case may be, give notice of such refusal.

78. The executor or administrators of a deceased member (not being one of several joint holders) shall be the only persons recognised by the Company as having any title to the shares registered in the name of such member. In case of the death of any one or more of the joint holders of any registered shares, the survivors shall be the only person recognised by the Company as having any title to or interest in such shares. But nothing herein contained shall be taken to release Board may require him to obtain a Grant of Probate or letters of Administration or other legal representation as the case may be from some competent court. Provided nevertheless that in any case where the Board in its absolute discretion think fit, it shall be lawful for the Board to dispense with the production of Probatory letters of Administration or such other legal representation upon such terms as to indemnify or otherwise as the Board in its absolute discretion may consider necessary.

79. Any committee or guardian of a lunatic or infant member or any person be coming entitled to transfer of shares in consequence of the death, bankruptcy, insolvency of any member, upon producing such evidence that he sustains the character in respect of which he proposes to act under the Articles or of the title as the Board thinks sufficient, may with consent of the Board (which it shall not be under any obligation to give) be registered as a member in respect of such shares or any subject to the regulations as to transfer herein before contained.(The Article is hereinafter referred to as 'The transmission Article).

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80. Subject to Sec.205A of the Act, the Directors may retain the dividend payable upon the share to which any person becomes entitled to under Article 83 until such person shall become a member in respect of the shares.

81. a) If the person becoming entitled to shares under Article 83 shall elect to be registered as member in respect of the share himself, he shall deliver or send to the Company a notice in writing signed by him stating that he so elects.

b) If the person aforesaid shall elect to transfer the shares, he shall testify his election by execution of an instrument of transfer of shares.

c) All the limitations, restrictions and provisions of these Articles relating to the right to transfer and the registration of transfer of share shall be applicable to any such notice or transfer as aforesaid as if the death, insanity, bankruptcy or insolvency of the member had not occurred and the notice of transfer were a transfer signed by that member.

82. A person so becoming entitled under the transmission Articles to a share by reason of death, lunacy, bankruptcy or insolvency of a member shall, subject to the provision of the Articles or Section 206 of the Act, be entitled to the same dividend and other advantages to which he would be entitled if he was the member registered in respect of the share except that he shall not before being registered as a member in respect of the share be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company.

Provided that the Board may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share and if the notice is not complied with within ninety days, the Board may thereafter withhold payment of all dividends, bonuses or other money payable in respect of the share, until the requirements of the notice have been complied with.

83. The Company shall incur no liability or responsibility in consequence of its registering to give effect to any transfer of shares made or purporting to be made by any apparent legal owner thereof (as shown or appearing in the Register) to be prejudice or persons having or claiming any equitable right, title or interest to or in the said shares notwithstanding that the Company may have had notice of such equitable right, title or interest or notice prohibiting registration of such transfer and may have entered such notice referred thereto in any book of the Company and the Company shall not be bound or required to regard or attend or give effect to any notice which may be given to it of any equitable right, title or interest or be under any liability whatsoever for refusing or neglecting so to do, though it may have been entered or referred to in some book of the Company but the Company shall nevertheless be at liberty to regard or attend to any such notice and give effect thereto.

84. Notwithstanding anything contained herein above in these presents, no transfer of any shares of the Company held by IBFSL (or its Affiliates), MMTC or any other shareholder of the Company shall be permitted except as expressly provided under the Article 16 of the Shareholders Agreement dated 12th February, 2009 entered between the Company, MMTC and IBFSL and in the manner set out therein and subject to the guidelines issued by FMC from time to time.

BORROWING POWERS

85. The Board may from time to time subject to the sections 58A, 292 and 293 of the Act, at their discretion raise or borrow any sum or sums of money for the purpose of the Company and subject to the applicable provisions of the Act may secure payment or repayment of same in such manner and upon such terms and conditions in all respect as may be prescribed by the Board, in particular by the creation of any mortgage or charge or other encumbrances on any of the immovable properties of the company or hypothecation, pledge or charge on and over the Company's stocks, book debts and other movable properties.

Provided that the debt equity ratio at any time shall not exceed 10:1

86. The Board may raise or secure the payment of such sum or sums in such manner and upon such terms and conditions as they think fit and in particular, by the issue of bonds, perpetual or redeemable debentures or debenture-stock or any mortgage, charge or other security on the undertaking of the whole or any part of the property (both movable and immovable) of the Company both present and future including its uncalled capital for the time being or by giving, accepting or endorsing on behalf of the Company any promissory notes, bills of exchange or other negotiable instruments and no debenture shall carry any voting right whether generally or in respect of any particular class or classes of business.

87. If any uncalled capital is included in or charged by any mortgage of other security, the Directors may, by instrument under the Seal authorize the person in whose favour such mortgage or security is executed or any other person in trust for him to make calls on the member in respect of such uncalled capital, and the provisions herein before contained in regard to calls shall, mutatis mutandis apply to calls, made under such authority and may be made exercisable either conditionally and either presently or contingently and either, to the exclusion of the Director's powers or otherwise, and shall be assignable if expressed so to do.

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88. Any debenture-stock or other securities may be issued at a discount premium or otherwise and may be issued on condition that they shall be convertible into shares of any denomination, and with any privileges such as warrants etc. and conditions as to redemption, surrender, drawing, allotment of shares, attending at General Meeting, appointment of Directors and otherwise. The power to issue debenture stock or other securities with a right to allotment of or conversion into shares of any denomination shall only be exercised by the Company in the General Meeting.

89. Save as provided in Section 108 of the Act, no transfer of debentures shall be registered unless a proper instrument of transfer duly stamped and executed by the transferor and transferee has been delivered to the Company together with the certificates of the debentures.

90. If the Board refuses to register the transfer of any debentures of the Company, it shall within two months from the date on which the instrument of transfer was lodged with the Company, send to the transferee and to the transferor notice of the refusal.

91. Subject to section 201 of the Act, if any Director or any other person shall become personally liable for the payment of any sum primarily due from the Company, the Board may execute or cause to be executed any mortgage, charge or security cover for effecting the whole or any part of the assets of the Company by way of indemnity to secure the Director or any person so becoming liable, as aforesaid, from any loss in respect of such liability.

92. Subject to Section-58A, 292 and 293 of the Act and the Companies (Acceptance of Deposits) Rules, 1975 the Company may receive deposits on such terms and conditions and bearing interest at such rates as the Board may decide and fix and which may be made payable monthly, quarterly, half yearly or yearly. .

93. The Company may subject to the provisions of Section 208 of the Act, pay interest on so much of the share capital as is for the time being paid up and was issued for the purpose of raising money to defray the expenses of the construction of any work or building or the provision of any plant, which can not be made profitable for a lengthy period.

94. Debentures/debenture stock, loan/loan stock, bonds or other securities conferring the right to allotment or conversion into shares or the option or right to call for allotment of shares shall not be issued except with the sanction of the Company in General Meeting.

PROCEEDINGS AT GENERAL MEETING

95. In addition to any other meetings, a general meeting of the Company shall be held within such interval as specified in Section 166(1) of the Act, and subject to the provisions of Section 166(2) of the Act, at such times and places as may be determined by the Board. Each such general meeting shall be called an 'Annual General Meeting' and shall be specified as such in the notice convening the meeting. Any other meeting of the Company shall be called an Extra Ordinary General Meeting.

96. The Board may, whenever it thinks fit, call an Extra Ordinary General Meeting. If at any time there are not within India Directors capable of acting who are sufficient in number to form a quorum, the Directors present in India may call an Extra Ordinary General Meeting, in the same manner and as nearly as possible as that in which such a meeting may be called by the Board.

97. The accidental omission to give notice of any meeting to or the non-receipt of any such notice by any of the members or other persons entitled to receive such notice shall not invalidate any resolution passed at any such meeting.

98. No business shall be transacted at General Meeting of the Company unless a quorum of members is present at the time when the meeting proceeds to commence business. Five members present in person or by proxy, who shall include a representative each of MMTC and IBFSL (so long as each of IBFSL and MMTC along with their respective affiliates continue to hold at least 26% of the share capital of the Company), shall be the quorum for the meeting of the Company. No business shall be transacted at any General Meeting unless the requisite quorum shall be present throughout the meeting.

99. Any act or resolution which, under these Articles or the Act is permitted or required to be done or passed by the Company in General Meeting shall be sufficiently so done or passed if effected by an ordinary resolution as defined in Section 189(1) of the Act unless either the Act or the Articles specifically require such act to be done or resolution to be passed by a special resolution as defined in Section 189(2) of the Act.

100.The Chairman of the Board shall take the chair at every General Meeting. If there be no such Chairman or if at any meeting he shall not be present within fifteen minutes, or is unwilling to act, or if any of the Directors present decline to take the chair, then the members present shall choose one of their members being a member entitled to vote to be the Chairman of the meeting.

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101. If at the expiration of half an hour from the time appointed for holding a meeting of the Company, a quorum shall not be present, the Meeting, if convened by or upon the requisition of Members, shall stand dissolved. In any other case, the Meeting shall stand adjourned to the same time and place not earlier than seven days, but no later than twenty one days thereafter, as the Chairman may determine. The aforesaid quorum requirement shall also be applicable at such adjourned General Meeting. If a valid quorum is not present within half an hour from the time appointed for holding such adjourned General Meeting, the Members present thereat shall, notwithstanding anything to the contrary herein contained, constitute the quorum and all business transacted thereat shall be regarded as having been validly transacted, provided, however, that no Affirmative Vote Matters shall be discussed or transacted at any such adjourned General Meeting unless at least one representative each of MMTC and IBFSL is present at the commencement of such adjourned meeting and throughout its proceedings and has granted its consent to transact such Affirmative Vote Matter(s).

102. a) Every question submitted to a meeting shall be decided, in the first instance by a show of hands and in the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the meeting shall be entitled to a second or casting vote in addition to the vote to which he may be entitled as a member.

b) A declaration by the Chairman that a resolution has on a show of hands been carried unanimously or by a particular majority or lost and an entry to that effect in the minutes shall be conclusive evidence of the fact without further proof.

103.The Chairman of a General Meeting may adjourn the same from time to time and from place to place but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

104. At any General Meeting unless a poll is demanded before or on the declaration of the result of the voting on any resolution and on the show of hands demanded by the Chairman or by members holding not less than one-tenth of the total voting power in respect of the resolution or by members holding shares on which an aggregate sum of not less than fifty thousand rupees has been paid up, a declaration by the Chairman that a resolution has been carried unanimously or by a particular majority or lost or not carried by a particular majority and an entry to that effect in the book containing the minutes to the proceedings of the meeting of the Company shall be conclusive evidence of the fact without proof of the number of proportion of the votes recorded in favour or against the resolution.

105. a) If a poll is demanded as aforesaid it shall be taken forthwith on a question of adjournment or election of a Chairman of the meeting.

b) The person or persons who made the demand may withdraw the demand for a poll at any time before the poll is taken.

c) Where a poll is to be taken, the Chairman of the meeting shall appoint two scrutinizers, at least one of whom shall be a member (not being an officer/employee of the Company) present at the meeting, provided such a member is available and willing to be appointed, to scrutinise the votes given on the poll and to report thereon to him.

d) The result of the poll shall be deemed to be the decision of the meeting on the resolution on which the poll was taken. On poll a member entitled to more than one vote or his proxy or other persons entitled to vote for him, as the case may be need not, if he votes, use all his votes or casting the same way all the votes he uses.

(e) The demand for poll shall not prevent the meeting from transacting any business other than the business in respect of which a poll has been demanded.

VOTES OF MEMBERS

106. Subject to any rights or restrictions for the time being attached to any class or classes of shares:

(a) on a show of hands, every member present in person, shall have one vote, and (b) on a poll, the voting rights of Members shall be as laid down in Section 87 of the Act.

107. Except as conferred by Section 87 of the Act the holders of preference shares shall have no voting right. Where the holder of any preference share has a right to vote on any resolution in accordance with the provisions of Sub-Section 2 of Section 87 of the Act, his voting right on a poll as the holder of such share shall subject to the provision of Section 89 and sub-section (2) of Section 92 of the Act be in the same proportion as the Capital paid in respect of the preference share bears to the total paid up equity capital of the Company.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 197

108. Where a Company or body-corporate (hereinafter called "Member Company") is a member of the Company a person duly appointed by resolution in accordance with Section 187 of the Act to represent such member Company at a meeting of the Company shall not by reason of such appointment, be deemed to be a proxy and the production at the meeting of the copy of such resolution duly signed by one director of such member company and certified by him as true copy of the resolution shall, on production thereof at the meeting be accepted by the Company as sufficient evidence of the validity of his appointment. Such a person shall be entitled to exercise the same rights and powers, including the right to vote by proxy on behalf of the same member company or body-corporate which he represents, as that member Company or body corporate could exercise if it were an individual member.

109. Where there are joint registered holders of any shares any one of such persons may vote at any meeting either personally or by proxy in respect of such shares as if he were solely entitled thereto and if more than one of the said persons so present whose name stands first in the Register in respect of such shares shall alone be entitled to vote in respect thereof. Several executors or administrators of a deceased member in whose name any share stands shall for the purposes of this Article be deemed joint-holders thereof.

110. If any Member were unsound mind he may vote whether on show of hands or at a poll by his committee curator bonis or other legal curator and such last mentioned persons may give their vote by proxy on a poll. If any Member is a minor, his guardian may give the vote in respect of his share. If more than one person claim to exercise the right of vote under this clause, the Chairman of the Meeting may select in his absolute discretion any one person and will accept his vote.

111. No Member not present in person shall be entitled to vote on a show of hands, unless such member is a company or corporation present by a representative who may vote on the resolution as if he were a member of the Company.

112. On a poll, votes may be given either personally or by proxy or in the case of a Company, by a representative duly authorized as aforesaid.

113. Any Member of a Company entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person whether a member or not, as his proxy to attend and vote instead of himself but the proxy so appointed shall not have any right to speak at the meeting and shall not be entitled to vote except on a poll.

114. The instrument appointing a proxy shall be in writing under the hand of the appointer or of his attorney duly authorized in writing or, if such appointer is a body corporate under its common seal or under the hand of its attorney duly authorized. A proxy who is appointed for a specified meeting only shall be called a special proxy. Any other proxy shall be called a general proxy.

115. The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarial certified copy of that power or authority shall be deposited at the office not less than forty-eight hours before the time for holding the meeting at which the person named in the instrument proposes to vote and in default, the instrument of proxy shall not be treated as valid.

116. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or the revocation of the instrument of proxy or of the authority under which the proxy was executed or transfer of the shares in respect of which the proxy is given, provided that no intimation in writing of the death, insanity, revocation or transfer shall have been received by the Chairman at the office before the commencement of the Meeting provided nevertheless that the Chairman of any meeting shall be entitled to require such evidence as he may in his discretion think fit of the due execution of an instrument of proxy and that the same has not been revoked.

117. Every instrument appointing a special proxy shall, as nearly as circumstances admit, be in any of the forms as set out in Schedule IX to the Act or a form as near thereto as circumstances admit.

118. No Member shall be entitled to exercise any voting rights, either personally or by proxy, at any meeting of the Company in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the Company has exercised any right of lien.

119. i). Any objection as to the admission or rejection of a vote, on a show of hands or on a poll made in due time shall be referred to the Chairman of the meeting who shall forthwith determine the same and such decisions shall be final and conclusive.

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ii). No objection shall be raised to the qualification of any voter except at meeting or adjourned meeting at which the vote objected to is given or tendered and every vote not disallowed at such meeting shall be valid for all purposes.

DIRECTORS

120.

a) The number of Directors of the Company shall not be less than three and not more than seventeen inclusive of Government of India / Forward Market Commission (FMC) nominee and nominee directors in public interest as may be specified from time to time by FMC in this regard.

b) The first Directors of the Company were

1. Mr. Rajiv Rattan

2. Mr. Tejinderpal Singh Miglani

3. Mr. Ashok Sharma

c) A Shareholder shall, so long as it (together with its Affiliates) continues to hold the percentage level of shareholding in the share capital of the Company, as mentioned hereinbelow, be entitled to appoint as its nominee(s) such number of Director(s) on the Board of the Company as indicated against each level of shareholding:

Equity holding	Board representation
Greater than 26 % and less than or equal to 40%	03
Greater than or equal to 15% and less than or equal to 26%	02
Greater than or equal to 10% and less than 15%	01
Less than 10 %`	NIL

Such Shareholder shall have the right to replace / withdraw / remove its nominee director(s) at any time and from time to time. Directors need not hold any qualification shares in the Company.

Notwithstanding anything contained herein above Board of Directors of the Company in consultation with MMTC and IBFSL at its discretion may consider representation on the Board of the Company by any shareholders holding less than 10 % of the capital of the Company on a case to case basis.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 199

121. The management of the Company shall vest in the Board of Directors.

122. Not less than two-thirds of total number of Directors of the Company shall:

(a) Be persons whose period of office is liable to determination by retirement of Directors by rotation; and

(b) Save as otherwise expressly provided in the Act or these presents be appointed by the Company in General Meeting.

123.

a) At every annual general meeting, one-third of such of the Directors for the time being as are liable to retire by rotation or if their number is not three or multiple of three, then, the number nearest to one-third, shall retire from office. The directors to retire by rotation at every annual general meeting shall be those who have been longest in office since their last appointment, but as between persons who became directors on the same day, those who are to retire shall, in default of and subject to any agreement among themselves, be determined by lot.

b) A retiring director shall be eligible for re-election. The Company at the annual general meeting at which a director retires in the manner aforesaid may fill up the vacancy by appointing him or another person thereto.

c) Subject to the provisions of Section 256, if any meeting at which an election of Directors ought to take place, the place of retiring director is not filled up and the meeting has not expressly resolved not to fill up the vacancy the meeting shall stand adjourned till the same day in the next week, at the same time and place, or if that day is a public holiday, till the next succeeding day which is not a public holiday, at the same time and place and if at the adjourned meeting the place of the retiring director is not filled up and that meeting also has not expressly resolved not to fill the vacancy, the retiring director shall be deemed to have been re-appointed at the adjourned meeting.

124. The Company in the General Meeting may, subject to provision of these presents and Section 259 of the Act, by special resolution, increase or reduce the number of its Directors.

125. The Directors shall have powers at any time and from time to time to appoint any other person as a Director as an addition to the Board but so that the total number of Directors shall not at any time exceed the maximum number fixed by these Articles. Any Director so appointed shall hold office only up to the date of the next following Annual General Meeting of the Company but shall be eligible for re-election at such meeting.

126. Subject to the provisions of Section 313 of the Act or any statutory modification thereof, the Board shall have power to appoint any person to act as alternate director for a director during the latter's absence for a period of not less than three months from the State in which meetings of the Directors are ordinarily held and such appointment shall have effect and such appointee, whilst he holds office as an alternate director, shall be entitled to notice of meetings of the Board and to attend and vote there at accordingly but he shall not be required to hold any qualification shares, if any, and shall 'ipso facto' vacate his office if and when the original Director returns to the State in which meetings of the Board are ordinarily held or if the original director vacates his office as director.

127. A director need not hold any share in the Company in his name as his qualification, but nevertheless shall be entitled to attend, speak and preside at any general meeting of the Company and at any separate meeting of the holders of any class of shares in the Company.

128. Each Director, other than the whole time paid Directors, may be paid such fee as may be notified by the Central Government from time to time pursuant to Section 310 of the Act and as approved by the Board, for each meeting of the Board of Directors or a Committee thereof attended by him. The Directors may also be paid the expenses as decided by Board, from time to time, in attending the meeting of the Board or a Committee of Board.

129. In addition to the fee payable to the Directors under Article 126 hereof, the Directors may be paid reasonable traveling, hotel and other expenses in attending and returning from the meetings of the Board of Directors or any Committee thereof or in connection with the business of the Company as decided by the Board.

130. Subject to Section 198, 309, 310 and 314 of the Act, if any Director or

Directors being willing shall be called upon to undertake and /or perform extra professional or other services or to make any special exertion in going or residing outside the office for any of the purposes of the Company or in giving special attention to the whole of or any part of the Business of the Company, the Board may remunerate such Director.

200 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

131. The continuing Directors may act notwithstanding any vacancy in the Board but, if and so long as their number is reduced below the quorum fixed by these presents for a meeting of the Board, the continuing Directors or Director may act for the purposes of increasing the number of Directors to that fixed for the quorum or of summoning of general meeting of the Company, but for no other purpose.

132. Subject to the approval of the Board of Directors, a Director of the Company may be or become a Director of any company promoted by this Company or in which it may be interested as vendor, shareholder or otherwise and no such directors shall be accountable for any benefits received as a Director or member of such company.

133. Subject to the fulfillment of the requirements of the provisions of Sections 297 to 301 of the Act, a Director shall be disqualified from contracting with the Company either as vendor, purchaser or otherwise for goods, materials or services or for underwriting the subscription of any shares in or debentures of the Company and any such contract or arrangement entered into by or on behalf of the Company with a relative of such Director or a firm in which such Director or relative is a partner or with any other partner in such firm or with a private company of which such Director is a member or Director be void, and any Director so contracting or being such member so interested be liable to account to the Company for any profit realised by such contract or arrangement by reason of such Director holding this office or of the fiduciary relation thereby established.

134. The Company may, subject to the provisions of Sec.284 of the Act by ordinary resolution of which special notice according to Section 190 of the Act has been given, remove any Director before the expiry of his period of office and may by ordinary resolution of which special notice has been given, appoint another person instead of the removed Director. A Director so appointed shall hold office until the date upto which his predecessor would have held office if he had not been so removed. If the vacancy created by the removal of a Director under the provisions of this Article is not so filled by the meeting at which he is removed, the Board may at any time thereafter fill such vacancy under the provisions of these Articles.

135. If the office of any Director appointed by the Company in General Meeting is vacated before his term of office will expire, in the normal course, the resulting vacancy may be filled by the Board at a meeting of the Board, but any person so appointed shall hold office only upto the date upto which the Director in whose place he is appointed would have held office if it had not been so vacated, provided that the Board shall not fill such a vacancy by appointing thereto any person who has been removed from the office of Director under these Articles.

136. Subject to Section 259 of the Act the Company may by special resolution from time to time, increase or reduce the number of Directors, and may either alter their qualification and the Company may (subject to the provision of requirement Section 284 of the Act) remove any Director before the expiration of his period of office and appoint another person in his stead. The person so appointed shall hold office during such time as the Director in whose place he is appointed would have held the same if he had not been removed.

PROCEEDINGS OF DIRECTORS' MEETINGS

137. a) The Directors may meet together for the despatch of business and may adjourn and otherwise regulate their meetings and proceedings as they may think fit, subject to the provision of Section 285 of the Act.

b) The Chairman, Director or any officer authorized by the Directors may call a meeting of the Board of Directors.

c) Subject to the provisions of Section 316, 372A(2) and 386 of the Act, questions arising at any meeting of the Directors shall be decided by a majority of votes..

138. Notice of every meeting of the Board or a Committee thereof shall be given in writing to every Director for the time being in India and at his usual address in India to every other Director.

139. Subject to Section 287 of the Act, the quorum for the meeting of the Board shall be one-third of its total strength (any fraction contained in that one-third being rounded off as one) or two Directors, whichever is higher, provided, however, that no quorum as aforesaid shall be validly constituted, and no business at any Board Meeting shall be transacted, unless at least 1 (one) out of the MMTC Directors and 1 (one) out of the IBFSL Directors are present at the commencement of such meeting and throughout its proceedings. If such a quorum is not present within one (1) hour from the time appointed for the meeting, the meeting shall adjourn to a later date as may be decided by the Directors present at the meeting, at which the Directors present shall constitute a valid quorum and all matters shall be decided by a majority of the Directors present at such meeting, provided, however, that no Affirmative Vote Matters shall be discussed and/or transacted at any such adjourned Board Meeting unless at least 1 (one) MMTC Director and 1 (one) IBFSL Director is present at the commencement of such adjourned meeting and throughout its proceedings and has given his / her consent to transact such Affirmative Vote Matter(s) [the presence of 1 (one) MMTC Director and 1 (one) IBFSL Director for a valid quorum shall be required only so long as MMTC and / or IBFSL (along with their respective Affiliates) continue to hold at least 26% of the share capital of the Company]; provided further that where at any time the number of interested Directors exceeds or is equal to two-thirds of thePART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 201 total strength in number, the remaining Directors, that is to say, the number of Directors who are not interested, present at the Meeting being not less than two, shall be the quorum during such meeting.

If permitted by the Act, Directors may participate in Board meetings by telephone or video conferencing or any other means of contemporaneous communication, provided each person taking part in the meeting is able to hear each other person taking part and provided further that each Director must acknowledge his presence for the purpose of the meeting and any Director not doing so shall not be entitled to speak or vote at the meeting. A Director may not leave the meeting by disconnecting his telephone or other means of communication unless he has previously obtained the express consent of the Chairman of the meeting and a Director shall conclusively be presumed to have been present and formed part of the quorum at all times during the meeting unless he has previously obtained the express consent of the Chairman of the meeting to leave the meeting as aforesaid. However, the Act does not presently deem such participation to constitute presence "in person" for purposes of quorum.

a) The Board shall appoint from amongst its members a Chairman for a term of

2 (two) years.

b) If at any meeting of the Board the Chairman shall not be present within thirty minutes of the time appointed for holding the same or if he is unable or unwilling to take the Chair then the Board may elect one of their other members to act as the Chairman of that meeting.

c) the Chairman shall not have any casting vote.

139A Affirmative Vote Matters: Subject to Article 139B, so long as either of IBFSL or MMTC continue to hold at least 26% of the Share Capital, any decision of the Company, whether taken by the Board or the Shareholders of the Company on the matters set out in Schedule-I hereof ("Affirmative Vote Matters") shall require affirmative vote by a director nominated by IBFSL and MMTC, as the case may be, if taken at the Board meeting and IBFSL and MMTC's representative, as the case may be, if taken at the Shareholders' meeting.

139B It is clarified that the rights of IBFSL and MMTC under Article 139A will stand notwithstanding the dilution of the shareholding of IBFSL and MMTC below 26%, should such dilution have occurred due to (i) the subscription by the MMTC Trust to the Shares; and/or (ii) Establishment of the ESOP in terms of the Shareholders' Agreement.

140. A meeting of Board at which a quorum is present shall be competent to exercise all or any of the authorities, powers and discretions by or under the Articles or the Act for the time being vested in or exercisable by the Board.

141. Subject to the provisions of Section 292 and 293 of the Act, the Board may from time to time delegate any of its powers to a committee consisting of such member or members of their body, managers and other officer(s) of the Company as it may think fit and may revoke such delegation. Any Committee so formed shall, in exercise of the power so delegated, conform to any regulation that may from time to time be imposed upon it by the Board. The meetings and proceedings of any such committee consisting of two or more members shall be governed by the provisions contained for regulating the meeting and proceedings of the Directors, so far as the same are applicable thereof and are not superseded by any regulations made by the Directors under this Clause.

142. All acts done at any meetings of the Directors or of a Committee or by any person acting as a Director, shall notwithstanding that it may afterwards be discovered that there was some defect in the appointment of such Directors or person acting as aforesaid or that they or any of them were disqualified, be as valid as if every such Director or person had been duly appointed and was qualified to be a Director or a member of a Committee.

143. Save for the purpose of Sections 262, 292, 297,316, 372A and 386 of the Act, a resolution shall be as valid and effectual as if it had been passed at a meeting of the Directors or of the Committee thereof duly called and constituted if it is circulated in draft together with the necessary papers, if any, to all the Directors or to all the members of the Committee, then in India (not being less in number than the quorum fixed for a meeting of the Board or Committee, as the case may be) and to all other Directors or members at their usual address in India and has been approved by such of the Directors or members as are then in India or by a majority of such of them as are entitled to vote on the resolution.

POWERS OF THE BOARD

144. Subject to the provisions of the Act, the Board shall be entitled to exercise all such powers, and to do all such acts and things, as the Company is authorised to exercise and do; provided that the Board shall not exercise any power or do any act or thing which is directed or required, whether by the Act or any other statute or by the Memorandum of Association of the Company or by these Articles or otherwise, to be exercised or done by the Company in General Meeting. Provided further, that in exercising any such powers or doing any such Act or thing, the Board shall be202 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV subject to the provisions in that behalf contained in the Act or any other statute or in the Memorandum of Association of the Company or in these Articles or in any regulations made by the Company in General Meeting but no regulations, made by the Company in General Meeting shall invalidate any prior act of the Directors which would have been valid if that regulation had not been made.

145. The Company may exercise the powers conferred on it by Sections 157 and 158 of the Act with regard to keeping of a foreign Register and the Board may (Subject to the provisions of these sections) make and vary such regulations as it may think fit in respect of the keeping of any such register.

146. Every debenture or other instrument issued by the Company for securing the payment of the money may be so framed that the moneys thereby secured shall be assigned free from any equities between the Company and the person to whom the same may be issued. Any debentures, debenture-stock, bonds or other instruments or securities may be issued at a discount, premium or otherwise and may be issued on a condition that they shall be convertible into any shares of any denomination and with any special privileges as to redemption surrender, drawing and allotment of shares or otherwise, provided that the debentures with right to conversion into or allotment of shares shall not be issued without consent of the Company in General Meeting.

147. Every Director present at any meeting of the Board or of a Committee thereof shall sign his name in a book kept for that purpose.

148. Subject to the provision of the Act and these presents and also subject to prior approval of FMC the Board shall have the powers from time to time, to frame or vary, amend or repeal or add to Bye-laws, Rules and Regulations of the Exchange.

149. The following powers shall be exercised by the Board or any Committee of the Board, or otherwise by the Company as may be so required:

a) To voluntarily liquidate the Company.

b) To increase or reduce the Company's capital. c) To issue and allot new shares.

d) To make any Rights Issue of shares.

e) To adopt any resolution to alter the Memorandum and Articles of Association. f) To join any other company or to invest in any other company.

g) To Issue Debentures.

h) To undertake or permit any merger, consolidation or reorganisation of the

Company.

i) To decide on the declaration of dividends and appropriation of profits.

j) Subject to the provisions of Section 372-A of the Act, to give to make any loan to any person or other body corporate or give guarantee or provide security in connection with a loan made by any other person to or to any other person by any body corporate.

Provided that the above powers shall be exercised by the Board or any Committee of the Board, or otherwise by the Company as the case may be shall be subject to the directives issued by FMC from time to time

MANAGING / WHOLE TIME DIRECTORS / CHIEF EXECUTIVE OFFICER (CEO).

150. The Company by ordinary resolution or the Board of Directors may, subject to the provisions of sections 268, 269 and 314 and schedule XIII of the Act, from time to time appoint one or more of the Directors to be Managing Director(s) or other Whole time Director(s) of the Company, for a term not exceeding five years at a time and may from time to time (subject to the provisions of any contract between him or them and the Company) remove him or them from office by following the statutory procedures and appoint another or others in his or their place or places. The Managing Director may function as the Chief Executive of the Exchange and all powers (including substantial powers of management) in respect of the affairs of the Company / Exchange vested in him shall be exercised subject to the superintendence, control and direction of the Board of the Company. The Managing / Whole time Director and /or CEO shall be empowered to delegate such powers and functions to other officers or committees. The appointment, renewal and removal of CEO shall be carried out by the Board taking into consideration the guidelines issued by FMC in this regard from time to time.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 203

151. Subject to the provisions of Sections 198, 309, 310 and 311 of the Act, a Managing Director or whole-time Director shall in addition to the usual remuneration payable to him as a director and / or CEO of the Company under these Articles, receive such additional remuneration as may from time to time be sanctioned by the Company and may be by way of fixed salary or at a specified percentage of the net profits of the Company or both, or in any other manner and extent otherwise determined. The Remuneration of Managing Director / whole time Director shall be deemed to accrue from day to day.

MANAGER

152. Subject to the provisions of section 197 A and 388 of the Act, the Board shall have power to appoint or employ any person to be the Manager of the Company upon such terms and conditions as the Board thinks fit and the Board may, subject to the provisions of Section 292 of the Act, vest in such manager such of powers, vested in the Board, as it thinks fit and such powers may be made exercisable for such period or periods and upon such conditions and subject to restrictions as it may determine and at such remuneration as it may think fit.

153. A Director may be appointed as General Manager/ Manager subject to Section 197 A, 314 and 388 of the Act.

SECRETARY

154. Subject to the section 383A of the Act, the Board may from time to time appoint or employ any person to be secretary of the Company upon such terms, conditions and remuneration as it thinks fit to perform any functions which by the Act or the Article for the time being of the Company are to be performed by the secretary and to execute any other purely ministerial or administrative duties which may from time to time be assigned to the secretary by the Board. The Board may, subject to the provisions of the Act, also at any time appoint some person (who need not be the secretary) to keep the registers required to be kept by the Company.

155. Subject to the provisions of the Act, a Director may be appointed as a secretary.

THE SEAL

156. a) The Directors shall provide a common seal for the purpose of the Company and shall have power from time to time to destroy and substitute a new seal in lieu thereof and provide for its safe custody.

b) The seal shall not be affixed to any instrument except in the presence of a Director or an officer duly authorised who shall sign every instrument to which the seal shall be affixed. Provided, nevertheless, that any instrument other than a share certificate bearing the seal of the Company and issued for valuable consideration shall be binding on the Company notwithstanding any irregularity touching the authority of the Board to issue the same. Provided further that in respect of issue of share certificates the provisions of the Companies (Issue of Shares Certificates) Rules, 1960 shall apply.

c) Subject to the provisions of Sections 50 of the Act the Directors may provide for use of an official seal in any territory outside India.

ANNUAL RETURN

157. The Company shall make the requisite Annual Return in accordance with Section 159 and 161 of the Act.

RESERVE

158. The Board may subject to Section 205 (2A) of the Act from time to time, before recommending any dividend set apart any portion of the profits of the Company as it thinks fit as reserves to meet contingencies or for the liquidation of any debentures, debts or other liabilities of the Company or for equalisation of dividends or for repairing, improving or maintaining any of the property of the Company and for such other purposes of the Company as the Board in its absolute discretion thinks conducive to the interest of the Company and may, subject to the

provisions of Sections 372A of the Act, invest the several sums so set aside upon such investments (other than shares in the Company) as it may think fit and may from time to time deal with and vary such investments and dispose of all or any part thereof for the benefit of the Company and may divide the reserves into such special funds as it thinks fit, with full power to employ the reserve or any part thereof in the business of the Company and that without being bound to keep the same separated from the other assets. The Board may also carry forward any profits, which it may think prudent not to divide without setting them aside as a reserve.

159. All moneys carried to the reserves shall nevertheless remain and be the profits of the Company available. Subject to due provisions being made for actual loss or depreciation, for the payment of dividends and such moneys and all other moneys of the Company not immediately required for the purpose of the Company may, subject to the provisions of Section 372A of the Act, be invested by the Board in or upon such investments or securities as it may select or may be used as working capital or be kept at any Bank or deposit or otherwise as the Board may from time to time think proper.

204 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

CAPITALISATION OF PROFITS / RESERVES

160. (1)The Company in General Meeting may, upon the recommendation of Board, resolve:

a) To capitalise whole or any part of the amount for the time being standing to the credit of any of the Company's reserve account, or to the credit of the profit and loss account or otherwise available for distribution and

b) That such sum be accordingly set free for distribution in the manner specified in sub-clause (2) below amongst the members who would have been entitled thereto, if distributed by way of dividend and in the same proportions.

(2) The sum aforesaid shall not be paid in cash but shall be applied subject to the provisions contained in sub-clause (3) below, either in or towards:

a) Paying up any amounts for the time being unpaid on any shares held by such members respectively.

b) Paying up in full, un-issued shares of the Company to be allotted and distributed, credited as fully paid up, to and among such members in the proportion aforesaid or,

c) Partly in the way specified in (i) and partly in that specified in (ii) above. (3) A share premium account and a capital redemption reserve fund may, for the purposes of this Article, only be applied in the paying up of un-issued shares to be issued to members of the Company as fully paid bonus shares or for any other purpose specified in Section 78 of the Act.

(4) The Board shall give effect to the resolution passed by the Company in pursuance of this Article.

161. 1) Whenever such a resolution as aforesaid shall have been passed, the Board shall:

a) Make all appropriations and applications of the undivided profits resolved to be capitalised thereby and all allotments and issues of fully paid shares if any; and

b) Generally do all acts and things required to give effect thereto.

2) The Board shall have full power:

a) To make such provisions, by the issue of fractional certificates or by payment in cash or otherwise as it thinks fit, in the case of shares becoming distributable in fractions and,

b) To authorise any person to enter, on behalf of the members entitled thereto, into an agreement with the Company providing for the allotment to them respectively, credited as fully paid up, of any further shares to which they may be entitled upon such capitalisation or (as the case may require) for the payment by the Company on their behalf by the application thereto of their respective proportions of the profits resolved to be capitalised of the amounts or any part of the amounts remaining unpaid on their existing shares.

3) Any agreement made under such authority shall be effective and binding on all such members.

DIVIDENDS

162. Subject to the rights of members entitled to a share (if any) with preferential or special rights attached thereto the profits of the Company which shall from time to time be determined to be divided in respect of any year or other period shall be applied in the payment of dividend on the Equity Shares of the Company, but so that the holder of a partly paid up share shall be only entitled to such proportion of the distribution upon a fully paid up share proportionately to the amount paid or credited thereon during any portion or portions of the period in respect of which the dividend is paid, but if any share is issued on terms providing that it shall rank for dividend as from a particular date, such share shall rank for dividend accordingly. Where capital is paid in advance of calls upon the footing that the same shall carry interest, such capital shall not, whilst carrying interest, confer a right to dividend or to participate in profits.

163. The profits of the Company, subject to any special rights relating thereto created or authorised to be created by these Articles and subject to the provisions of these Articles shall be divisible among the Members in the proportion of the amount of capital paid or credited as paid up on the shares held by them respectively.

164. The Company in Annual General Meeting may declare a dividend to be paid to the members according to their rights and interests in the profits and may, subject to the provisions of Section 207 of the Act, fix the time for payment.

165. No larger dividend shall be declared than that recommended by the Board, but the Company in general meeting may declare a smaller dividend.

166. No dividend shall be payable except out of profits of the Company or out of moneys provided by the Central or State Government for the payment of Dividend in pursuance of any guarantee given by such Government and no dividend shall carry interest against the Company.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 205

167. The Directors, if in their opinion the position of the Company justifies, may from time to time, without the sanction of a general meeting pay interim dividend to one or more classes of shares to the exclusion of others at rates, which may be differing from class to class. When declaring such dividend they should satisfy themselves that the preference shares, which have a prior claim in respect of payment of dividend, should have their entire rated dividend at the time of final preparation of the accounts of the period.

168. No members shall be entitled to receive payment of any dividend or interest in respect of his share or shares whilst any money be due or owing from him as is presently payable to the Company in respect of such share or shares otherwise on account of any debts, liabilities or engagements of the members of the Company either alone or jointly with any other person or persons and the Directors may deduct from the dividend or interest payable to any member all sums of money so due from him to the Company Subject to Section 205 A of the Act.

169. Any general meeting declaring a dividend may make a call on the members of such amount as the meeting fixes, but so that the call on each member shall not exceed the dividend payable to him and so that the call be made payable at the same time as the dividend and the dividend may if so arranged between the Company and the member, be set of against the call Subject to Section 205 A of the Act. The making of a call under this Article shall be deemed ordinary business of an annual general ordinary meeting which declares dividend.

170. A transfer of share shall not pass the right to any dividend declared thereto before the registration of the transfer by the Company.

171. Subject to Section 205 A of the Act the Directors may retain the dividends payable upon shares in respect of which any person is under the Transmission Article entitled to become a member or which any person under that Article is entitled to transfer until such person shall become a member in respect thereof or shall duly transfer the same.

172. The Directors may retain any dividend on which the Company has lien and may apply the same in or towards satisfaction of the debts, liabilities or engagement in respect of which the lien exists subject to Section 205 A of the Act.

173. Anyone of several persons who are members registered jointly in respect of any share may give effectual receipts for all dividends, bonuses and other payments in respect of such shares.

174. Notice of any dividends, whether interim or otherwise, shall be given to the person entitled to share therein in the prescribed manner, if any.

175. Unless otherwise directed in accordance with Section 206 of the Act, any dividend may be paid by cheque or warrant sent through the post to the registered address of the member or person entitled thereto or in the case of joint holders to the registered address of that one whose name stands first on the register in respect of the joint holding or to such person and at such address as the member or person entitled or sub joint-holders as the case may be, direct and every cheque or warrant so sent shall be made payable to the order of the person to whom it is sent or to the order of such other person as the member or person entitled or such joint holders as the case may be, may direct.

UNPAID OR UNCLAIMED DIVIDEND

176. Where the Company has declared a dividend but which has not been paid or the dividend warrant in respect thereof has not been posted within 30 days from the date of declaration to any shareholder entitled to the payment of the dividend, the Company shall within 7 days from the date of expiry of the said period of 30 days, open a special account in that behalf in any scheduled bank called "Unpaid Dividend of INDIAN COMMODITY Exchange Limited" and transfer to the said account, the total amount of dividend which remains unpaid or in relation to which no dividend warrant has been posted.

177. Subject to the provisions of Section 205B of the Act any money transferred to the unpaid dividend account of the Company which remains unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the Company to the Investor Education and Protection Fund ("Fund") and that no claim by any person to any money transferred to the Fund shall lie on or after the commencement of the Companies (Amendment) Act, 1999.

178. No unclaimed or unpaid dividend shall be forfeited by the Board and all unclaimed and unpaid dividends shall be dealt with as per Section 205 A and 205 B of the Act and the rules made there under.

179. The Company shall not be responsible for the loss of any cheque, dividend warrant or postal order sent by post in respect of dividends, whether by request or otherwise, at the registered address or the address communicated to the office before hand by the member or for any dividend lost to the member or person entitled thereto by the forged endorsement of any cheque or warrant or the fraudulent recovery thereof by any other means.

BOOKS AND DOCUMENTS

180. The Directors shall cause to be kept in accordance with Section 209 of Act, proper books of account with respect to:

206 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

a) All sums of money received and spent by the Company and the matters in respect of which the receipts and expenditures take place including the Profit & Loss Account and cash flow statement.

b) All sales and purchase of goods by the Company.

c) The Balance Sheet depicting the assets and liabilities of the Company.

181. The books of accounts shall be kept at the Registered office or at such other place as the Board thinks fit and shall be open to inspection by the Directors during business hours.

182. The Directors shall from time to time, subject to the provisions of sections 163, 209 and 209 A of the Act, determine whether and to what extent and at what time and places and under what conditions, the documents and registers or any of them maintained by the Company of which inspection allowed by the Act, shall be kept open for the inspection of the members. Till decided otherwise by the Board, such documents and registers shall be kept open for inspection to the persons entitled thereto between 11 A.M. and 1 P.M. on all working days. No member (not being a Director) shall have any right to inspection of any account or book or document of the Company except as conferred by law or by Act or authorised by the Directors or by resolution of the Company in General Meeting and no member, not being a director shall be entitled to require or receive any information concerning the business, trading or customers of the Company or any trade secret or secret process used by the Company.

AUDIT

183. Once at least in every year the books of accounts of the Company shall be examined and audited by one or more Auditor or Auditors.

184. The Company at each annual general meeting shall appoint an auditor or auditors to hold office until the next annual general meeting and their appointment, remuneration, rights and duties shall be regulated by sections 224 to 227 of the Act.

185. Where the Company has a branch office, the provision of section 228 of the Act shall apply.

186. All notices of and other communications relating to any General Meeting of the Company which any member of the Company is entitled to have been sent to him shall also be forwarded to the Auditor of the Company and the Auditor shall be entitled to attend any General Meeting and to be heard at any General Meeting which he attends on any part of the business which concerns him as an Auditor.

187. The Auditors' Report shall be read before the Company in Annual General Meeting and shall be open to inspection for any member of the Company.

188. Every Balance Sheet and Profit and Loss Account of the Company when audited and adopted by the Company in Annual General Meeting shall be conclusive, in respect of transactions of the Company for the relevant year.

SERVICE OF NOTICE AND DOCUMENTS

189. The Company shall comply with the provisions of Section 53, 172 and 190 of the Act as to the service of notices.

190. The accidental omission to give notice to or the non-receipt of notice, by any member or other person to whom it should be given shall not invalidate the proceedings at the meeting.

191. Every person who by operation of law, transfer or other means whatsoever shall become entitled to any share, shall be bound by every notice in respect of such share which previous to his name and address being entered in the register, shall have been duly given to the person from whom he derives his titles to such share.

192. The Signature to any notice to be given by the Company may be written, printed or lithographed.

193. Any notice or document delivered or sent by post to or left at the registered address of any member in pursuance of these Articles shall, notwithstanding such member then deceased and whether or not the Company has notice of his death, be deemed to have been duly served in respect of any share whether registered solely or jointly with other persons, until some other person be registered in his stead as the member in respect thereof and such service for all purposes of the Articles be deemed a sufficient service of such notice or document on his/her heirs, executors or administrators and all persons, if any, jointly interested with him or her in any such share.

194. Any notice required to be given by the Company to the members or any of them and not expressly provided for by these Articles or by the Act shall be sufficiently given if given by the advertisement.

195. Any notice required to be or which may be given by the advertisement shall be advertised once in vernacular newspapers circulating in the neighborhood of the registered office and once in English newspaper.

RECONSTRUCTION

196. On any sale of the whole or any part of the undertaking of the Company, the Board or the Liquidators on a winding up may, if authorised by special resolution, accept fully paid or partly paid-up shares, debentures or securities of any other company, whether incorporated in India or not either then existing or to be formed for the purchase in the whole or inPART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 207 part of the property of the Company and the Board (if the profits of the Company permit) or the Liquidators (in winding up) may distribute such shares or securities or any other property of the company amongst the members without realisation or vest the same in trustees for them and any special resolution may provide for the distribution or appropriation of cash, shares or other securities, benefits or property, otherwise than in accordance with the strict legal rights of the member, contributors of the Company and for the valuation of any such securities or property at such price and in such manner as the meeting may approve and all holders of shares shall subject to the provisions of Section 395 of the Act be bound to accept as shall be bound by any valuation or distribution so authorised and waive all rights in relation thereto save only in case the Company is proposed to be or is in course of being wound up and subject to the provisions of Section 494 of the Act as are incapable of being varied or excluded by these Articles.

WINDING UP

197. On winding up preference shares rank as regards capital in priority to equity shares to the extent of the paid up value of the said shares but to no other rights or participating in its assets.

198. Subject to law of the land for the time being in force, if the Company shall be wound up and the assets available for distribution among the members as such shall be insufficient to repay the whole of said paid up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid up or which ought to have been paid up at the commencement of the winding up on the shares held by them respectively, and if in a winding up the assets available for distribution among the members shall be more than sufficient to repay the whole of the capital paid up at the commencement of winding up then the excess shall be distributed amongst the members in proportion to the paid up capital at the commencement of the winding up held by them respectively. But this Article is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions, if any.

199. 1) In the event of the Company being wound up the holders of preference share, if any, shall be entitled to have the surplus assets available for distribution amongst members as such applied in the first place in repayment to them the amount paid up on the preference shares held by them respectively and any arrears of dividend upto the commencement of the winding up, whether declared or not. If the surplus assets available as aforesaid shall be insufficient to repay the whole of the amount paid up on the preference shares and any arrears of dividend, such assets shall be distributed amongst the holders of preference shares so that the losses shall be borne by the holders of preference shares as nearly as may be in proportion to the capital paid up or which ought to have been paid up on the shares held by them at the commencement of the winding up and the arrears of Dividend as aforesaid.

2). The assets, if any, available for distribution after payment to the preference share holders as aforesaid shall be distributed amongst the holders of equity shares in proportion to the capital at the commencement of the winding up, paid up or which ought to have been paid up on the shares in respect of which they were respectively registered.

3) The Article is to be without prejudice to the rights and privileges amongst the holders of preference shares of different series.

SECRECY CLAUSE

200. Subject to the provisions of the Act, every Director, Manager, Auditor, trustee, Member of the Committee, Officer, servant, agent, accountant or other person employed in the business of the Company shall if so required by the Board before entering upon his duties, sign a declaration pledging himself to observe a strict secrecy respecting all transactions of the Company with the customers and the state of account with individuals and in matter relating thereto and shall by such declaration pledge himself not to reveal any of the matters which may come to his knowledge in the discharge of his duties except when required so to do by the Board or by any meeting or by a Court of law and except so far as may be necessary in order to comply with any of the provisions in these presents contained.

201. No member or other person (not being a Director) shall be entitled to visit or inspect any works of the Company or to enter upon the property of the Company or to inspect or examine the Company's premises or properties of the Company without the permission of the Board or subject to Article 195 require discovery of or any information respecting any detail of the Company's trading or any matter which is or may be in the nature of trade secret mystery of trade, or secret process or of any matter whatsoever which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will not be in the interest of the Company to communicate.

INDEMNITY

202. Subject to Section 201 of the Act, every Director, Manager, Secretary or Officer of the Company or any person (whether an officer of the Company or not) employed by the Company and any person appointed Auditor shall be indemnified out of the funds of the Company, against all bona fide liability incurred by him as such Director, Manager, Secretary, Officer, employee or Auditor in defending any bona fide proceedings, whether civil or criminal or in which judgment is given in his favour or in which he is acquitted, or in connection with any application under Section 633 of the Act in which relief is granted to him by the Court.

208 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

We, the several persons, whose names, addresses and descriptions are subscribed hereunder, are desirous of being formed into a Company, in pursuance of these Articles of Association:

S. No	Name, Addresses, Description and Occupation of each subscriber	Signature of subscribers	Name, Addresses, Description and Signatures of witnesses
1. 2 . 3 . 4. 5 . 6 . 7.	Indiabulls Financial Services Limited, F-60, Malhotra Building, 2nd Floor, Connaught Place, New Dellhi (Business) Through Authorized Representative: Karan Singh S/o Shri Dal Singh, 1408, Urban Estate Jind Haryana 126102 (Service) Tejinderpal Singh Miglani, S/o Shri M. S. Miglani, R/o A-1/166, Ground Floor, Safdarjung Enclave, New Delhi-110029 (Service) Nominee of Indiabulls Financial Services Limited Matbeer Singh, S/o Shri Pratap Singh, R/o F-6/25, Sadatpur, Karawal Nagar, Delhi- (Service) Nominee of Indiabulls Financial Services Limited Ashok Sharma, S/o Shri R.D. Sharma R/o III F-50, Rakesh Marg, Nehru Nagar, Ghaziabad (U.P.) (Service) Nominee of Indiabulls Financial Services Limited Sanjeev Ranjan S/o Late Shri Bindeshwari Kumar, R/o 597, Niti Khand III, Indirapuram, Ghaziabad, (Service) Nominee of Indiabulls Financial Services Limited Satish Chand S/o Shri Vijay Pal Singh, R/o Flat No. H-66, Plot No. 6, DGS Co-Operative, Group Housing Society, Sector 22, Dwarka, New Delhi -110075 (Service) Nominee of Indiabulls Financial Services Limited Somesh Singh S/o Shri Banteshwari Prasad Singh, R/o B-2, Hari Appartment, Amar Enclave, Behind Hotel West View, East Model Town, G.T. Road, Ghaziabad (U.P.) 201001 (Service) Nominee of Indiabulls Financial Services Limited	Sd/- Sd/- Sd/- Sd/- Sd/- Sd/- Sd/-	S/o Sh. P. K. Jain Sd/- (Amit Jain) Company Secretary M.No.: FCS 5433 I witness the signatures of all the subscribers 1116, Sector-4, Urban Estate, Gurgaon-122001

Place- New Delhi

Date: 11.08.2008PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 209

AFFIRMATIVE VOTE MATTERS

1. Alterations of Articles of Association and Memorandum of Association of Company.

2. Power of company to purchase its own securities.

3. Issue of sweat equity shares and ESOP.

4. Issue of further Shares. - Issue of further capital or issue of further shares in excess of Capital Commitment, as rights to any person whether or not those persons include the persons as existing shareholders.

5. Incurring Debt. - The taking of loans from or issue of debentures with or without the conversion option where the amount of debt incurred exceeds Rupees 50 million.

6. Reduction of share capital.

7. Creation or alteration of rights of holders of special classes of shares.

8. Appointment of auditor.

9. Remuneration to Directors. - Remuneration to directors who are neither whole-time nor managing directors.

10. Inter-corporate loans and investments - Company making any loan to any body corporate, giving any guarantee or providing security in connection with a loan made by any other person to, or to any other person by, any body corporate and acquiring by way of subscription, purchase or otherwise the securities of any body corporate,

11. Winding up of the Company (including voluntary winding up).

12. Arrangement binding on Company and creditors - Any arrangement entered into between the Company about to be or in the course of being wound up and its creditors.

13. Acquisition or disposition of shares in any other company; entry into any joint venture or partnership where the total investment exceeds Rupees 5 crores.

14. Consolidation or amalgamation of Company with any other Company, association, partnership or legal entity.

15. Establishment of any new facility outside the Business.

16. Any sale, lease, transfer, mortgage, pledge or other disposition of any undertaking of Company or any substantial part of the undertaking of Company.

17. Appointment of Chairman of Company.

18. Creation of Reserve liability.

19. Plan for distribution of profits.

20. Payment of Interest out of Capital.

21. Issuance of Shares of Company to the Public through IPO and listing thereof on Stock Exchange(s).

22. Any encumbrances on the Assets of the Company.

23. Expenses incurred before signing the shareholders' agreement.

24. Expenses incurred by the Company till the time the Exchange is capitalized210 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

ACE DERIVATIVES AND COMMODITY EXCHANGE LTD

MUMBAI

The approval of the Deputy Director, Forward Markets Commission, under section 6 (3) of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) read with the Government of India, Ministry of Commerce and Industry Notification No. S.O.1162 dated 4th May, 1960 has been obtained on the 1st August, 2014, to the following amendments, made to the Rules of the ACE Derivatives and Commodity Exchange Ltd., Mumbai and the same is hereby notified under Sub-Section 2 of Section 9A of the said Act.

AMENDMENTS

Amendments to the Rules of the Ace Derivatives and Commodity Exchange Ltd

In the said Rules, the existing clause 5.33.10 shall be substituted by the following:

"5.33.10. On surrender of Membership, the initial security deposit will be refunded to the member in the following manner or as may be specified by Forward Markets Commission from time to time:

a) In case of members who have never traded on the Exchange platform – The deposit will be refunded to them after 6 (six) months of the date of advertisement for surrender of membership.

b) In case of members who have traded on Exchange platform anytime – The deposits shall be refunded after 3 (three) years of the date of advertisement for surrender of membership as hitherto.

Provided, however, that the members covered under (b) above can maintain the deposit in non- cash form such as Fixed Deposit, Bank Guarantee etc. in place of their existing deposits.

The refund of deposits will be subject to approval of surrender of membership by FMC/ Exchange and fulfillment of all dues/compliances under Bye-laws, Rules, Business Rules of the Exchange and Circular/s issued there under. The initial security deposit may be retained by the Exchange beyond the stipulated period, if any unfulfilled obligations, investor complaints, disciplinary action, etc. against the member come to exchange's notice after the approval of surrender and before the stipulated date of release of security deposit.

Sd/-ILLEGIBLE Chief Executive Officer ACE Derivatives and Commodity Exchange Ltd, Mumbai

Place: Date:

———————

The approval of the Deputy Director, Forward Markets Commission, under Section 6 (3) of the Forward Contracts (Regulation) Act, 1952(74 of 1952) read with the Government of India, Ministry of Commerce and Industry Notification No.S. O.1162 dated 4th May, 1960 has been obtained on the 13th November, 2014, to the following amendments, made to the Articles of Association of the ACE Derivatives and Commodity Exchange Ltd., Mumbai and the same is hereby notified.

AMENDMENTS

AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF THE ACE DERIVATIVES AND COMMODITY EXCHANGE LTD.

1. In the said Articles, the following new Article 1(ba) shall be inserted after the existing Article 1(b):

"1 (ba) 'Banking company' shall have the same meaning as assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 ( 10 of 1949)."

2. The following new Article 1(fa) shall be inserted after the existing Article 1(f):

"1(fa) 'Clearing member' means a trading cum clearing member or an institutional clearing member of a the Exchange who has the right to clear transactions in contracts that are executed in the trading system of the exchange."

3. The following new Article 1(ja) shall be inserted after the existing Article 1(j):

"1(ja) 'Depository' means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992)."

4. The following new Article 1(na) shall be inserted after the existing Article 1(n):

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 211

"1 (na) 'Insurance company' shall have the same meaning as assigned to it in sub-section (8) of section 2 of the Insurance Act, 193 8 ( 4 of 193 8)."

5. The following new Article 1(qa) shall be inserted after the existing Article 1(q):

"1 (qa) 'National Commodity Exchange" means a demutualised commodity derivative exchange with an independent professional management, an electronic trading platform, all India operations and recognized under section 6 of the Forward Contracts (Regulation) Act, 1952 for trading in all commodities notified u/s 15 or otherwise not prohibited for trading u/s 17 of the said Act."

6. The following new Articles 1(sa), 1(sb) and 1(sc) shall be inserted after the existing Article 1(s):

"1 (sa) 'Persons acting in concert' in the context of acquisition or holding of shares or voting rights or control shall mutatis mutandis have the same meaning as assigned to it in clause ( q) of sub- regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof."

"1 (sb) 'Person resident in India" shall have the same meaning as assigned to it in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999)."

"1(sc) 'Person resident outside India" shall have the same meaning as assigned to it in clause (w) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999)."

7. The following new Article 1(ta) shall be inserted after the existing Article 1(t):

"1(ta) 'Public" includes any member or section of the public but does not include any trading member or clearing member or their associates and agents:

Provided that a public sector bank, public financial institution, an insurance company, mutual fund and alternative investment fund in public sector, that has associate(s) as trading members or clearing members, shall be deemed as public for the purposes of these Articles."

8. The following new Article 1(xa) shall be inserted after the existing Article 1(x):

"1(xa) 'Trading-cum-clearing member' means a person who is admitted by the exchange as a member of the exchange conferring a right to trade and clear through the clearing house of the exchange as a clearing member."

9. The existing Article 2(d) shall be substituted by the following:

"2(d) Words and expressions used and not defined in these Articles but defined in the Forward contracts (Regulation) Act, 1952, the Companies Act, 1956, the Securities and Exchange Board of India Act, 1992, (SEBI Act), Securities Contracts (Regulation) Act 1956 (SCRA), the Depositories Act, 1996 or any rules or regulations made thereunder shall have the same meaning respectively assigned to them in those Acts, rules or regulations made thereunder or any statutory modification or re-enactment thereto, as the case may be.

10. The existing Articles 6(ii), 6(iii), 6(iv), 6(v) and 6(vi) shall be deleted.

11. The following new Article 6A shall be inserted:

"6A SHAREHOLDING STRUCTURE:

6A(i) At least fifty one per cent of the paid up equity share capital of the Exchange shall be held by public.

6A(ii) No person resident in India shall at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent of the paid-up equity share capital in the Exchange: provided that, -

(i) a commodity exchange; (ii) a stock exchange; (iii)a depository; (iv)a banking company; (v) an insurance company; and (vi) a public financial institution,

may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, up to fifteen per cent of the paid-up equity share capital of the Exchange.

212 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

6A(iii) No person resident outside India, directly or indirectly, either individually or together with persons acting in concert, shall acquire or hold more than five per cent of the paid-up equity share capital of the Exchange.

6A(iv) The combined holding of all persons resident outside India in the paid up equity share capital of the exchange shall not exceed, at any time, forty-nine per cent of its total paid up equity share capital, subject to the following:-

(a) the combined holding of such persons acquired through the foreign direct investment route shall not exceed twenty six per cent of the total paid up equity share capital, at any time.

(b) the combined holding of foreign institutional investors shall not exceed twenty three percent of the total paid up equity share capital, at any time

Explanation: For the purposes of clause (c), the acquisition of shares in the Exchange through secondary market shall be construed as follows:-

I. If the Exchange is not listed, a foreign institutional investor may acquire its shares through transactions outside of a recognised stock exchange provided it is not an initial allotment of shares;

II. If the Exchange is listed, the transactions by a foreign institutional investor shall be done through the recognised stock exchange where such shares are listed.

6A(v) No clearing corporation shall hold any right, stake or interest of whatsoever nature, in the Exchange.

6A(vi) (i) Save as otherwise provided in these Articles, the shareholding or voting rights of any person in the Exchange shall not exceed the limits specified in these Articles at any point of time.

(ii) The shareholding as specified in these Articles shall include any instrument owned or controlled, directly or indirectly, that provides for entitlement to equity or rights over equity at any future date.

Provided that any shareholder holding the equity capital in excess of limits prescribed herein shall first reduce its shareholding in the Exchange as per the limits prescribed under the in-principle approval dated May 14, 2009 / FMC guidelines dated May 14, 2008 (as amended on June 17, 2010) within the timeframe prescribed therein, and thereafter to a level as prescribed in these Articles or prescribed by FMC at present or as may be prescribed in future, within the timelines prescribed or permitted by FMC from time to time."

12. The following new Article 6B shall be inserted:

"6B ELIGIBILITY FOR ACQUIRING OR HOLDING SHARES:

6B(i) No person shall, directly or indirectly, acquire or hold equity shares of the Exchange unless he is a fit and proper person

6B (ii) Any person who, directly or indirectly, either individually or together with persons acting in concert, acquire equity shares such that his shareholding exceeds two per cent. of the paid up equity share capital of the exchange shall seek approval of the Commission within fifteen days of the acquisition.

6B(iii) Any person eligible to acquire or hold more than five per cent. of the paid up equity share capital under clause 6A(ii) may acquire or hold more than five percent of the paid up equity share capital of the Exchange only if he has obtained prior approval of the Commission.

6B(iv) If approval under sub-clauses 6B(ii) or 6B(iii) is not granted by the Commission to any person, such person shall forthwith divest his excess shareholding.

6B(v) Any person holding more than two per cent. of the paid up equity share capital in the Exchange shall file a declaration within fifteen days from the end of every financial year to the Exchange that he complies with the fit and proper person criteria provided in these Articles.

6B(vi) Without prejudice to the provisions of FCR Act, rules made there under and these Articles, the Exchange shall disclose to the Commission in the format specified by the Commission, the shareholding pattern on a quarterly basis within fifteen days from the end of each quarter, including therein the following:-

(a) The names of the ten largest shareholders along with the number and percentage of shares held by them; (b) The names of the shareholders who had acquired more than two per cent. of the paid up equity share capital during that quarter."PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 213 13. The following new Article 6C shall be inserted:

"6C FIT AND PROPER PERSON CRITERIA:

6C(i) For the purpose of these Articles, , a person shall be deemed to be a fit and proper person if-

(a) such person has a general reputation and record of fairness and integrity, including but not limited to - (i) financial integrity; (ii) good reputation and character; and (iii) honesty;

(b) such person has not incurred any of the following dis-qualifications ---

(i) the person or any of its whole time directors or managing partners has been convicted by a Court for any offence involving moral turpitude or any economic offence, or any offence against the securities laws;

(ii) an order for winding up has been passed against the person;

(iii) the person or any of its whole time directors or managing partners has been declared insolvent and has not been discharged;

(iv) an order, restraining, prohibiting or debarring the person, or any of its whole time directors or managing partners from dealing in commodity derivatives or securities or from accessing the commodity derivative or securities market, has been passed by the Commission or any other regulatory authority, and a period of three years from the date of the expiry of the period specified in the order has not elapsed;

(v) any other order against the person, or any of its whole time directors or managing partners, which has a bearing on the commodity derivatives or securities market, has been passed by the Commission or any other regulatory authority and a period of three years from the date of the order has not elapsed;

(vi) the person has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force; and

(vii) the person is financially not sound.

6C(ii) If any question arises as to whether a person is a fit and proper person, the decision of the Forward Markets Commission in this behalf shall be final."

14. The following new Article 6D shall be inserted:

"6D CONSEQUENCES OF CEASING TO BE A "FIT AND PROPER PERSON:

6D In the event of any person ceasing to be a 'fit and proper person' or being declared so by the Commission, such person shall forthwith divest his shareholding. Further, pending divestment of shares, the voting rights of such person shall stand extinguished and any corporate benefit in lieu of such holding shall be kept in abeyance /withheld by Exchange. The Exchange shall take necessary steps as it may deem fit so as to ensure that the shareholding of such person is divested forthwith."

15. The existing Article 10 shall be substituted by the following:

"10 Allotment of shares as fully or partly paid up

Subject to the provisions of the Act, the Board may allot and issue shares in the capital of the Company as payment or part payment for any property sold or goods transferred or machinery supplied or for services rendered to the Company and any shares which may be so allotted may be issued as fully paid-up or partly paid-up and if so issued shall be deemed to be fully paid up shares or partly paid up shares."

16. The existing Article 58(a) shall be substituted by the following:

"58 (a) As provided in the foregoing Articles and without prejudice to the provisions of Articles 50, the shares shall be freely transferable subject to any restrictions on transfer of shares:

(i) prescribed by the Forward Markets Commission or any relevant regulator from time to time and / or

(ii) to any competitor of the Company, contained in any share subscription agreement, share purchase agreement and/or similar definitive agreement entered into between the Company and the relevant member, in accordance with the terms and conditions thereof.", a member shall be at liberty to transfer the share except to any competitor of the Exchange.

214 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

The Board may call for any such information that it may deem fit from the transferor and/or proposed transferee for considering the transfer request.

17. The following new Article 65A shall be inserted by the following:

"65A. NET WORTH:

65A(i) The Exchange shall have a minimum net worth of one hundred crore rupees at all times:

Provided that the Exchange shall achieve a minimum net worth of one hundred crore rupees not later than by May 5, 2017.

Explanation: Net worth means the aggregate value of paid up equity share capital plus free reserves (excluding statutory funds, benefit funds and reserves created out of revaluation) reduced by the investments in business, whether related or unrelated, aggregate value of accumulated losses and deferred expenditure not written off, including miscellaneous expenses not written off.

65A (ii) The Exchange shall not distribute profits in any manner to its shareholders until the net worth specified above is achieved.

65A(iii) The Exchange shall submit an audited net worth certificate from the Statutory Auditor on a yearly basis by the thirtieth day of September every year for the preceding financial year."

18. The following new Article 73A shall be inserted after the existing Article 73:

"73A In addition to the requirements under other laws in force, the Exchange shall maintain and preserve all the books, registers, other documents and records relating to the issue or transfer of its securities for a period of not less than ten years."

19. The existing Article 79 shall be substituted by the following:

PART-IV : BOARD

"79(i) The affairs of the Company shall be managed by the Board consisting of not less than 3 but maximum of up to twenty four (24) members. The Board of Directors shall include shareholder directors, Independent directors and Managing Director. The constitution of Board of Directors shall be subject to the guidelines issued by the Forward Markets Commission, from time to time.

Provided that nominees of any one or more entities permitted by the Forward Markets Commission to subscribe to equity shares of the Company; and with whom the Company has executed a share subscription agreement, share purchase agreement and/or similar definitive agreement in terms of which such entity(ies) has been provided the right to nominate a director on the Board of Directors, shall be appointed on the Board subject to:

(i) the approval of the Board of Directors, with regard to the identity of the proposed nominee and the appointment of such nominee by the Board of Directors as additional director as per the provisions of the Companies Act; and

(ii) the approval of the shareholders of the Company following appointment of the nominee by the Board of Directors as an additional director on the Board of Directors.

It is clarified that in granting its approval, the Board of Directors shall consider if the proposed nominee is a person of good standing and acceptable to the Board of Directors acting reasonably, If the Board of Directors refuses to appoint any proposed nominee on the Board of Directors based on the foregoing, the concerned entity referred to above shall be entitled to nominate any another person for the approval of Board of Directors

79(ii) The composition of the Board of Directors shall be as under:

Not less than 50% (one-half) of the strength of the Board of Directors shall be Independent Directors of whom:-

(a) 4 Independent Directors shall be appointed by the Forward Markets Commission u/s 6(2) (b) of FC (R) Act and

(b) The remaining Independent Directors of the Board shall be appointed by the Exchange with the prior approval of the Commission.

79(iii) The remaining posts of Directors of the Board, other than those appointed as Independent Director under clause 79(ii) of these Articles, may comprise of shareholder directors. This category also includes any full time Executive Director other than the Managing Director/ Chief Executive. The Shareholder Directors shall be appointed by the Exchange with the prior approval of the Commission.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 215

79(iv) The Managing Director shall be an ex-officio director of the Board and shall not be included in either category of independent directors or shareholder directors.

79(v) The Chairperson of the Board of Directors of the Exchange shall be an Independent Director and shall be appointed with the prior approval of the Commission.

79(vi) No trading member or clearing member, or their associates and agents shall be appointed on the Board of the Exchange.

79(vii) Foreign institutional investor / Foreign portfolio investor as defined in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulation 2014 shall not have any representation on the Board.

79(viii) The persons to be appointed as Directors on the Board of Directors of the Exchange should satisfy the criteria of "fit and proper person" as prescribed by the Commission."

20. The new Article 79A shall be inserted as under:

"79A INDEPENDENT DIRECTORS

79(A)(i) In addition to the criteria laid down in Section 149(6) of the Companies Act, 2013, the eligibility conditions for nomination/appointment as independent director on the Board of Directors shall be as follows-:

(a) The candidate should be a person of integrity who either represents the farmers, traders, exporters, importers, Investor associations or be an expert on Commodities Derivatives Markets, Finance, Accounting, Management, Law, academics having knowledge of commodity economy/derivatives trading.

(b) The candidate should have relevant experience / educational qualifications. (c) The persons who are / were holding positions of trust and responsibility in public organizations or person who are retired from such positions may be preferred over other candidates.

(d) Persons who are regular traders / speculators in the market will not be eligible to be considered for such nomination.

79(A)(ii) The Tenure and terms & conditions for appointment of Independent Director shall be as follows-:

(a) The term of an Independent Director shall be normally three years. However, the Commission may approve the appointment of Independent Director for a term of less than 3 years as deemed fit. The appointment of the Independent Director can be terminated by the Commission at any point of time before the expiry of his / her tenure.

(b) The Independent Directors shall have a maximum of 2 terms of 3 years each. (c) A person shall not act as Independent Director on more than one Commodity Exchange simultaneously. (d) The remuneration to payable to Independent Directors shall be as per the provisions of Section 197 of the Companies Act, 2013

(e) The Independent director shall, endeavor to attend all the meetings of Board of Directors and they shall be liable to vacate office if they remain absent for three consecutive meetings of the Board of Directors or do not attend 75% of the total meetings of the Board of Directors in a calendar year.

(f) The Independent Directors shall meet separately, at least six months to exchange views on critical issues. (g) The Independent Directors shall submit a report to the Commission within a week of the conclusion of the Board / Committee meeting in case of any difference of opinion or disagreement they have or had with the decisions taken by the Board / Committee or any other matter which they would like to bring to the attention of the Commission.

(h) If any issue arises as to whether an assignment or position of an Independent Director is in conflict with his role, the Commission's decision shall be final.

(i) In case of extension of the term of the Independent Director or appointment of a new Independent Director, the Exchange shall apply to the Commission two months before the expiry of the term. In addition to the other requirements prescribed herein, the application for extension of term of the Independent Director shall be accompanied with his/her attendance details on meetings of various mandatory committees and on the Board of Directors of the Exchange.

(j) The Exchange shall forward at least two names in the format specified by the Commission for every vacancy of Independent director. The Commission may however, appoint an Independent Director other than from the names suggested by the Exchange.

(k) The Independent Director shall not be subject to retirement by rotation. (l) The existing Independent Director shall continue holding the post, till a new independent director is appointed in his place."216 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV 21. The new Article 79B shall be inserted as under:

"79B SHAREHOLDER DIRECTORS

79(B)(i) The names of persons to be appointed as shareholder directors shall first be approved by the Board of Directors of the Exchange followed by shareholders' approval before submitting the same to the Commission for approval.

79(B)(ii) The manner of election, appointment, tenure, resignation, vacation etc. of Shareholder Directors shall be governed by the Companies Act, 2013 and the equity listing agreement in case of listed companies, save as otherwise specifically provided under the Forward Contract (Regulation) Act, 1952 and directives issued there under."

22. The new Article 79C shall be inserted as under:

"79C MANAGING DIRECTOR / CHIEF EXECUTIVE:

79C(i) The appointment, renewal of appointment, terms and conditions of service (including remuneration) and the premature termination of services of the Managing Director/Chief Executive (subject to the Managing Director /Chief Executive being given an opportunity of being heard against such termination or removal), shall be subject to prior approval of the Commission. However, in case the Managing Director/Chief Executive resigns voluntarily, which is accepted by the Board of Directors, it would only be informed to the Commission by the Exchange.

79C (ii) In case a vacancy of Managing Director arises due to unforeseen reasons, the Exchange shall forward the new names to the Commission within sixty days from the date of submission of resignation or such vacation of office.

79C(iii) In case the post of Managing Director/Chief Executive becomes vacant due to removal/resignation/premature termination of services or for any other reason, the Board will devise a suitable arrangement for looking after the work of Managing Director/Chief Executive until a new incumbent is appointed as Managing Director/Chief Executive.

79C(iv) The appointment of the Managing Director shall be for a tenure not less than three years and not exceeding five years.

79C (v) The Managing Director of the Exchange shall not—

(a) be a shareholder or an associate of a shareholder of the exchange or shareholder of an associate of the exchange as the case may be;

(b) be a trading member or a clearing member, or his associate and agent, or shareholder of a trading member or clearing member or shareholder of an associate and agent of a trading member or a clearing member; or (c) hold any position concurrently in the subsidiary of the exchange or in any other entity associated with the exchange.

Provided that the Managing Director of the exchange may be appointed on the Board of Directors, but not as Managing Director, of the subsidiary of the exchange as the case may be.

79C (vi) The Exchange shall constitute a Committee for the selection of the Managing Director/Chief Executive, as the case may be. The Managing Director shall be selected through open advertisement in all editions of at least one national daily from amongst persons qualified in the fields of commodity market/capital market/finance/ management and possessing sufficient experience. In case the Exchange proposes reappointment/extension or fresh appointment, the Commission should get a proposal from the Exchange for the appointment of Managing Director/Chief Executive two months prior to the last working day of such Managing Director/Chief Executive. The Exchange shall submit an undertaking that the necessary due diligence has been carried out by them with respect to the verification of antecedents, credentials and experience of the proposed person/s. The proposal seeking approval of the Commission for the appointment/termination of services of Managing Director/Chief Executive shall be submitted to the Commission only with the prior approval of the Board of Directors of the Exchange.

79C(vii) The Selection Committee shall comprise of five persons i.e., two independent directors, two shareholder directors and one independent external person. Further, the Exchanges shall ensure that one independent director shall be part of the Selection Committee and the meetings of such Committee at all times.

PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 217

79C(viii) At the time of seeking approval of the Commission for the appointment of the Managing Director/Chief Executive, the Exchange shall also seek approval for the remuneration and terms and conditions of the Managing Director/Chief Executive from the Commission. While recommending the remuneration for the Managing Director/Chief Executive, the Exchange shall take into consideration the following:

a) Role and responsibilities of the Managing Director/Chief Executive b) Financial condition/health of the exchange c) Comparability to the industry standards d) Revenues, net profit of the exchange e) The Exchange shall ensure that the variable component of the remuneration of Managing Director/Chief Executive does not exceed one third of the total remuneration

f) No incentives are provided for excessive risks in the short term. g) The variable component of the remuneration is paid only after the audited annual accounts for the year are approved by the Board of Directors.

h) Any change in the remuneration or conditions of service of Managing Director/Chief Executive will also require prior approval of the Commission.

The points at (a) to (g) shall be considered by the exchange while fixing the remuneration of the Key Managerial Personnel. The definition of Key Managerial Personnel will be as per Section 2 (51) of the Companies Act, 2013.

79C(ix) The Managing Director / Chief Executive of the Exchange shall be a person of high caliber, integrity and expertise and shall have sufficient authority to manage the affairs of the Exchange.

79C(x) It shall be the duty of the Managing Director/Chief Executive of the Exchange to ensure that at least once in a quarter, the Board of Directors is informed about the various directions of Central Government/Forward Markets Commission relating to Exchange and the status of their compliance.

79C(xi) It shall be the duty of the Managing Director/Chief Executive to give effect to the directives, guidelines, orders, circulars issued by the Forward Markets Commission/Government of India in order to implement the applicable provisions of law, rules, and regulations as also the Rules, Business Rules, Byelaws and Memorandum and Articles of Association of the Exchange. Any failure in this regard will make the Managing Director/Chief Executive liable for removal from or termination of service by the Board of Directors of the Exchange with the prior approval of the Forward Markets Commission, or on receipt of directions to that effect from the Forward Markets Commission, subject to the Managing Director/Chief Executive being given an opportunity of being heard against such termination or removal.

79C(xii) The person to be appointed as Managing Director/Chief Executive of the Exchange should satisfy the criteria of "fit and proper person" as prescribed by the Commission.

79C(xiii) The Commission shall have the authority to suo moto remove or terminate the appointment of the Managing Director of the National Exchange if deemed fit in public interest provided that no Managing Director shall be removed unless he has been given a reasonable opportunity of being heard.

79C(xiv) The aforesaid provisions shall also be applicable if the Exchange appoints a Chief Executive Officer who is not a Managing Director."

23. The new Article 79D shall be inserted as under:

"79D Code of Conduct/code of ethics for Directors and Key Management Personnel:

79D(i) Every director of the Exchange shall abide by the Code of Conduct specified by the Forward Markets Commission (FMC). In addition, an Independent Director will also abide by the Code of Conduct as specifically laid down in Schedule IV of the Companies Act, 2013.

79D(ii) Every director and key management personnel of the Exchange shall abide by the Code of Ethics specified by the Forward Markets Commission (FMC). The Exchange shall ensure that all key management personnel employed by them satisfy the criteria of "fit and proper person" as prescribed by the Commission.

79D(iii) The Commission shall have the authority to take appropriate action including removal or termination of the appointment of any director or key managerial personnel, after providing him a reasonable opportunity of being heard, for any failure by the directors or key managerial personnel to abide by the provisions contained in these Articles or the Code of Conduct or Code of Ethics or in case of any conflict of interest, either upon a reference from the Exchange or suo moto."218 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV 24. The new Article 79E shall be inserted as under:

"79E CORPORATE GOVERNANCE NORMS

79E The Exchange shall comply with the Rules pertaining to Corporate Governance notified under the Companies Act, 2013 and the requirements thereunder."

25. The new Article 79F shall be inserted as under:

"79F MANDATORY COMMITTEES – COMPOSITION AND ROLE (i) The following are the minimum number of Committees that are required to be constituted by the Exchange:

(a) Audit Committee (b) Compensation Committee (c) Risk Management Committee (d) Disciplinary Action Committee (e) Default Committee (f) Standing Committee on Technology (g) Independent Directors' Committee (h) Ethics Committee

(ii) The Role and Composition of the mandatory committees shall be as under:

(a) Audit Committee:

Composition:-

1) Independent directors shall constitute majority of the members of the Committee. Role:-

2) The Role of the Committee will be as laid down in Section 177 of the Companies Act, 2013. (b) Compensation Committee:

Composition:-

Independent directors shall constitute majority of the members of the Committee and shall be chaired by an independent director.

Role:-

1) The compensation committee shall determine the compensation of key management personnel in terms of a compensation policy.

2) The compensation payable to the managing director shall be as approved by the Board and the Commission. The terms and conditions of the compensation of the managing director shall not be changed without prior approval of the Commission.

3) The tenure of key management personnel, other than a director, shall be for a fixed period, as may be decided by the compensation committee. (c) Risk Management Committee:-

Composition:-

1) It shall comprise of independent directors, shareholder directors and independent external experts, which shall report to the board.

2) The Managing Director shall also be a member of the Risk Management Committee.

Role:-

1) The risk management committee shall formulate a detailed risk management policy which shall be approved by the board of directors.

2) The head of the risk management department of the Exchange shall be responsible for implementation of the risk management policy and he shall report to the risk management committee and to the managing director of the Exchange.

3) The risk management committee shall monitor implementation of the risk management policy and keep the Commission and the board of directors informed about its implementation and deviation, if any.

4) This Committee will be responsible for identification, measurement and monitoring of the risk profile of the Exchange (including business risk, default risk, settlement risk, market risk, legal risk, operational risk, technological risk and delivery risk);

5) Overseeing Exchange's integrated risk measurement system and review the risk models as developments take place in the markets;

6) Overseeing of Risk and Control measures that are needed to be built into the system of the Exchange and at periodic intervals, monitoring their compliance and suggestions for improvement,PART IV] THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) 219 7) Formulation and periodically reviewing of the Exchange's financial and risk management policies;

8) Determination of maximum exposure limits and borrowing limits of the Exchange;

9) Determination of framework to limit exposures of the Exchange to members, commodities and geographies; action taken against defaulting members etc. (d) Disciplinary Action Committee:

Composition:-

1) The disciplinary action committee shall comprise of independent directors, shareholder directors and exchange officials.

2) The independent directors shall form a majority of the committee.

3) A maximum of two key management personnel of the exchange can be on the committee one of which shall necessarily be the Managing Director of the Exchange.

Role:-

1) The Committee shall formulate the policy for regulatory actions including warning, monetary fine, suspension, withdrawal of Trading, expulsion, to be taken for various violations by the members of the exchange.

2) Based on the laid down policy, the Committee shall consider the cases of violations observed during inspection, etc and impose appropriate regulatory measure on the members of the exchange.

3) While imposing the regulatory measure, the Committee shall adopt a laid down process, based on the 'Principles of natural justice'. (e) Default Committee:

Composition:

1) The independent directors shall form a majority of the default committee.

2) A maximum of two key management personnel of the exchange can be on the committee.

3) Shareholder Director may also be on the Committee and the committee may also include independent external persons such as retired judge, etc.

Role:-

1) To identify and notify a member as defaulter.

2) To realize all the assets / deposits of the defaulter / expelled member and appropriate the same amongst various dues and claims against the defaulter / expelled member in accordance with the Rules, Byelaws and Regulations of the Exchange.

3) In the event both the clearing member and his constituent trading member are declared defaulter, then the default committee of the Exchange shall work to realise the assets of both the clearing member and the trading member.

4) Admission or rejection of claims of client/trading members/clearing members over the assets of the defaulter /expelled member. (f) Standing committee on technology:

Composition:-

The Committee shall comprise of two outside experts proficient in technology and at least one independent director.

Role:-

1) To monitor whether the technology used by the exchange remains up to date and meets the growing demands of the markets.

2) To monitor the adequacy of systems capacity and efficiency at the Exchange. To look into the changes being suggested by the exchange to the existing software/hardware.

3) To investigate into problems of computerized trading system, such as hanging/lowdown/ breakdown.

4) To ensure that transparency is maintained in disseminating information regarding slowdown/ breakdown in Online Trading System.

5) The Committee shall submit a report to the Board of Directors of the Exchange.

6) Board will deliberate on the report and suitable action/ remedial measure will be taken.

7) Any stoppage of trading will be explained and reported to the Board and the Commission. Exchange shall issue a press release specifying the reasons for the breakdown.

220 THE GAZETTE OF INDIA, FEBRUARY 21, 2015 (PHALGUNA 2, 1936) [PART IV

(g) Independent Directors' Committee:

Role:-

During their meetings, the Independent Directors shall review the following:

1) To review the status of compliance with FMC letters/ circulars.

2) To review the functioning of regulatory departments including the adequacy of resources dedicated to regulatory functions.

3) Prepare a report on the working of the other committees where they are also the members. The report shall be circulated to the other Independent directors.

4) To review actions to be taken to implement suggestions/observations in FMC inspection report.

5) A consolidated report shall then be submitted to the Board of Directors of the Exchange.

6) The independent directors shall identify important issues which may involve conflict of interest for the Exchange or may have significant impact on the market and report the same to FMC.

7) All the independent directors shall necessarily attend every meeting of the committee. (h) Ethics Committee:

Composition:-

The ethics committee shall comprise of independent directors, shareholder directors, key management personnel and compliance officer.

Role:-

1) To oversee the implementation of the code of ethics for directors and key managerial personnel of Exchanges.

2) To lay down procedures for the implementation of the code and prescribe reporting formats for the disclosures required under the code.

The Compliance Officer shall execute the requirements laid down by the ethics committee.

79F(iii) The independent external persons appointed to committees shall be from amongst the persons of integrity, having a sound reputation and not having any conflict of interest. They shall be specialists in the field of work assigned to the committees. The Exchange shall frame the guidelines for appointment, tenure, code of conduct, etc. of independent external persons. Extension of the tenure may be granted at the expiry of the tenure pursuant to a review of contribution, record of attendance at meetings, etc.

79F(iv) The Exchange shall submit the details about the functioning of committees by way of Quarterly development report to the Commission."

26. The existing Article 80 shall be deleted. 27. The existing Article 97(b) shall be substituted by the following:

"97(b) The Agenda for Board/Committee meetings should invariably be served to all members of the Committee including Independent Directors at least 7 working days in advance of the date of the Board/Committee meeting. The Agenda should be accompanied with the underlying detailed notes on each point for discussion in the Board /Committee meeting. Agenda items of very urgent nature and not involving major policy issues may be served at shorter notice but not less than 3 working days prior to the Board /Committee meeting."

Sd/- ILLEGIBLE Chief Executive Officer ACE Derivatives and Commodity Exchange Ltd, Mumbai Place:

Date:

मुद्रण निदेशालय द्वारा, भारत सरकार मुद्रणालय, एन.आई.टी. फरीदाबाद में मुद्रित एवं प्रकाशन नियंत्रक, दिल्ली द्वारा प्रकाशित, 2015 PRINTED BY DIRECTORATE OF PRINTING AT GOVERNMENT OF INDIA PRESS, N.I.T. FARIDABAD AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 2015

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